British Steel Corporation: Probably the biggest turnaround story in UK industrial history

This paper examines the turnaround of the British Steel Corporation (BSC) over the period 1974–89 which has been described by the Financial Times as: ‘probably the biggest turnaround story in UK industrial history’. This now celebrated case demonstrates that: The turnaround of BSC was achieved through measures aimed not only at cutting costs but also at increasing revenues. A period of retrenchment was necessary before growth strategies could be profitably pursued. Timing was an important factor affecting the success of the turnaround effort; and, the turnaround was achieved whilst BSC was still publicly owned.