HC Deb 12 February 1986 vol 91 c487W
69. Mr. Roger King

asked 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 Butcher

Excluding 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.

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