HC Deb 18 March 1974 vol 870 cc655-6
21. Mr. Rost

asked the Secretary of State for Industry what plans he has to discuss the future of the steel industry with the British Steel Corporation.

Mr. Benn

I have already had a useful discussion with Dr. Finniston, the Chairman of the British Steel Corporation, and we have arranged to meet again.

Mr. Rost

Does the right hon. Gentleman agree that since the proposed closure and reorganisation programme of the British Steel Corporation was announced two years ago economic factors have changed dramatically from a state of over-capacity to a state of under-supply in steel, iron and scrap? Will he take another look, particularly at the proposed closure of foundry pig iron production at Stanton, in Derbyshire, which will undoubtedly lead to a shortage of pig iron production in Britain?

Mr. Benn

I have already told the BSC that the Government wish to review all planned closures in accordance with what we said in Opposition. I certainly intend to look at the planned capacity levels again without interfering with the present investment programme.

Mr. John Ellis

Will my right hon. Friend take immediate steps to stop the growing practice whereby steel is made in this country, exported and then imported back at vastly inflated profits? Will he see that the benefits accrue to the workers and not to the speculators who participate in this trade?

Mr. Benn

That point has been drawn to my attention and I have decided to maintain the control on steel exports, though with some relaxation during the April-June quarter, so that industrial recovery is not hindered through steel shortages.

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