It's the latest front in the battle to save Australian manufacturing.
Thousands of working families in South Australia could be forced to sell up and leave town as troubled steelmaker Arrium teeters on the edge of collapse.
Arrium is by far the biggest employer in Whyalla, South Australia's third-biggest city.
Its fate is tied to the company's future.
Thousands in Whyalla are dependent on Arrium for work.
And hundreds have taken to the streets of Whyalla to vent their anger and fears as the company strains under massive debts.
Addressing the crowd were local, state and federal political figures.
Such is the feeling the steelworks is part of a much larger debate about the future of Australian manufacturing.
Professor John Spoehr from the Australian Industrial Transformation Institute at Flinders University in Adelaide puts the possible closure of Arrium's steelworks into perspective.
"If the steelworks and the mine close, we'd lose about 3000 jobs. The multiplier effect on that would probably be two, so potentially up to 9000 jobs."
Arrium is struggling under growing debt, low iron ore prices and declining demand from China and India.
It has extended a suspension on trading of its shares originally imposed on Monday after its lenders -- including the big four banks -- rejected a $1.2 billion funding deal for the company.
The federal government is also not willing to come to the table, as expressed by Industry Minister Christopher Pyne.
"The banks have a two billion dollar outstanding debt that is owed to them by Arrium. If there is anybody who needs to look at themselves, it's the Arrium management, not the banks. We want to work with the banks. We want them to be good citizens. But more importantly for their shareholders the best outcome is via Whyalla, to help trade Arrium out of its problems."
But Arrium does have its defenders at the state and federal levels.
South Australia's Labor government is still hoping for a recapitalisation deal and has confirmed it would offer some funding so long as Arrium ensured the continued operation of the steelworks.
Federal opposition leader Bill Shorten is also backing the company.
"Mr Turnbull needs to pull the finger out about standing up for Arrium and the challenges that the 3,000-strong workforce at Whyalla and related industries. Arrium is fundamentally a good business. But what it needs is for the government to stand up, that's why Labour has a view about the steel industry. It's a vital, irreplaceble industry."
Opposition Treasury spokesman Chris Bowen insists the problem must be dealt with now.
"This can't wait for an election. We've got a crisis now in South Australia of national significance. That's why the most important thing for us to do is to lend bipartisan support to any sensible measures that the government might propose."
Professor John Spoehr says government assistance could be crucial.
"The state government has indicated it's willing to invest something into Arrium, so that's, I think, one of the few hopes in the short term. Over the medium term, what's necessary is to put in place a 'Buy Australian Steel' plan so that all the state government's across the nation and the federal government as using their purchasing power to ensure that Arrium has strong demand for its steel going forward."
Arrium's shares have lost more than 80 per cent of their value in the past three months, last trading at 2.2 cents.
And more uncertainty for the future came today as the company announced the resignation of its chief financial officer.
Arrium says it expects to make a further announcement about its discussions with lenders within a week.
