An Indian steelmaker, Jindal Steel, is vying to acquire the collapsed Whyalla steelworks in a bid to revitalize the site with a focus on decarbonization.The company is competing against M Resources, an Australian-led consortium, in a sale process that has narrowed to two contenders.

Jindal is emphasizing its track record in transforming a half-completed steel complex in Oman into a profitable, low-carbon operation as proof of its capability.The sale is backed by up to $1.9 billion in government funding to upgrade the plant to a modern, low-emission facility.

Jindal plans to replace Whyalla's ageing coal-fired blast furnace with direct reduced iron technology and an electric arc furnace, mirroring its successful Oman project.However, M Resources argues the assets should remain in Australian hands, highlighting national interest.

Both bidders face scrutiny from federal and South Australian governments, which are keen to ensure the revival of the steelworks benefits the local workforce and community.