HC Deb 15 January 1974 vol 867 cc34-5W
Mr. Leadbitter

asked the Secretary of State for Trade and Industry what was the total value of investment in the British Steel Corporation in each of the last six years.

Mr. Anthony Grant

Capital expenditure by the British Steel Corporation over the last six years was as follows:

£m(outturn prices)
1968 69
1969 70
1970 112
1971 202
1972 207
1973 (estimated) 173

Mr. Leadbitter

asked the Secretary of State for Trade and Industry what is the total amount of reduction in expenditure in the British Steel Corporation announced during the past nine months ; how much is this a percentage cut of the annual average investment of the Government's 10-year programme ; and to what extent these cuts affect the timetable of steel plant closures and outputs.

Mr. Anthony Grant

Capital investment proposed by the British Steel Corporation for 1974–75 was reduced by £18 million as a result of the Government's measures in June 1973, and by a further £67 million as a result of the December measures. Both figures are in 1973 prices, and are equivalent to a cut of 23.9 per cent. in the corporation's proposed investment for the year. The cuts affect only one year of the 10-year investment programme averaging £300 million a year at 1972 prices. The timetable of plant closures and production levels remains flexible and decisions will be taken in the light of future developments. The major schemes at the core of the development strategy will not be affected by the reductions in expenditure.

BSC Prices = 100
Product West Germany France Italy Belgium Netherlands Luxembourg
Plates 146 142 126 164 143 173
Light Angles 124 113 118 123 126
Heavy Angles 136 124 132 133 139
Channels 138 129 131 138 142
Beams 138 131 134 139 143
Reinforcements 129 117 127 137 144 143