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.
[3] In October 1948 in light of the changed circumstances likely to arise from the government's nationalisation proposals five of the board members, with the exception of the trade unionists, refused a further term of office.
[3] There were criticisms of work of the Board, its powers were sufficient when iron and steel were in short supply.
[6] However, when iron and steel became plentiful in the late 1950s the board's powers to set maximum prices and to veto development became meaningless.