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British Industrial History

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Iron and Steel Corporation of Great Britain

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1948 Corporation established by the Iron and Steel Bill of 1948 to hold the 107 companies that would be nationalized in 1950, and to issue British Iron and Steel Stock in compensation[1].

1950 Final implementation of Iron and Steel Act would involve nationalization of 92 companies, with vesting date of 15 February 1951[2].

1951 Companies nationalised were[3]:

a total of 78 companies.

In addition 12 companies did not vest in the Corporation as they were owned by companies listed above:

In addition 2 companies were in process of being acquired at the time of the announcement:

1953 Under the Iron and Steel Act, 1953, the Iron and Steel Holding and Rationalization Agency was established to dispose of the government's holdings in iron and steel companies[4]. The Agency was responsible for 62 companies[5]. The Iron and Steel Corporation of Great Britain ceased to exist on 13 August[6].

1958 On 30 September the Iron and Steel Holding and Rationalization Agency still owned 12 steel companies with total value of £89 million[7].

1961 The Iron and Steel Holding and Rationalization Agency sold its holdings of debentures and preferences shares in 7 denationalized companies: Colvilles, Consett Iron Co, Dorman, Long and Co, Steel Company of Wales, Stewarts and Lloyds, John Summers and Sons and United Steel Companies. The major holding remaining in the hands of the Agency was that in the Richard Thomas and Baldwins company[8].

1967 The Iron and Steel Holding and Rationalization Agency was wound up having sold all but one of the nationalized companies.

See Also

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Sources of Information

  1. The Times, 30 October 1948
  2. The Times, 10 October 1950
  3. Hansard 19 February 1951
  4. The Times, 5 August 1953
  5. The Times, 4 December 1959
  6. The Times, 14 August 1953
  7. The Times, 4 December 1959
  8. The Times, 21 February 1961
  • Also see "The Return of Steel to Private Ownership" The Times, 2 July 1953.