The federal government and Labor have urged banks to allow steelmaker Arrium to trade its way out of its difficulties.
But the federal opposition wants the government to go further and put in place a national steel plan.
The South Australia-based steelmaker and mining group was placed into voluntary administration on Thursday.
But for the moment it is business as usual as almost 8000 workers are still being paid and turning up for work at operations in SA, Queensland, NSW and Victoria.
Industry Minister Christopher Pyne, who is the most senior Liberal MP in SA, has urged Arrium's lenders to give the company a break.
"The surest way for the banks to receive their money back from Arrium, the $2.8 billion that they owe their creditors, is for Arrium to trade out of its difficulties," he told reporters in Sydney on Thursday.
The three main Arrium businesses could either break even or be profitable "in the right circumstances", he said.
Mr Pyne said neither the company nor the administrator had asked the government for a direct bailout, but had sought measures to stem the impact of unfair foreign competition.
Abolishing the carbon tax, anti-dumping measures and bringing forward the purchase of steel for the Adelaide-Tarcoola link of the trans-Australian railway had been of benefit, he said.
Any further help would be done in a "very methodical, sensible, calm way, without politics".
Opposition Leader Bill Shorten expressed his sympathy with Arrium's workers and the Whyalla community.
He said in the first instance the banks and Arrium's management needed to resolve their "dysfunctional relationship".
But while that occurred, he urged Prime Minister Malcolm Turnbull to lend bipartisan support to an Australian steel industry plan.
All councils, state and federal governments should have Australian steel requirements for major projects.
There should be higher quality standards of steel required and Canberra should be open to "co-operative investment" with steelmakers, Mr Shorten said.
As well, tougher action was needed to prevent foreign producers from dumping cheap steel into the Australian market.
"A nation that doesn't make its own steel loses a lot of its economic firepower - I think there are things a government can do," Mr Shorten said.
Greens senator Peter Whish-Wilson said Australia should take action in the World Trade Organisation to stop dumping.
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