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534:… 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.
51:
358:
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at the time of its formation, including obsolescent plants; plants operating under capacity and thus at low efficiency; outdated technology; price controls that reduced marketing flexibility; soaring coal and oil costs; lack of capital
362:
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
180:
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
145:
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
326:
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.
184:
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
146:
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.
359:
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.
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592:
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
189:
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.
539:
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
181:
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.
808:
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.
636:
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.
394:
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:
647:
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.
439:, 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
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414:, 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%.
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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."
448:
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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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459:. Demolition of the site's landmark blue gasometer in 1996, and the subsequent cleanup operation, has created the largest
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237:, which vested in the Corporation the shares of the fourteen major UK-based steel companies then in operation, being:
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161:. In 1946, it put the first steel development plan into practice with the aim of increasing capacity. It passed the
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From the mid-1970s, British Steel pursued a strategy of concentrating steelmaking in five areas: South Wales,
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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
241:
202:, on 28 July 1967. Wilson's was the second attempt at nationalisation; the post-war government of
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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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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:
1238:
1181:
Blair, Alasdair M. (Winter 1997). "The British iron and steel industry since 1945".
841:
Blair, Alasdair M. (Winter 1997). "The British iron and steel industry since 1945".
771:. But the sponsorship deal was terminated before it commenced after it was revealed that
725:
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403:, the closure of the British Steel works in 1980 marked the end of steel production in
767:, with a view to British Steel-sponsored Middlesbrough shirts making their appearance
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386:. 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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1066:"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
121:), formed in 1967, which was privatised as a public limited company,
50:
1259:
The Steel Crisis: The Economics and Politics of a Declining Industry
214:
governments of the 1950s with only Britain's largest steel company,
379:
375:
1214:
Crisis in Britain. Plans and Achievements of the Labour Government
724:
Ian MacGregor later became famous for his role as Chairman of the
420:
Shotton closure of the heavy end with the loss of over 6,000 jobs.
382:. This policy continued following the Conservative victory at the
981:
921:"Select Committee on Transport, Local Government and the Regions"
776:
444:
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347:
1318:
Catalogue of the BSC Department of Operational Research archives
756:, the first of a series of 'wrong way' races for amateur crews.
468:
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229:
Works, formerly South Durham Steel & Iron Company, in 1970
411:
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61:
1023:"The British Steel Act 1988 (Nominated Company) Order 1988"
500:
We will continue the successful programme of privatisation.
1320:, held at the Modern Records Centre, University of Warwick
985:. House of Commons. 3 December 1987. col. 1107–1108.
802:
The heavy metal band Judas Priest named their 1980 album
792:
265:
1282:
British Steel plc and C Walker & Sons (Holdings) Ltd
1009:"The British Steel Act 1988 (Appointed Day) Order 1988"
417:
In Wales, works at East Moors (Cardiff) closed in 1978.
1374:
Companies formerly listed on the London Stock Exchange
1344:
Former nationalised industries of the United Kingdom
947:"1987 Conservative Party General Election Manifesto"
1211:
471:is in line to be transformed into the new town of
1243:(Institute of Personnel Management, London, 1974)
759:British Steel had agreed a sponsorship deal with
1325:
859:
363:located inland for proximity to coal supplies.
1359:Manufacturing companies disestablished in 1999
736:" took place at British Steel's coking plant.
1293:"Archival material relating to British Steel"
659:The privatised company later merged with the
1313:Modern Records Centre, University of Warwick
157:, pledging to bring several industries into
125:, in 1988. It was once a constituent of the
27:Steelmaking enterprise in the United Kingdom
1354:Manufacturing companies established in 1967
977:"British Steel Corporation (Privatisation)"
819:British Iron and Steel Research Association
795:mentioned British Steel in their 1979 song
208:Iron and Steel Corporation of Great Britain
167:Iron and Steel Corporation of Great Britain
1301:
1231:Dudley, G. F., and J. J. Richardson, eds.
548:, Minister of State for Trade and Industry
423:In Scotland, Western Europe's largest hot
49:
860:Mény, Y.; Wright, V.; Rhodes, M. (1987).
1379:British companies disestablished in 1999
1251:April 1988, Vol. 18 Issue 2, pp 171–195
1228:, on nationalization 1945–50, pp 183–235
524:Minister of State for Trade and Industry
467:. This huge area between Motherwell and
284:The Park Gate Iron and Steel Company Ltd
220:
1339:Defunct companies of the United Kingdom
1130:"British Steel merges with Dutch rival"
836:
834:
514:'s re-election, on 3 December 1987 the
14:
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1349:British companies established in 1967
1334:Steel companies of the United Kingdom
1249:British Journal of Political Science,
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1158:from the original on 22 November 2008
1110:from the original on 19 November 2017
853:
840:
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518:formally announced in a statement by
302:South Durham Steel & Iron Company
34:. For the album by Judas Priest, see
1183:Journal of European Economic History
957:from the original on 17 October 2019
843:Journal of European Economic History
831:
744:In 1971 British Steel sponsored Sir
278:The Lancashire Steel Corporation Ltd
1055:
1043:from the original on 1 January 2011
927:from the original on 4 October 2013
24:
1194:
1152:"India's Tata wins race for Corus"
866:. Walter de Gruyter. p. 315.
