In 1967, the Iron and Steel Act nationalised Britain's steelmaking industry, leading to the formation of the British Steel Corporation (BSC), with some 268,500 employees. But by the end of the 1970s, the industry was making a loss, and plans were in hand to close plants and make large scale redundancies.
Workers had been offered a pay rise of 2%. The unions wanted 20%. Talks quickly broke down. And so, for the first time in over 50 years, the steelworkers began a national strike.
The strike lasted 13 weeks and soon spread to the private sector, with flying pickets' protesting at plants around the country. After much talking, workers accepted a 16% pay rise in return for increased productivity and changes in working practices. The strike ended on 3 April.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
But by the end of the year, the Consett Works in County Durham closed and steelmaking operations stopped at the Shotton works in North Wales.
Eventually, however, the restructuring bore fruit, and the BSC returned to profit. In 1988, it was privatised, and in 1999, it merged with Dutch steel producer Koninklijke Hoogovens to form Corus Group, to become the world's third-largest steel producer.
In March 2007, Corus was taken over by India's Tata Steel in a deal worth $13bn, and became Tata Steel Europe, with plants in Scunthorpe, Port Talbot, and Ijmuiden. Tata sold its Scunthorpe plant to Greybull Capital, which rebranded it as British Steel. It was placed into insolvency in 2019 and was bought up by China's Jingye Group in 2020.
Ben studied modern languages at London University's Queen Mary College. After dabbling unhappily in local government finance for a while, he went to work for The Scotsman newspaper in Edinburgh. The launch of the paper's website, scotsman.com, in the early years of the dotcom craze, saw Ben move online to manage the Business and Motors channels before becoming deputy editor with responsibility for all aspects of online production for The Scotsman, Scotland on Sunday and the Edinburgh Evening News websites, along with the papers' Edinburgh Festivals website.
Ben joined MoneyWeek as website editor in 2008, just as the Great Financial Crisis was brewing. He has written extensively for the website and magazine, with a particular emphasis on alternative finance and fintech, including blockchain and bitcoin. As an early adopter of bitcoin, Ben bought when the price was under $200, but went on to spend it all on foolish fripperies.
Zoopla: Asking price discounts hit a five-year high – is now the time to buy a property?
News Zoopla’s October House Price Index shows sellers are accepting discounts of 5.5% on average to secure a sale – we reveal where homeowners are taking the biggest asking price cuts
By Marc Shoffman Published
Equity release rates drop – is it worth unlocking cash from your home?
News Lifetime mortgage rates are falling from their record highs - is equity release worth another look?
By Marc Shoffman Published