Iron and Steel Act 1949

The Iron and Steel Act 1949 (12, 13 & 14 Geo. 6. c. 72) was an Act of the Parliament of the United Kingdom which nationalised, or bought into state control, elements of the iron and steel industry in Great Britain. It established an Iron and Steel Corporation which acquired certain iron and steel companies. In a departure from earlier nationalisations the Corporation only acquired the share capital of the companies, not the undertakings themselves. The individual companies continued to operate under management Boards appointed by the corporation. The Iron and Steel Act 1949 was one of a number of Acts promulgated by the post-war Labour government to nationalise elements of the UK's industrial infrastructure; other Acts include the Coal Industry Nationalisation Act 1946; the Electricity Act 1947; Transport Act 1947 (railways and long-distance road haulage); and the Gas Act 1948.