1970s
Falling demand and a worldwide recession has a crippling impact on British Steel. Nonetheless, the Labour government focuses on keeping employment high and subsidising loss-making mills.
1975
British Steel looks to concentrate steelmaking in five strategic areas: South Wales, South Yorkshire, Scunthorpe, Teesside and Scotland.
1980s
The start of the decade sees a 13-week national strike over pay. Under Margaret Thatcher’s Conservative government, British Steel’s workforce shrinks from 142,000 in 1980 to 52,000 in 1988.
1988
British Steel is privatised and enters the FTSE 100. The heavy losses of the 1970s and early 80s are reversed with the company making a pre-tax profit of £733m in 1989.
1992
As the UK slides into a recession, British Steel announces the closure of its Ravenscraig steel plant leading to a loss of 1,800 jobs and ending steelmaking in Scotland.
1993
The EU offers £5bn in subsidies for state-owned steel companies in eastern Germany, Italy, Spain and Portugal in exchange for cuts to production capacity.