§ 69. Mr. Roger Kingasked the Secretary of State for Trade and Industry what progress has been made toward returning the British Steel Corporation to profitability; and if he will make a statement.
§ Mr. John ButcherExcluding the cost of the miners' strike, the corporation made a profit in 1984–85, after interest and before exceptional items, of £40 million. The comparable figure for 1979–80 was a loss of £538 million. This is an impressive recovery, and the strategy announced last August points the way to sustained profitability for BSC.
I am now able to inform the house that BSCs external financing limit for 1985–86 is being increased from £360 million to £414 million. This will enable BSC to implement the decisions announced last August.