Opposition Leader Peter Malinauskas has warned that local contractors and suppliers to GFG Alliance could be "left in the lurch" should the company collapse.
Speaking at a press conference on Wednesday, Mr Malinauskas said contractors could be at risk of missing out on hundreds of thousand of dollars owed for work already undertaken.
He called on Premier Steven Marshall to put in place plans for the "worst case scenario", saying that the government should hope for the best and plan for the worst.
Mr Malinauskas said the recent developments presented Mr Marshall with an opportunity to echo Labor in providing no-interest loans to suppliers affected by GFG's struggles.
"That would at least give those businesses some confidence going forward," he said.
Since the collapse of Greensill into administration the $50 million pledged to GFG Alliance by the state government has remained on the table, with the Marshall Government maintaining the funding isn't available for short-term cash flow issues.
Mr Malinauskas said the government shouldn't be sitting on an injection of cash which could help make GFG more competitive.
"Why has that money not come ... we've had the Premier sitting on that $50 million rather than using it as a lever to provide capital investment that the steelworks needs," he said.
"The government needs to provide confidence to workers that everything is being done that their employment will be maintained in the long term."
Premier Steven Marshall said there had been no request for a bailout from GFG Alliance, and described it as a business which can "stand on its own two feet".
"The order book is full, productivity has increased, creditors are not blowing up, people are getting paid in shorter and shorter time frames," he said.
"It's too early to talk about no interest loans ... but at the moment let's not solve a problem which doesn't exist."
Meanwhile Greens Senator Sarah Hanson-Young has called on the federal government to be prepared to buy out the Whyalla Steelworks should Sanjeev Gupta fail to refinance his business.
"South Australia's unemployment rate is topping the nation, if the Whyalla Steelworks is not saved, it will be even worse," she said.
"By taking an equity stake, the Government could accelerate the transition of Whyalla to zero-carbon green steel manufacturing with green hydrogen, continuing South Australia's role as a world leader in renewable energy and emissions reduction.
"It is a smart investment in jobs, the region and our nation's clean green future."