10 September, 1976. Friday. British Steel Corporation, London. Ian McGregor has reported his initial findings to the Ministry of Industry. He said that there were two main issues affecting profitability of BSC. The first was: “There are too many British managers complaining about excessive worker perks from the comfort of an executive dining room. There are too many managers who don’t understand the business they are managing. There are too many managers who regard hard work as being something that other people do.” He will be looking at management positions, prioritising those factories where profitability is weakest. He said: “If a manager isn’t up to the job, they’ll be sacked.” The second was overmanning. “Five British steel workers produce the same volume of steel as just under four American steel workers, and just over three German steel workers. Between a quarter and a half of the workforce is redundant. We need to either produce and sell more steel with the same workforce, or produce the same with drastically fewer workers.” The Trade Unions are believed to be concerned by the implications of this report. Keith Joseph, the Industry Minister, is believed to be delighted. McGregor said that he had been appointed to make BSC profitable, not to make friends.