HC Deb 06 April 1981 vol 2 c189W
22. Mr. Hooley

asked the Secretary of State for Industry what safeguards for the interests of the taxpayer will be built into the arrangements for mergers of British Steel Corporation assets with private sector assets under the Phoenix I and Phoenix II restructuring plans.

Mr. Michael Marshall

The BSC makes a careful commercial evaluation of the prospects for any assets which it proposes to transfer to joint ventures. My right hon. Friend's prior consent to the BSC taking shares in any company is also required under section 3 of the Iron and Steel Act 1975.

26. Mr. Hal Miller

asked the Secretary of State for Industry if he will seek to limit the downstream activities of the British Steel Corporation.

Mr. Michael Marshall

The development of independent joint companies with the private sector will significantly limit the BSC's downstream activities. The BSC is also transforming some of its other downstream activities into separate Companies Act companies, which will help pave the way for privatisation.