The Iron & Steel Act 1949 took effect on 15 February 1951, the Corporation becoming the sole shareholder of 80 of the principal iron and steel companies (reduced from the 107 proposed in the first draft of the Bill). The model differed from previous nationalisations in that it was the share capital of the companies that was acquired, not their undertakings. The reason was that companies in the iron & steel industry had wide-ranging ancillary activities, from which the core business of iron & steel making could not easily be extracted. Firms whose chief activity consisted in the manufacture of motor vehicles were specifically excluded from the scheme. Companies not qualifying for acquisition were to require a licence if producing more than 5,000 tons of ore or other products. Some 2,000 iron & steel companies remained in business outside the nationalised sector.
Nationalisation of steel production was strongly resisted by the Conservative opposition. On returning to power, they instructed the Corporation to make no change to the structure of the industry and made plans instead for its return to the private sector.
The Corporation was superseded by the Iron and Steel Holding and Realisation Agency. The Agency succeeded in selling all of the nationalised companies with the exception of the largest, Richard Thomas and Baldwins. This remained in public ownership and was absorbed into the British Steel Corporation when the industry was re-nationalised by the Labour government of Harold Wilson in 1967.
British Steel was a major British steel producer. It originated from the nationalised British Steel Corporation (BSC), formed in 1967, which was privatised as a public limited company, British Steel plc, in 1988. It was once a constituent of the FTSE 100 Index. The company merged with Koninklijke Hoogovens to form Corus Group in 1999.
The economy of Austria is a well-developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP per capita. Until the 1980s, many of Austria's largest industry firms were nationalised; in recent years, however, privatisation has reduced state holdings to a level comparable to other European economies. Labour movements are particularly strong in Austria and have large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy.
GKN Ltd is a British multinational automotive and aerospace components business headquartered in Redditch, Worcestershire. It is a long-running business known for many decades as Guest, Keen and Nettlefolds. It can trace its origins back to 1759 and the birth of the Industrial Revolution.
The National Enterprise Board (NEB) was a United Kingdom government body. It was set up in 1975 by the Labour government of Harold Wilson, to support the government's interventionist approach to industry. In 1981 the Conservative government of Margaret Thatcher, combined the NEB with the National Research Development Corporation (NRDC) to form the British Technology Group.
The National Coal Board (NCB) was the statutory corporation created to run the nationalised coal mining industry in the United Kingdom. Set up under the Coal Industry Nationalisation Act 1946, it took over the United Kingdom's collieries on "vesting day", 1 January 1947. In 1987, the NCB was renamed the British Coal Corporation, and its assets were subsequently privatised.
The British Coal Corporation was a nationalised corporation responsible for the mining of coal in the United Kingdom. It existed from the 1946 Labour Government 1945–1951's Coal Industry Nationalisation Act establishing the National Coal Board (NCB) (1946−1987), until the 1997 disestablishment of the British Coal Corporation (1987−1997).
Clement Attlee was invited by King George VI to form the Attlee ministry in the United Kingdom in July 1945, succeeding Winston Churchill as Prime Minister of the United Kingdom. The Labour Party had won a landslide victory at the 1945 general election, and went on to enact policies of what became known as the post-war consensus, including the establishment of the welfare state and the nationalisation of some industries. The government's spell in office was marked by post-war austerity measures, the violent crushing of pro-independence and socialist movements in Malaya, Vietnam and Indonesia, the grant of independence to India, the engagement in the Cold War against Soviet Communism as well as the creation of the country's National Health Service (NHS).
The history of the modern steel industry began in the late 1850s; steel has become a staple of the world's industrial economy. This article is intended only to address the business, economic and social dimensions of the industry, since the bulk production of steel began as a result of Henry Bessemer's development of the Bessemer converter, in 1857. Previously, steel was very expensive to produce, and was only used in small, expensive items, such as knives, swords and armor.
Alfred Edwards was a British politician who served for fifteen years as a Member of Parliament (MP). His origins were as a company director in the foundry industry in Middlesbrough, which led him into conflict with the Labour Party when it proposed to nationalise the iron and steel industries; profoundly unable to support the party, he crossed the floor and became an active Conservative Party supporter.
