asked the Minister for Industry and Commerce if, in the initial stages of the Government's negotiations with foreign steel milling companies, he will outline the Government's policy towards Haulbowline Steel and towards public ownership in the steel industry generally; and if these negotiations constitute an alteration in policy relating to private and foreign ownership of the industry.
Ceisteanna—Questions. Oral Answers. - Steel Industry.
104.
I assume the Deputy is referring to recent press reports about the establishment of a giant steel mill in Bantry Bay. Neither I nor any of the State sponsored bodies have any official information about these reported developments. If there were any substance in the press reports, special consideration would, of course, need to be given to the future role of Irish Steel Holdings Ltd. but in the absence of any confirmation of the reports, it would be premature to consider the implications for Irish Steel Holdings Ltd.
105.
asked the Minister for Industry and Commerce if he will outline the future role of Haulbowline Steel as a State company in the steel industry in Ireland.
Irish Steel Holdings Ltd., the company to which presumably the Deputy refers, is a State-sponsored body with State-owned share capital, which operates commercially and is at present meeting all its financial requirements from its own resources.
I have presented to the Oireachtas the company's recent report and accounts certified by the Comptroller and Auditor-General, showing a net profit of £433,000 for the year ended 30th June, 1968, and giving evidence of significant advances in technical efficiency and productivity on which the company is to be congratulated.
I am aware, also, that the company is seeking a viable basis for extension of its present range of products to include manufacture of other qualities of steel for export. Pending further investigation by the company and examination by my Department, and consideration in the context of the public investment programme, of eventual proposals affecting the company's production policy and capital requirements, it would be premature for me to make any further comment.