Iron and Steel Corporation of Great Britain
The Iron and Steel Corporation of Great Britain was an existing 1948-1953 state holding company in the UK . The purpose of the business was to manage the iron and steel industry nationalized under the Labor government of Prime Minister Clement Attlee in 1951 .
The Corporation was founded in 1948 on the legal formed the basis of the "Iron and Steel Act of 1948", to take over the management of a total of 107 companies that should be nationalized 1950/51. Since 15 of these companies had already been deleted from the list of companies to be nationalized before the key date of February 15, 1951, whether due to takeovers, mergers or bankruptcies, there were finally 92 that were combined under the umbrella of the holding company.
After the Labor Party lost its majority in the House of Commons in the October 1951 general election and the Conservative Party took over government, the nationalization of the steel industry was reversed. The "Iron and Steel Act of 1953" postulated the formation of the Iron and Steel Holding and Rationalization Agency , which was supposed to re-privatize the companies that had only been nationalized two years earlier. The Iron and Steel Corporation of Great Britain lost its raison d'etre and was liquidated on August 13, 1953.