asked the Minister for Industry and Energy if he will outline the Government's intention regarding the future of Irish Steel Holdings Ltd.
Written Answers. - Irish Steel Holdings Ltd.
856.
The Dáil recently approved a grant of £25 million to Irish Steel Limited. In addition to this I have introduced a Bill in the Dáil to increase the authorised share capital of the company from £25 million to £50 million, and to increase the amount of borrowings which I may guarantee from £60 million to £75 million.
The Government are fully aware that these measures will not ensure the long-term future of Irish Steel, but they are necessary to enable the company to operate while consultants study its prospects. These consultants will be appointed in the near future, and following their report, the Government will decide on the long-term future of the company.