Cargo Fleet Iron Company Limited Collection

BS/CFI/1. Corporate Records
BS/CFI/2. Share Records
BS/CFI/3. Administration Records
BS/CFI/4. Financial and Accounting Records
BS/CFI/5. Legal Records
BS/CFIV/6. Operational Records
BS/CFI/7. Marketing and PR Records
BS/CFI/8. Staff and Employment Records
BS/CFI/9. Property Records

The original Cargo Fleet Iron Company Works opened in 1864 and was hailed as the 'addition of another extensive, substantial and in some respects unique establishment'. Flanked by the River Tees, Stockton and Darlington Railway and the new Cleveland Line the works was ideally placed to make the most of such excellent transport links. However, the works fell into liquidation in 1876 and a new company was formed. This new company was incorporated in 1883, with the original capital of £200,000 divided into 4,000 shares of £50. The shareholders consisted of H.F. Swan (Chair), J. Swan, S.F. Swan, C.W. Bell, L.R. Stephenson and J.J. Burton. The registered offices of the Company were at Middlesbrough, although this briefly changed following shareholders' concern about the administration capabilities at Cargo Fleet.

In 1901, Cargo Fleet became a limited company, with a capital of £1,000,000 based upon the creation of an additional 800,000 ordinary shares of £1. In the same year, one of the principal proprietors of Cargo Fleet Iron company died and control was passed to Weardale Steel Coal and Coke Company becoming proprietors of the whole of the capital for £120,000. Discussions between the Directors of South Durham Steel and Iron Co. Ltd. and Weardale (some of whom overlapped) resulted in a proposal for a merger effected by means of an exchange of shares. As a result Cargo Fleet took 124,651x 6% Cumulative Preference Shares and 203,829 Ordinary Shares at £1 each in South Durham. Under the guidance of Christopher Furness, a programme of redevelopment and expansion commenced. The old blast furnaces were demolished and a modern, integrated works with coke ovens, blast furnaces, steel plant and rolling mills emerged. The wharf on the river frontage was also extended. The works played its' part in the 'war effort' during World War One making shell steel, and in doing so received acclaim from the Ministry of Munitions.

Following an initial period of nationalisation at of the steel industry at the start of the 1950s, it was, in September 1951, agreed that all shares be transferred to South Durham in the interests of financial administration. In 1953 voluntary liquidation of several subsidiaries of Cargo Fleet took place with Irchester Ironstone Company Limited (Northamptonshire), The Ormesby Rolling Mills Limited, South Bank Basic Slag Company Limited and the Wensley Lime Company Limited all being wound up. The second-wave of nationalisation in 1970 would see the end of Cargo Fleet, and this despite the works having undergone an £11m modernisation project. As a result 1,700 jobs were lost as steelmaking was transferred to Lackenby. Only steel rolling continued at the plant, which subsequently ended in 1973.

(Source: W. Willis, 'The History of South Durham Steel and Iron Company' (Portsmouth: 1969); W. Lillie, 'The History of Middlesbrough: An Illustration of the Evolution of English Industry' (Middlesbrough: 1968); 'Cargo Fleet's Story', MCF 942, M.R.L; Northern Echo; G. Boyce, 'The Development of the Cargo Fleet Iron Company, 1900-1914', Business History Review)