British Steel Corporation

British Steel Corporation

 

the largest steel-producing company in Great Britain and Europe. Owned by the government and operated under the jurisdiction of the Ministry of Power.

The British Steel Corporation was founded in July 1967 as a result of the nationalization of the largest companies in Great Britain’s iron and steel industry; this nationalization was carried out by the Labour Party, which was in office at that time. The former owners received compensation of approximately £580 million in government securities (6.5 percent) redeemable in cash by 1971. A very powerful metallurgical conglomerate was formed, based on Richard Thomas and Baldwins, a company already owned by the government, and the 13 most important steel-producing companies in the country, now government owned.

The new monopoly is surpassed in production volume only by the United States Steel Corporation, an American company. In 1969 the British Steel Corporation produced approximately 7 percent of the steel in the capitalist world, more than 20 percent of the steel in the European capitalist countries. The British Steel Corporation controls more than 90 percent of the iron ore mined in the country, 95 percent of the iron smelted, and 93 percent of the steel; it is the principal manufacturer of heavy rolled steel, thin sheet metal, and tin plate. Its companies employ 80 percent of all workers in the industry. The British Steel Corporation is a holding company with respect to the individual nationalized firms, which have retained their legal independence, their own boards of directors, and their affiliated branches, including branches abroad. The British Steel Corporation is subdivided into four groups of companies, according to their specialization and location (see Table 1).

Table 1. Indexes of the activities of the company groups of the British Steel Corporation (1967)
GroupsFixed capital (in millions of £)Steel output (in millions of ton)Number of employees
Midland...............3375.868,500
Northern and Tubes...............3365.595,500
Scottish and Northwest...............2884.647,400
South Wales...............4166.157,100
Total...............1,37722.0268,500

In 1969 the British Steel Corporation had a total turnover of £1.2 billion, and steel production amounted to 24.3 million tons.

D. A. LIPEROVSKAIA

References in periodicals archive ?
RTB was a major iron, steel and tinplate producer, primarily based in Wales before being incorporated into the British Steel Corporation in 1967 and now forms part of Corus, a subsidiary of Tata Steel.
A British Steel Corporation spokesman said that small hand mills like those at Etna were"uneconomic".
The British Steel Corporation (BSC) was established under the Iron and Steel Act of 1967, which saw the nationalisation of the industry.
British Steel Corporation, Hartlepool Works, in 1983.
There was a passionate and long running campaign to save the works from the British Steel Corporation (BSC) cuts with the Steel Workers' Action Committee taking the fight to Westminster.
After National Service in the RAF between 1949 and 1951, he returned to the steel industry, working his way up the Iron and Steel Trades Confederation, most of whose members worked for the then nationalised British Steel Corporation.
They were run by the government owned British Steel Corporation and employed more than 12,000 people when the man joined Dalzell as a 16-yearold trainee.
Despite demonstrations and protests, British Steel Corporation deemed the plant was no longer economically viable, and it was axed with the loss of 4,500 jobs.
Arrests on the picket line outside the British Steel Corporation, Port Talbot steelworks where miners where trying to stop the movement of coal in April 1984
In 1967 it was absorbed into the newly nationalised British Steel Corporation and while cutbacks had been enforced on it over the years in a bid to keep it competitive, they were nothing compared to what was to come.
He has held similar roles with VTL Precision, Crosslee PLC, George Baker & Co Ltd, Henry Barrett Group, James Durrans & Sons Ltd and British Steel Corporation.
Haslam also held various positions with Falconbridge Nickel Mines and British Steel Corporation, and was a director of Cluff Gold Plc until September 2007.

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