BucsUSe OF Raith Di
nglish Steel Corporation and United Steel Compgeies are jointly and equally to tuy John Boker and Hessemer, of Rotherham, for £1.5m, and intend to close Baker's works engaged on reilwoy wheel, tyre and azlo production. In a joint statement, the two firms said that for some time the industry had been working at little more than 30% of capacity and that the two larger firms had morse than adequate capacity to meot future domand. They said that tho closure wis in kooping with tho Iron end stsel Board's policy. The board regords the withdrawal of older or less efficiont capacity as an essential +o modernising the industry and raising its efficiency. It was added that the companies intended jointly to investigate whethor further rationslisation of tha industry to improve efficiency could be undortaokens