§ Mr. Skeetasked the Secretary of State for Energy what he assesses to be the effect of the miners' settlement on steel prices; and what percentage rise in steel prices would be required on average to offset lost revenue due to the recent dispute and increased coal, electricity and oil prices.
§ Mr. MeacherI have been asked to reply.
The increase in the price of coal will add around £45 million a year to the British Steel Corporation's costs. Oil and raw material price increases have also added to steelmaking costs. We are considering with the corporation the implications of these and other factors for its future price level.