Two final offers to buy Arrium's entire operations

Administrator Mark Mentha says the offers from the two shortlisted bidders were received on Wednesday night with both seeking to buy all of the company's Australian operations.

"Overnight we received offers for the whole of the Arrium Australia business from our two shortlisted bidders", Mr Mentha said in a statement released this afternoon.

Administrator Mark Mentha of KordaMentha, which has operated the company since its collapse in April 2016, said the offers will be reviewed and compared in consultation with sale advisors Morgan Stanley.

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The federal government has so far resisted making any direct financial commitment but has pledged to buy Arrium steel for some key government projects.

Earlier reports named the two bidders as a consortium headed by private equity firm Newlake Alliance and an entity made up of British trading firm Liberty House and stablemate SIMEC.

In April past year Arrium went into voluntary administration, a victim of falling iron ore prices and a steel glut caused by overproduction in China.

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In November 2016, KordaMentha sold Arrium's Moly-Cop grinding media business - the company's only profit-making division, to USA private equity firm American Industrial Partners for $1.64 billion. The creditors agreed on a plan to sell the remaining assets in order to realise value.

Arrium owns Whyalla's steelworks - the central employer in the Iron Triangle town.

Mr Mentha said KordaMentha looked forward to being able to provide details of the preferred bidder and sale completion timeline "as things progress".

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