GFG Alliance's British billionaire chairman Sanjeev Gupta released a statement on Tuesday saying the steelworks were "navigating one of the most challenging periods in its history".
"My commitment to Whyalla will not be shaken," he said.
"GFG has invested vast sums of money to keep Whyalla going and Whyalla will remain our highest priority."
South Australia Premier Peter Malinauskas visited Whyalla on Tuesday to "gather intelligence" from GFG's creditors, as he intensifies pressure on its owners to pay tens of millions of dollars owed to government and businesses.
GFG announced in January that the plant had cast its first steel following a four-month shutdown that halted steel production and cost the company millions.
GFG was now increasing production and had reduced losses in the steelworks by more than 30 per cent since the blast furnace restart, Mr Gupta said.
"While we still have considerable work ahead, these clear improvements are vital as we work to catch up with our creditors - who have shown remarkable patience - and to whom we extend our deepest gratitude," he said.
"To expedite our recovery, we are vigorously finalising new financing. Although this process has taken a bit longer than anticipated, I remain confident of its delivery."
State cabinet's Upper Spencer Gulf subcommittee met in Whyalla on Tuesday, and Mr Malinauskas said it was an important opportunity to speak to creditors, the mayor and council team, unions and the chamber of commerce.
"The prevailing sentiment is … people are concerned about what the future of GFG Alliance's ownership of the steelworks is," the premier said.
"We're looking to hear from creditors and understand their position and what their assessment is on GFG's capacity to be able to pay them into the future … to maximise the degree of intelligence that we can garner about the situation."
Under questioning in a state parliament committee hearing, SA Treasury chief executive Tammie Pribanic revealed GFG owes SA Water about $15 million in unpaid water bills.
Opposition Leader Vincent Tarzia said it was "absolutely outrageous that SA should be paying for $15 million in unpaid water bills of a billionaire" and he called on the premier to guarantee the bill would not be footed by taxpayers.
Mr Malinauskas said "the time is now" for GFG and Mr Gupta to pay their bills and also demonstrate their capacity to invest in the steelworks.
The state government had "a range of plans for a range of scenarios that may emerge with GFG, I can't disclose those publicly, because that would compromise the state of the taxpayers' position".
As the nation's only structural steel manufacturer, the steelworks are crucial to long-term economic sovereignty.
