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British Steel Corporation

Volume 978: debated on Thursday 14 February 1980

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asked the Secretary of State for Industry (1) what discussions he has had with the British Steel Corporation about writing down (1) its debts or reducing its interest payments;(2) what understanding has been given to the British Steel Corporation about reorganisation of its capital structure and revaluation of its assets.

We have indicated to the BSC that we adhere to the policy of the previous Government that capital reconstruction should wait until there is reasonable assurance of a return to profitability by the BSC. Meanwhile, as the corporation stated in its report and accounts for the 1978–79 financial year, it is currently revaluing its fixed assets. We are of course discussing this with the corporation.