The Iron and Steel Act 1949 (12 & 13 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. Background The involvement of the UK government in the iron and steel industry began in the interwar period with the establishment of the British Iron and Steel Federation to represent companies in the industry, and which fixed prices, production quotas, levies, and closed redundant works under Government supervision. The iron and steel industry came under the control of the Ministry of Supply during the Second World War. In 1945 the Permanent Secretary of the Ministry, Sir Oliver Franks, published a report on the future of the industry. Franks recommended a radical modernisation with the aim of reducing prices to keep British steel competitive on the world market. In 1946 the Labour government established an Iron and Steel Board, to control the price of raw materials, finished products, and steel imports; and to regulate investment, pooling arrangements, and the development of new plant and equipment. Board members were appointed by the Minister of Supply and represented industry employers, workers and consumers. Full nationalisation of the industry, as opposed to government control, had been pledged by the incoming Labour government in 1945; however, this was a controversial issue and was opposed by the iron and steel companies and by the Conservative opposition. Provisions of the Bill The Iron and Steel Bill as first drafted comprised 46 sections under 8 headings. National Iron and Steel Board Sections 1–4: Establishment of the National Iron and Steel Board; its constitution and appointment by the Minister of Supply; its duties; permitted activities; power to establish and liquidate its companies. Powers of the Minister in relation to