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523:… the Government are committed to returning successful state industries such as steel to the private sector as soon as practicable. It is quite apparent that the British Steel Corporation has now reached the stage where it would benefit from a return to a fully commercial environment. I am therefore pleased to announce that I am setting in hand the work necessary to privatise the corporation as soon as possible, subject to market conditions.
40:
347:
According to Blair (1997), British Steel faced serious problems at the time of its formation, including obsolescent plants; plants operating under capacity and thus at low efficiency; outdated technology; price controls that reduced marketing flexibility; soaring coal and oil costs; lack of capital
351:
One of the arguments made in favour of nationalisation was that it would enable steel production to be rationalised. This involved concentrating investment on major integrated plants, placed near the coast for ease of access by sea, and closing older, smaller plants, especially those that had been
169:
The industry was re-nationalised in 1967 under another Labour government, becoming
British Steel Corporation (BSC). But by then, 20 years of political manipulation had left companies, such as British Steel, with serious problems: a complacency with existing equipment, plants operating below full
134:
Alasdair M. Blair (1997), Professor of
International Relations and Head of the Department of Politics and Public Policy at De Montfort University, has explored the history of British Steel since the Second World War to evaluate the impact of government intervention in a market economy. He
315:
At the time of its formation, BSC comprised around ninety per cent of the UK's steelmaking capacity; it had around 268,500 employees and around 200 wholly or partly-owned subsidiaries based in the United
Kingdom, Australia, New Zealand, Canada, Africa, South Asia, and South America.
173:
By the 1970s, the Labour government's main goal for the declining industry was to keep employment high. Since
British Steel was a major employer in depressed regions, it was decided to keep many mills and facilities operating at a loss. In the 1980s, Conservative Prime Minister
135:
suggests that entrepreneurship was lacking in the 1940s; the government could not persuade the industry to upgrade its plants. For generations, the industry had followed a piecemeal growth pattern that proved relatively inefficient in the face of world competition.
348:
investment funds; and increasing competition on the world market. By the 1970s, the government adopted a policy of keeping employment high in the declining industry. This especially impacted BSC since it was a major employer in a number of depressed regions.
1061:
581:
An Act to provide for the vesting of the property, rights and liabilities of the
British Steel Corporation in a company nominated by the Secretary of State and for the subsequent dissolution of the Corporation; and for connected
178:
re-privatised BSC as
British Steel. Under private control, the company dramatically cut its workforce and underwent a radical reorganisation and massive capital investment to again become competitive in the world marketplace.
528:
I believe that early privatisation and full commercial freedom will enable the company and its work force to be best placed to go on to further achievements and to secure a firmly based competitive industry with a long-term
170:
capacity (hence the low efficiency), poor-quality assets, outdated technology, government price controls, higher coal and oil costs, lack of funds for capital improvement, and increasing competition on the world market.
797:
after the
British Steel Corporation. Lead singer Rob Halford explained in an interview that the 'sounds of heavy metal' have been with him since childhood, due to the close proximity of the BSC plant where he grew up.
625:
On 5 September 1988 the assets, rights and liabilities of
British Steel Corporation were transferred to British Steel plc, registered under the Companies Act as company number 2280000, by the British Steel Act 1988.
383:
had led to the reprieve of the so-called 'Beswick plants', for social reasons, but subsequent governments were obliged under EU rules to withdraw subsidies. Major changes resulted across Europe, including in the UK:
636:
British Steel employees were given a free allocation of shares, and offered two free shares for each they purchased up to £165, discounted shares up to £2,200, and priority on applying for shares up to £10,000.
428:, was closed by British Steel in 1992, leading to high levels of unemployment in the area. It also led to the closure of several local support and satellite businesses, such as the nearby British Steel
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Dorman Long, South Durham and
Stewarts and Lloyds had merged as British Steel and Tube Ltd before vesting took place. BSC later arranged an exchange deal with
1342:
403:, the closure of the former Stewarts & Lloyds site in the early-1980s saw the loss of 11,000 jobs, leading to an initial unemployment rate of over 30%.
943:
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which carried no voting rights but until 31 December 1993, permitted the government to stop any one party controlling more than 15% of the shares.
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noted that "British Steel has more than doubled its productivity since 1979 and made a profit last year for the first time in over ten years."
