I propose to take Questions Nos. 120, 125 and 127 together.
I understand that world steel prices have risen substantially, due primarily to economic growth in producer countries such as China, where increased home market demand has led to a reduction in the volumes available for export. At European level, trade related issues in relation to steel and coke fall within the ambit of the common commercial policy. The European Commission, with advice from the EU member states including the Irish Presidency in the Art.133 committee, represent EU interests and engage with third countries and international organisations, such as WTO, to resolve disputes. Such engagement is ongoing currently in relation to trade in steel and coke.
With regard to the impact on competitiveness and the Irish economy, it is not apparent that developments in relation to steel pricing have given rise to movement in tender prices or have specifically impacted on the cost of apartments or manufacturing projects. Hyper-inflation in market prices of construction materials will be considered in the context of the development of Government policy on fixed price contracts. Suppliers of steel products are subject to the same business and consumer regulations as every other supplier of goods and services in Ireland, including competition law.