§ Mr. David Mitchell
asked the Secretary of State for Industry what percentage return on assets employed in the publicly owned steel industry is represented by the profit announced recently; and what percentage return on assets employed, calculated at current replacement cost, is represented by this figure.
§ Mr. Meacher
In its financial year ending 30th March 1974, the British Steel Corporation's rate of return on average net assets, calculated on a historic costs basis, was 6.8 per cent. A figure calculated at current replacement cost is not available. The effect of inflation on company accounts, including the accounts of nationalised industries, is currently being examined by the committee under the chairmanship of Mr. Sandilands.