437:
1301:
1236:
Rhodes, Martin; Wright, Vincent. "The
European Steel Unions and the Steel Crisis, 1974–84: A Study in the Demise of Traditional Unionism,"
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steel only made up a tiny fraction of steel used in construction of the stadium, and that the bulk of the steel had been imported from
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aid in 1948–50 reinforced modernisation efforts and provided funding for them. However, the nationalisation was reversed by the
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BSC was formed from the assets of former private companies which had been nationalised, largely under the Labour government of
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718:
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372:
143:
448:. Demolition of the site's landmark blue gasometer in 1996, and the subsequent cleanup operation, has created the largest
1029:
226:, which vested in the Corporation the shares of the fourteen major UK-based steel companies then in operation, being:
860:
393:
883:
150:. In 1946, it put the first steel development plan into practice with the aim of increasing capacity. It passed the
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272:
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From the mid-1970s, British Steel pursued a strategy of concentrating steelmaking in five areas: South Wales,
210:
154:, which meant nationalisation of the industry, as the government bought out the shareholders, and created the
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This article is about the nationalised steel company formed 1967. For the company founded in 2016, see
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in 1951 taking public ownership of 80 companies but this had been largely reversed by the following
230:
191:, on 28 July 1967. Wilson's was the second attempt at nationalisation; the post-war government of
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223:
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Politics and Steel in Britain, 1967–1988: The Life and Times of the British Steel Corporation
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against the winds and currents, known as 'The Impossible Voyage'. In 1992 they sponsored the
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119:
24:
20:
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The Politics of Steel: Western Europe and the Steel Industry in the Crisis Years (1974–1984)
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on 6 October 1999. Corus itself was taken over in March 2007 by the Indian steel operator
8:
1227:
1170:
Blair, Alasdair M. (Winter 1997). "The British iron and steel industry since 1945".
830:
Blair, Alasdair M. (Winter 1997). "The British iron and steel industry since 1945".
760:. But the sponsorship deal was terminated before it commenced after it was revealed that
714:
1291:
1201:
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392:, the closure of the British Steel works in 1980 marked the end of steel production in
756:, with a view to British Steel-sponsored Middlesbrough shirts making their appearance
856:
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500:
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425:
375:. Other traditional steelmaking areas faced cutbacks. Under the Labour government of
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The Human Face of Change: Social Responsibility and Rationalization at British Steel
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1055:"National Audit Office: Sale of Government Shareholding in British Steel plc"
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as in force today (including any amendments) within the United Kingdom, from
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Dealing in shares opened on the London Stock Exchange on 5 December 1988.
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Worker Directors Speak: The British Steel Corporation Employee Directors
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Ltd (GKN), the parent company of GKN Steel, under which BSC acquired
110:), formed in 1967, which was privatised as a public limited company,
39:
1248:
The Steel Crisis: The Economics and Politics of a Declining Industry
203:
governments of the 1950s with only Britain's largest steel company,
368:
364:
1203:
Crisis in Britain. Plans and Achievements of the Labour Government
713:
Ian MacGregor later became famous for his role as Chairman of the
409:
Shotton closure of the heavy end with the loss of over 6,000 jobs.
371:. This policy continued following the Conservative victory at the
970:
910:"Select Committee on Transport, Local Government and the Regions"
765:
433:
389:
336:
1307:
Catalogue of the BSC Department of Operational Research archives
745:, the first of a series of 'wrong way' races for amateur crews.
457:
453:
218:
Works, formerly South Durham Steel & Iron Company, in 1970
400:
96:
50:
1012:"The British Steel Act 1988 (Nominated Company) Order 1988"
489:
We will continue the successful programme of privatisation.
1309:, held at the Modern Records Centre, University of Warwick
974:. House of Commons. 3 December 1987. col. 1107–1108.
791:
The heavy metal band Judas Priest named their 1980 album
781:
254:
1271:
British Steel plc and C Walker & Sons (Holdings) Ltd
998:"The British Steel Act 1988 (Appointed Day) Order 1988"
406:
In Wales, works at East Moors (Cardiff) closed in 1978.
