The programme entitled A Government of Renewal provides that "State assets will not be sold except where it protects employment and is in the long-term strategic interest of the company and its stakeholders." Irish Steel Limited is the only State company in regard to which the Government has relinquished its majority ownership during the period of the programme.
The sale of Irish Steel to Ispat Mexicana took place in full consultation with the companies' stakeholders and reflected the determination of all parties to secure the viable future of the business and to retain the maximum number of jobs. The Government is satisfied that Ispat Mexicana has the necessary expertise and commercial strength to ensure the future success of the company.