BlueScope Steel can still use its rights to match a final bid, but Matt Latimore’s M Resources and India’s Jindal Steel are the frontrunners for the steelworks.

Matt Latimore’s M Resources is teaming up with ASX-listed hydrogen-tech group Hazer in a move to acquire the steelworks and its associated iron ore deposits.

The federal and state governments have reduced the number of bidders for the financially stricken Whyalla steelworks from five to two.