The Iron and Steel Corporation of Great Britain was a nationalised industry, set up in 1949 by Clement Attlee's Labour government.
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.
The Agency succeeded in selling all of the nationalised companies with the exception of the largest, Richard Thomas and Baldwins.
This remained in public ownership and was absorbed into the British Steel Corporation when the industry was re-nationalised by the Labour government of Harold Wilson in 1967.