624:Text of the British Steel Act 1988
407:and the sharp decline of the area.
193:
25:
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1369:1999 disestablishments in England
1265:
218:, remaining in public ownership.
110:producer. It originated from the
1218:. University of California Press
1205:(Gower Press, Farnborough, 1977)
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989:from the original on 28 May 2019
580:Parliament of the United Kingdom
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982:Parliamentary Debates (Hansard)
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530:the British Steel Corporation.
1364:1967 establishments in England
1210:Brady, Robert A. (1950).
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748:in his record-making non-stop
320:The United Steel Companies Ltd
308:The Steel Company of Wales Ltd
233:BSC was established under the
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1384:1999 mergers and acquisitions
1309:Catalogue of the BSC archives
824:
730:UK miners' strike (1984–1985)
475:, a project partly funded by
1201:Bank, John, and Jones, Ken,
720:Sir Brian Moffat (1992–1999)
505:Conservative Manifesto, 1987
7:
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761:Middlesbrough Football Club
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332:Guest, Keen and Nettlefolds
290:Richard Thomas and Baldwins
216:Richard Thomas and Baldwins
10:
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1098:"History of British Steel"
640:The government retained a
555:United Kingdom legislation
140:
129:. The company merged with
29:
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951:conservativemanifesto.com
732:. During the strike the "
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242:David Colville & Sons
115:British Steel Corporation
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1154:. BBC. 31 January 2007.
1037:"British Steel Act 1988"
342:and GKN took over BSC's
18:British Steel (historic)
754:British Steel Challenge
516:Conservative government
272:John Summers & Sons
235:Iron and Steel Act 1967
177:government after 1952.
163:Iron and Steel Act 1949
1286:Competition Commission
1276:Competition Commission
797:Making Plans for Nigel
562:British Steel Act 1988
551:
526:, that it intended to
508:
429:Ravenscraig steelworks
230:
1257:Scheuerman, William.
665:Koninklijke Hoogovens
532:
498:
494:1987 general election
384:1979 general election
314:Stewarts & Lloyds
224:
155:1945 general election
153:came to power at the
131:Koninklijke Hoogovens
36:British Steel (album)
32:British Steel Limited
1297:UK National Archives
895:"UK Steel:Key dates"
769:the following season
457:Anderson Strathclyde
455:and equipment maker
296:Round Oak Steelworks
248:Consett Iron Company
106:was a major British
1071:. 8 February 1990.
726:National Coal Board
45:
1132:. BBC. 7 June 1999
901:on 24 January 2008
783:In popular culture
734:Battle of Orgreave
655:Post-privatisation
628:legislation.gov.uk
492:manifesto for the
268:Steel Company Ltd;
256:& Company Ltd;
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1389:Tata Steel Europe
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568:Act of Parliament
512:Margaret Thatcher
437:North Lanarkshire
344:Brymbo Steelworks
336:Dowlais Ironworks
187:Margaret Thatcher
123:British Steel plc
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1189:(3): 571–81.
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849:(3): 571–81.
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787:The English
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740:Sponsorships
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618:29 July 1988
614:Royal assent
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490:Conservative
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392:Lord Beswick
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212:Conservative
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175:Conservative
151:Labour Party
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112:nationalised
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1162:26 November
931:23 February
905:23 February
763:during the
728:during the
717:(1986–1992)
711:(1983–1986)
705:(1980–1983)
699:(1976–1980)
693:(1973–1976)
687:(1967–1973)
669:Corus Group
473:Ravenscraig
449:Clyde Alloy
425:strip steel
254:Dorman Long
169:. American
135:Corus Group
1328:Categories
825:References
746:Chay Blyth
673:Tata Steel
603:1988 c. 35
588:Long title
510:Following
433:Motherwell
372:Scunthorpe
316:, Ltd; and
227:Hartlepool
879:5 October
593:purposes.
528:privatise
453:Netherton
137:in 1999.
92:Successor
1253:in JSTOR
1156:Archived
1105:Archived
1073:Archived
1041:Archived
987:Archived
955:Archived
925:Archived
923:. HMSO.
813:See also
679:Chairmen
667:to form
599:Citation
543:—
503:—
380:Scotland
376:Teesside
133:to form
58:Industry
1284:, 1990
1274:, 1988
777:Germany
773:British
540:future.
445:Mossend
431:, near
401:Consett
348:Wrexham
141:History
76:Defunct
68:Founded
1288:report
1278:report
1261:(1986)
1235:(1990)
1222:5 June
1114:28 May
1082:28 May
1047:28 May
993:28 May
961:28 May
870:
469:Wishaw
465:Europe
87:Merger
1108:(PDF)
1101:(PDF)
1076:(PDF)
1069:(PDF)
791:band
661:Dutch
608:Dates
477:Corus
427:mill
412:Corby
346:near
108:steel
96:Corus
62:Steel
1224:2013
1164:2007
1138:2011
1116:2019
1084:2019
1049:2019
995:2019
963:2019
933:2008
907:2008
881:2014
868:ISBN
789:rock
488:The
378:and
304:Ltd;
298:Ltd;
292:Ltd;
274:Ltd;
262:Ltd;
250:Ltd;
149:The
84:Fate
71:1967
793:XTC
463:in
451:in
443:in
410:At
399:At
338:at
266:GKN
119:BSC
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