HC Deb 15 November 1977 vol 939 cc114-5W
Mr. Tim Renton

asked the Secretary of State for Industry whether pursuant to the Written Answer to the hon. Member for Mid-Sussex on 7th November, the British Steel Corporation still intends to spend £900 million in the year 1977–78 on capital requirements, and still has an estimated deficit on internal resources in the year of £50 million, thus leading to the cash limit of £950 million.

Mr. Les Huckfield

Trading conditions in the steel industry are significantly worse than were expected early in the year and internally generated funds are correspondingly lower. To stay within its cash limit, the corporation is making compensating reductions in capital requirements, including working capital.