Potential buyers for Whyalla steelworks

Arrium's Whyalla steelworks has at least three potential buyers, the South Australian treasurer says.

Tom Koutsantonis' revelation comes the week after Prime Minister Malcolm Turnbull committed to a joint commonwealth and state review of investment opportunities in the steelworks.

"Time is critical to ensure Arrium and Whyalla can move out of this administration period into a brighter and more successful future," Mr Koutsantonis told state parliament on Tuesday.

Federal Labor has said it would consider financial assistance for the troubled steelmaker if it won the July 2 election.

But opposition leader Bill Shorten said that did not mean a Labor government would prop up the company's day-to-day running costs.

"If there's a particular proposal which will help turbocharge the company in terms of being able to win the contracts for the future, I think that's what governments are for, to help bridge the gap," he said.

Arrium went into voluntary administration in April following failed discussions with lenders for a funding deal amid sustained low commodity prices.

Administrators are seeking to restructure the company, while mining group OzMinerals recently offered some assistance, signing a preliminary agreement with Arrium to share infrastructure, including a port to be used by a new copper concentrate treatment plant in Whyalla.