Administrators of the troubled miner and steelmaker Arrium say the company has no immediate cash concerns and can continue to trade, and did not anticipate any new redundancies among the company's 6,700 workers for the next two months while the review the company's long-term prospects.

Advisory firm Grant Thornton took over as the administrator for Arrium on Thursday, after the US private equity fund GSO Capital Partners declined to come up with AU$1.225 Billion to keep Arrium going.  Despite the trouble Grant Thornton will keep Arrium's management structure in place for the time being. 

The most pressing issue is to stop the hemorrhaging of money at the iron ore mining business and steel plant at Whyalla, SA.  To that end, Arrium faces being broken up, with with the loss making businesses closed down and the profitable MolyCop division likely to be sold off. 

Grant Thornton managing partner Paul Billingham already met with Arrium union officials in Adelaide and with South Australian Treasurer Tom Koutsantonis and federal Industry Minister Christopher Pyne.  The administrators will hold their first meeting with creditors in Sydney, on 19 April.