British Steel

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British Steel was a major British steel producer. It originated as a nationalised industry, the British Steel Corporation (BSC), formed in 1967. This was converted to a public limited company, British Steel PLC, and privatised in 1988. It was once a constituent of the FTSE 100 Index but following mergers, the business is now owned by Corus, a Tata Steel company.

Contents

Nationalisation

BSC was formed from the assets of former private companies which had been nationalised, largely under the Labour Party government of Harold Wilson (1964–1970). Wilson's was the second attempt at nationalisation, Clement Attlee's Iron and Steel Corporation of Great Britain having been largely privatised by the Conservative governments of the 1950s. Only one steel company, Richard Thomas and Baldwins, remained in public ownership throughout.

BSC was established under the Iron and Steel Act 1967, which vested in the Corporation the shares of the fourteen major steel companies:

These companies commanded some 200 wholly or partly owned subsidiaries in the United Kingdom and overseas in Australia, New Zealand, Canada, Africa, South Asia, and South America.

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