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Dáil Éireann debate -
Thursday, 8 Mar 1962

Vol. 193 No. 8

Ceisteanna—Questions. Oral Answers. - Irish Steel Holdings, Ltd.

13.

asked the Minister for Industry and Commerce if he has seen a statement by the Chairman of Irish Steel Holdings Limited, published on 31st January, 1962, that his Company has for the five years since 1956 exported steel worth more than £2,000,000 from the works at Haulbowline; and if he is aware that during the four of these five years for which figures are now available from the Irish trade statistics this country imported at higher tonnage rates (averaging £47 per ton as against £30 per ton) more than £6,000,000 worth of steel for domestic use of the types of hot-rolled sections made at Haulbowline, or capable of being made there; and if he will make a statement on the matter.

14.

asked the Minister for Industry and Commerce if he has seen the report of the profit and loss account of Irish Steel Holdings Limited for the year ended 30th June, 1961, which reveals a balance of £744; whether this amount represents the net profit for the year before interest on the recent Government contribution of £4,000,000; how many tons of steel produced this profit, and, hence, what is the operating profit per ton; and if the profit is considered a fair return for the amount of State investment involved.

15.

asked the Minister for Industry and Commerce if any of the members of the Board of Irish Steel Holdings Limited had experience in the business of manufacturing steel outside of their present connection.

16.

asked the Minister for Industry and Commerce if there is any cost or quality restriction imposed upon the steel produced by Irish Steel Holdings Limited by being confined to scrap as a raw material.

17.

asked the Minister for Industry and Commerce if the steel produced by Irish Steel Holdings Limited is made from ore or from scrap.

I propose, with the permission of the Ceann Comhairle to take Questions Nos. 13, 14, 15, 16 and 17 together.

These Questions include requests for information on matters of day to day administration of a technical character in regard to which I have no functions. These matters are the responsibility of the Directors of the company and, in that connection, answering one of the Deputy's enquiries I may say that I have the fullest confidence in the capacity and experience of the directors and that they possess the requisite qualifications to enable them to discharge their duties and responsibilities.

I had the statutory duty of presenting the company's audited accounts to each House of the Oireachtas. This I have done in respect of the most recent accounts and balance sheets as at 30th June, 1961, to which the Deputy refers. If the Deputy misreads or misunderstands these documents, I cannot help him because quite clearly they show the net profit for the year and the amount of issued capital —figures quite different from those quoted by the Deputy. The accounts also indicate that the issued capital was applied to the development project which has not yet been completed and, therefore, cannot be a factor in assessing the profits of the current business. No State money has been invested in the establishment or operation of the present plant producing steel at Haulbowline.

I am aware that the company has exported substantial quantities of steel in recent years. I have not seen the figures mentioned by the Deputy, but I am informed that the bulk of the steel so exported from Haulbowline has been in the form of reinforcing bars and that it is totally incorrect to suggest that these have been sold at £30 a ton or that steel has been imported which is being, or could be, in the circumstances at the time of such imports, manufactured at Haulbowline.

I am not prepared to divulge information as to the production processes, costs and prices of the company which might operate to its commercial disadvantage. On two of the Deputy's Questions, I may say that I am informed that iron ore can be used directly as a charge only in blast furnaces or similar plant which do not at present exist at Haulbowline and that the quality of the steel produced there under present conditions has never been challenged and has, indeed, been commended.

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