British Steel PLC - Holding under SAR 3

RNS No 0325x
BRITISH STEEL PLC
25th March 1998


                                     Date of disclosure....25 MARCH 1998......

             DISCLOSURE UNDER RULE 3 OF THE RULES GOVERNING
              SUBSTANTIAL ACQUISITIONS OF SHARES ("SARs")


Date of acquisition....24 MARCH 1998..............

Acquisition in......BRITISH STEEL PLC........................(name of company)


(1)  Class of voting shares   Number of shares/rights   If rights over shares
     (eg ordinary shares)     over shares acquired      acquired, as opposed
                                                        to the shares  
                                                        themselves, specify     
                                                        nature of rights

     ..ORDINARY...........    ...4,700,000.....shares   ........................
                              ...N/A...........rights


(2)  Resultant total holding   Resultant total holding  Total percentage
     of voting shares (and %   of rights over shares 
     of total voting shares    (and % of total voting  
     in issue)                 shares in issue)

     ..311,326,050..(16.00%)   ..............(    %)    ..311,326,050..(16.00%)

(3)  Party making disclosure.....TEMPLETON GLOBAL INVESTORS, Inc................

(4)  (a)  Name of person acquiring shares or rights over shares................
          and, if different, beneficial owner...FRANKLIN RESOURCES, Inc. AND ITS
AFFILIATES....

     (b)  Names of any other persons acting by
           agreement or understanding (see SAR 5)..............................


Signed, for and on behalf of the party named in (3) above......................

(Also print name of signatory)...ELIZABETH M. KNOBLOCK.........................

Telephone and extension number...954-527-7419..................................

Note. Under SAR 5, the holdings of and acquisitions by persons acting by
agreement or understanding must be aggregated and treated as a holding of or
acquisition by one person. Note 3 on SAR 5 requires persons who must aggregate
holdings to disclose certain disposals.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs.  If in doubt, contact the Panel on Take-overs and Mergers, Tel. No: 01-382
9026.


END


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