Thousands of jobs are once against at risk in Australia's shrinking steel industry as Arrium, the company that owns the steelworks in Whyalla, South Australia, announced it was having difficulty servicing its more than $2 billion loan. The company wants the government to bail it out and that seems to be the only “solution” that the union movement and the major parties can imagine.
But will a bailout save jobs or even save what is left of the steel industry in Australia? The historical record suggests otherwise.