Iron and Steel Act 1967
Act of the Parliament of the United Kingdom
From Wikipedia, the free encyclopedia
The Iron and Steel Act 1967 (c. 17) was an act of the Parliament of the United Kingdom, which regulated corporate governance in the iron and steel industries. It renationalised the steel industry and formed the British Steel Corporation. It required that employees had voting rights for the board of directors.
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- England and Wales
- Scotland
- Northern Ireland (section 1(8))
| Act of Parliament | |
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| Long title | An Act to provide for the establishment of a National Steel Corporation and the transfer thereto of the securities of certain companies engaged in the production of steel and, in connection therewith, to revive certain provisions of the Iron and Steel Act 1949 and continue others in force and to amend certain of the revived provisions; to make fresh provision for the control of the provision of iron and steel production facilities; to dissolve the Iron and Steel Board and amend the provisions of the Iron and Steel Act 1953 concerning the Iron and Steel Holding and Realisation Agency; and for purposes connected with the matters aforesaid. |
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| Citation | 1967 c. 17 |
| Territorial extent |
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| Dates | |
| Royal assent | 22 March 1967 |
| Commencement | 22 March 1967[c] |
| Other legislation | |
| Amended by |
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| Relates to | |
Status: Repealed | |
| Text of statute as originally enacted | |
Contents
Schedule 4, Part V, stated that the corporation was required to participate in discussions with the workforce. Under this provision, worker directors were introduced in 1969.
The renationalisation effort brought in 14 big private companies, that represented around 90% of UK production, together to form the British Steel Corporation. At the time the corporation had a workforce of roughly 268,500.[1]
Background
The Iron and Steel Act 1949 (12, 13 & 14 Geo. 6. c. 72) had been enacted by the post-war Labour government to nationalized elements of the British iron and steel industry. It established the Iron and Steel Corporation to acquire certain companies.
Nationalisation of iron and steel production had been strongly opposed by the Conservative opposition. On returning to power in October 1951 they planned to denationalise and return the industry to the private sector. This policy was enacted through the Iron and Steel Act 1953 (1 & 2 Eliz. 2. c. 15) which repealed the 1949 act and dissolved the Iron and Steel Corporation.
The 1953 act remained in force until the Labour government re-nationalised the iron and steel industry in 1967 through the Iron and Steel Act 1967.
See also
Notes
- Section 51(1).
- Section 51(2).