The Consett Iron Company Ltd was an industrial business based in the Consett area of County Durham in the United Kingdom. The company owned coal mines and limestone quarries, and manufactured iron and steel. It was registered on 4 April 1864 as successor to the Derwent & Consett Iron Company Ltd. This in turn was the successor to the Derwent Iron Company, founded in 1840.
The Ravenscraig steelworks, operated by Colvilles and from 1967 by British Steel Corporation, consisted of an integrated iron and steel works and a hot strip steel mill. They were located in Motherwell, North Lanarkshire, Scotland.
The Coal Industry Nationalisation Act of 1946 is an Act of the Parliament of the United Kingdom which nationalised, or bought into state control, the coal industry in Great Britain. It established the National Coal Board as the managing authority for coal mining and coal processing activities. It also initially provided for the establishment of consumers' councils. The Coal Industry Nationalisation Act 1946 was the first of a number of Acts promulgated by the post-war Labour government to nationalise elements of the UK's industrial infrastructure; other Acts include the Electricity Act 1947; the Transport Act 1947 ; the Gas Act 1948; and the Iron and Steel Act 1949.
The economic history of the United Kingdom relates the economic development in the British state from the absorption of Wales into the Kingdom of England after 1535 to the modern United Kingdom of Great Britain and Northern Ireland of the early 21st century.
The Nationalisation process in Pakistan was a policy measure programme in the economic history of Pakistan, first introduced, promulgated and implemented by Prime Minister Zulfikar Ali Bhutto and the Pakistan Peoples Party to lay the foundation of socialist economics reforms to improve the growth of national economy of Pakistan. Since the 1950s, the country had undergone a speedy industrialisation and became an industrial paradise in Asia. But, as time progressed, the labour trade unions and labour-working class had increasingly strained relations with the industrial business oligarch class, having neglected to improve working conditions and failing to provide a healthy and safe environment for the workers in these industrial industries.
The Privatisation process in Pakistan is a continuous policy measure program in the economic period of Pakistan. It was first conceived and implemented by the then-people-elected Prime Minister Nawaz Sharif and the Pakistan Muslim League, in an attempt to enable the nationalised industries towards market economy, immediately after the economic collapse of the Soviet Union in 1989–90. The programme was envisaged and visioned to improve the GDP growth of the national economy of Pakistan, and reversal of the nationalisation programme in 1970s— an inverse of the privatisation programme.
The Insurance Regulatory and Development Authority of India (IRDAI) is a regulatory body under the jurisdiction of Ministry of Finance, Government of India and is tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, an Act of Parliament passed by the Government of India. The agency's headquarters are in Hyderabad, Telangana, where it moved from Delhi in 2001.
The Gas Act 1948 was an Act of the Parliament of the United Kingdom which nationalised, or bought into state control, the gas making and supply industry in Great Britain. It established 12 Area Gas Boards to own and operate all public gas making, distribution and sales facilities and created a central authority: the Gas Council. It vested the existing local authority and company owned gas undertakings into the Area Boards with effect from 1 May 1949. The Gas Act 1948 was one of a number of Acts promulgated by the post-war Labour government to nationalise elements of the UK's industrial infrastructure; other Acts include the Coal Industry Nationalisation Act 1946; the Electricity Act 1947; Transport Act 1947 ; and the Iron and Steel Act 1949.
Skinningrove steelworks is a steel mill in Skinningrove, North Yorkshire, England. The business was formed in 1874 as the Loftus Iron Company, after a liquidation of the company reformed in 1880 as the Skinningrove Iron Company. The works expanded from producing only pig iron to include steel production in the early 20th century, with mills specialising in long products including railway rail. As part of the business the company constructed a jetty at Skinningrove, and owned an ironstone mine in Loftus.
The Iron and Steel Act 1949 was an Act of the Parliament of the United Kingdom which nationalised, or bought into state control, elements of the iron and steel industry in Great Britain. It established an Iron and Steel Corporation which acquired certain iron and steel companies. In a departure from earlier nationalisations the Corporation only acquired the share capital of the companies, not the undertakings themselves. The individual companies continued to operate under management Boards appointed by the corporation. The Iron and Steel Act 1949 was one of a number of Acts promulgated by the post-war Labour government to nationalise elements of the UK's industrial infrastructure; other Acts include the Coal Industry Nationalisation Act 1946; the Electricity Act 1947; Transport Act 1947 ; and the Gas Act 1948.
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