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capital of the companies that was acquired, not their undertakings. The reason was that companies in the iron & steel industry had wide-ranging ancillary activities, from which the core business of iron & steel making could not easily be extracted. Firms whose chief activity consisted in the manufacture of motor vehicles were specifically excluded from the scheme. Companies not qualifying for acquisition were to require a licence if producing more than 5,000 tons of ore or other products. Some 2,000 iron & steel companies remained in business outside the nationalised sector.
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The Iron & Steel Act 1949 took effect on 15 February 1951, the
Corporation becoming the sole shareholder of 80 of the principal iron and steel companies (reduced from the 107 proposed in the first draft of the Bill). The model differed from previous nationalisations in that it was the share
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Corporation was superseded by the Iron and Steel Holding and Realisation Agency. The Agency succeeded in selling all of the nationalised companies with the exception of the largest,
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opposition. On returning to power, they instructed the
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