1363:
Companies formerly listed on the London Stock Exchange
1333:
Former nationalised industries of the United Kingdom
936:"1987 Conservative Party General Election Manifesto"
1200:
460:is in line to be transformed into the new town of
1232:(Institute of Personnel Management, London, 1974)
748:British Steel had agreed a sponsorship deal with
1314:
848:
352:located inland for proximity to coal supplies.
1348:Manufacturing companies disestablished in 1999
725:" took place at British Steel's coking plant.
1282:"Archival material relating to British Steel"
648:The privatised company later merged with the
1302:Modern Records Centre, University of Warwick
146:, pledging to bring several industries into
114:, in 1988. It was once a constituent of the
16:Steelmaking enterprise in the United Kingdom
1343:Manufacturing companies established in 1967
966:"British Steel Corporation (Privatisation)"
808:British Iron and Steel Research Association
784:mentioned British Steel in their 1979 song
197:Iron and Steel Corporation of Great Britain
156:Iron and Steel Corporation of Great Britain
1290:
1220:Dudley, G. F., and J. J. Richardson, eds.
537:, Minister of State for Trade and Industry
412:In Scotland, Western Europe's largest hot
38:
849:Mény, Y.; Wright, V.; Rhodes, M. (1987).
1368:British companies disestablished in 1999
1240:April 1988, Vol. 18 Issue 2, pp 171–195
1217:, on nationalization 1945–50, pp 183–235
513:Minister of State for Trade and Industry
456:. This huge area between Motherwell and
273:The Park Gate Iron and Steel Company Ltd
209:
1328:Defunct companies of the United Kingdom
1119:"British Steel merges with Dutch rival"
825:
823:
503:'s re-election, on 3 December 1987 the
1315:
1049:
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1338:British companies established in 1967
1323:Steel companies of the United Kingdom
1238:British Journal of Political Science,
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1147:from the original on 22 November 2008
1099:from the original on 19 November 2017
842:
829:
771:
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507:formally announced in a statement by
291:South Durham Steel & Iron Company
23:. For the album by Judas Priest, see
1172:Journal of European Economic History
946:from the original on 17 October 2019
832:Journal of European Economic History
820:
733:In 1971 British Steel sponsored Sir
267:The Lancashire Steel Corporation Ltd
1044:
1032:from the original on 1 January 2011
916:from the original on 4 October 2013
13:
1183:
1141:"India's Tata wins race for Corus"
855:. Walter de Gruyter. p. 315.
613:Text of the British Steel Act 1988
396:and the sharp decline of the area.
182:
14:
1389:
1358:1999 disestablishments in England
1254:
207:, remaining in public ownership.
99:producer. It originated from the
1207:. University of California Press
1194:(Gower Press, Farnborough, 1977)
1067:from the original on 28 May 2019
978:from the original on 28 May 2019
569:Parliament of the United Kingdom
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342:
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971:Parliamentary Debates (Hansard)
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519:the British Steel Corporation.
1353:1967 establishments in England
1199:Brady, Robert A. (1950).
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737:in his record-making non-stop
309:The United Steel Companies Ltd
297:The Steel Company of Wales Ltd
222:BSC was established under the
1:
1373:1999 mergers and acquisitions
1298:Catalogue of the BSC archives
813:
719:UK miners' strike (1984–1985)
464:, a project partly funded by
1190:Bank, John, and Jones, Ken,
709:Sir Brian Moffat (1992–1999)
494:Conservative Manifesto, 1987
7:
801:
750:Middlesbrough Football Club
667:
321:Guest, Keen and Nettlefolds
279:Richard Thomas and Baldwins
205:Richard Thomas and Baldwins
10:
1394:
1087:"History of British Steel"
629:The government retained a
544:United Kingdom legislation
129:
118:. The company merged with
18:
1261:British Steel Corporation
940:conservativemanifesto.com
721:. During the strike the "
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231:David Colville & Sons
104:British Steel Corporation
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1143:. BBC. 31 January 2007.
1026:"British Steel Act 1988"
331:and GKN took over BSC's
743:British Steel Challenge
505:Conservative government
261:John Summers & Sons
224:Iron and Steel Act 1967
166:government after 1952.
152:Iron and Steel Act 1949
1275:Competition Commission
1265:Competition Commission
786:Making Plans for Nigel
551:British Steel Act 1988
540:
515:, that it intended to
497:
418:Ravenscraig steelworks
219:
1246:Scheuerman, William.
