The Iron and Steel Corporation of Great Britain (1949) or Iron and Steel Bill was introduced in 1949 during the Labour post-war Government.What was it introduced for?
To nationalise the companies, which means the government owned them from that point on. Previously the manufacturers were various private companies which had shareholders, the government bought out the shareholders and therefore owned the companies and this is the final stage in nationalisation.
It was a holding company that originally had 107 companies who manufactured iron or steel products in Great Britain.
Iron and Steel Bill That would be the Bill to nationalise the Steel industry in UK so that the Socialist Government could destroy it. Britain having won the War against Hitler promptly elected a nasty little Fascist who called himself a socialist Clement Atlee who went and nationalised many key Industries in UK so that the Government could run them. In 1979 British Steel was costing the UK tax payer a ?Million per day to keep running and was on the point of collapse with Steel production declining. Unfortunately it wasn't until Mrs. Thatcher came to power in 1979 that they were later put back into the Public sector and shares in British Steel could be bought by the Public and the Company run by people who knew how to run a steel industry. As a consequence Britain now produces more steel than it has ever done in its History.
To create iron and steel.
