HC Deb 16 February 1965 vol 706 c196W
Mr. Webster

asked the Chancellor of the Exchequer what steps he proposes to take to reduce the losses in the nationalised sector of the iron and steel industry.

Mr. Diamond

The only steel enterprise in State ownership is Richard Thomas & Baldwins. The Government have complete confidence in the firm's ability to complete the running-in of the Spencer Works and to realise the enormous potential of the plant there. The company's annual report and accounts for 1963–64 show that for all works other than Spencer Works the profit after depreciation and interest was £6.4 million. This was more than double the profit of these works for 1962–63.