654:Koninklijke Hoogovens
521:
487:
483:1987 general election
373:1979 general election
303:Stewarts & Lloyds
213:
144:1945 general election
142:came to power at the
120:Koninklijke Hoogovens
25:British Steel (album)
21:British Steel Limited
1286:UK National Archives
884:"UK Steel:Key dates"
758:the following season
446:Anderson Strathclyde
444:and equipment maker
285:Round Oak Steelworks
237:Consett Iron Company
95:was a major British
1060:. 8 February 1990.
715:National Coal Board
34:
1121:. BBC. 7 June 1999
890:on 24 January 2008
772:In popular culture
723:Battle of Orgreave
644:Post-privatisation
617:legislation.gov.uk
481:manifesto for the
257:Steel Company Ltd;
245:& Company Ltd;
220:
32:
1378:Tata Steel Europe
623:
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557:Act of Parliament
501:Margaret Thatcher
426:North Lanarkshire
333:Brymbo Steelworks
325:Dowlais Ironworks
176:Margaret Thatcher
112:British Steel plc
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1209:. Retrieved
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1178:(3): 571–81.
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888:the original
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866:. Retrieved
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776:The English
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732:
729:Sponsorships
712:
647:
639:
635:
628:
624:
607:29 July 1988
603:Royal assent
541:
527:
525:
522:
498:
488:
479:Conservative
476:
381:Lord Beswick
354:
350:
346:
318:
314:
221:
201:Conservative
186:
172:
168:
164:Conservative
140:Labour Party
137:
133:
111:
107:
103:
101:nationalised
92:
91:
29:
1151:26 November
920:23 February
894:23 February
752:during the
717:during the
706:(1986–1992)
700:(1983–1986)
694:(1980–1983)
688:(1976–1980)
682:(1973–1976)
676:(1967–1973)
658:Corus Group
462:Ravenscraig
438:Clyde Alloy
414:strip steel
243:Dorman Long
158:. American
124:Corus Group
1317:Categories
814:References
735:Chay Blyth
662:Tata Steel
592:1988 c. 35
577:Long title
499:Following
422:Motherwell
361:Scunthorpe
305:, Ltd; and
216:Hartlepool
868:5 October
582:purposes.
517:privatise
442:Netherton
126:in 1999.
81:Successor
1242:in JSTOR
1145:Archived
1094:Archived
1062:Archived
1030:Archived
976:Archived
944:Archived
914:Archived
912:. HMSO.
802:See also
668:Chairmen
656:to form
588:Citation
532:—
492:—
369:Scotland
365:Teesside
122:to form
47:Industry
1273:, 1990
1263:, 1988
766:Germany
762:British
529:future.
434:Mossend
420:, near
390:Consett
337:Wrexham
130:History
65:Defunct
57:Founded
1277:report
1267:report
1250:(1986)
1224:(1990)
1211:5 June
1103:28 May
1071:28 May
1036:28 May
982:28 May
950:28 May
859:
458:Wishaw
454:Europe
76:Merger
1097:(PDF)
1090:(PDF)
1065:(PDF)
1058:(PDF)
780:band
650:Dutch
597:Dates
466:Corus
416:mill
401:Corby
335:near
97:steel
85:Corus
51:Steel
1213:2013
1153:2007
1127:2011
1105:2019
1073:2019
1038:2019
984:2019
952:2019
922:2008
896:2008
870:2014
857:ISBN
778:rock
477:The
367:and
293:Ltd;
287:Ltd;
281:Ltd;
263:Ltd;
251:Ltd;
239:Ltd;
138:The
73:Fate
60:1967
782:XTC
452:in
440:in
432:in
399:At
388:At
327:at
255:GKN
108:BSC
1319::
1284:.
1176:26
1174:.
1092:.
1046:^
1028:.
968:.
942:.
938:.
836:26
834:.
822:^
788:.
768:.
664:.
511:,
436:,
424:,
363:,
359:,
339:.
1288:.
1215:.
1155:.
1129:.
1107:.
1075:.
1040:.
1014:.
1000:.
986:.
954:.
924:.
898:.
872:.
619:.
468:.
311:.
299:;
275:;
269:;
233:;
106:(
27:.
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