British Steel buys stake

British Steel is to acquire the remainder of GKN's stake in steel manufacturer UES holdings for £93m. British Steel already owns 83.9 per cent. The price reflects a loss for GKN of £59.6m on the £152.6m book value of its investment. The disposal means GKN has no further involvement in steel making.

Some financial data in this column in yesterday's edition may have appeared incorrectly due to transmission problems. We