Ispat International, the steel conglomerate which bought Irish Steel two years ago, has reported a 146 per cent rise in net income from $26 million to $64 million (£45 million), for the first quarter of 1997.

The company says steel shipments from Ispat Ireland have increased by 22 per cent over the last year, while net sales are up 23 per cent on the same quarter last year.

In connection with an internal investigation into an alleged £3 million of financial irregularities at the Irish plant, a spokeswoman said it was "ongoing" and refused to comment further.