HC Deb 04 August 1976 vol 916 cc796-7W
Mr. David Watkins

asked the Secretary of State for Industry whether he has reached a conclusion on proposals for the stockpiling of steel for the British Steel Corporation.

Mr. Varley

In response to recommendations from the Iron and Steel Group and other sector working groups taking part in the NEDO industrial strategy exercise, the Government have agreed to a proposal by the British Steel Corporation to stock a further £50 million worth of steel, mainly billets, against the coming upturn in demand. The stocks will be financed under the established arrangements for the British Steel Corporation announced in Parliament by my hon. Friend the Minister of State on 8th March 1976, and BSC's intention is to accommodate their cost within the corporation's previously agreed cash limit. The stocks will be additional to the planned increase in BSC's working stocks and will provide a valuable further safeguard against difficulties in steel supplies during the upturn in the economy.

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