The federal and the South Australian governments announced a separate A$2.4 billion package to save the struggling Whyalla steelworks, while a new owner is found.

The funding will deliver A$100 million in immediate onthe- ground support, including creditor assistance payments, infrastructure upgrades and jobs matching and skills hub.

The federal and state governments will also jointly invest A$384 million to fund the steelworks’ operations during administration. Moreover, A$1.9 billion will be allocated to investing in upgrades and new infrastructure.

The Australian government will also invest A$1 billion to strengthen the country’s green iron manufacturing and supply chains, Anthony Albanese, Australia’s prime minister, said Feb. 20.

Approximately A$500 million will be allocated to support the Whyalla steelworks in South Australia, which the government placed in administration, while the other half will be available to other applicants in Australia for existing facilities and other greenfield projects.

“The green iron investment fund will enable Australia to take advantage of our existing iron ore supply chain, renewable energy potential, world-class research, and high-skilled workforce,” Ed Husic, minister for industry and science, said in a statement.

Earlier, Australia committed A$2 billion to help the country’s aluminum industry shift to green energy and attract future investments.