Nanjing Nangang Iron Steel United Co

The steel plant in Nanjing was founded in 1958. In 1999 Nanjing Iron and Steel Group spin-off some of the assembly line of the steel plant, incorporating Nanjing Iron and Steel Co., Ltd. .

The company became a publicly traded company in 2000 on the Shanghai Stock Exchange, despite the parent company still owned 70.95% shares. However, after several disinvestment, it no longer the controlling shareholder of the listed company. Instead, the controlling shareholder was replaced by joint ventures of Nanjing Iron and Steel Group in 2003 and again in 2009 under another legal person. The direct parent company also received the unlisted steel manufacturing assets from Nanjing Iron and Steel Group.

In 2010, NISCO acquired some assets from the direct parent company, Nangang United, as those businesses were classified as related parties but the listed company had business relation with them. NISCO paid the direct parent company in an all-share deal for ¥9.1 billion RMB nominal value, making Nangang United owned 83.78% shares of the listed company.According to the public filings, after the acquisition, As of 31 December 2014, the listed company had a total assets of ¥39.538 billion RMB, comparing to parent company Nangang United's ¥41.273 billion RMB. The net assets were ¥8.558 billion RMB and ¥8.344 billion RMB respectively.

NISCO also had a long business partnership with Hong Kong listed company Prosperity International for trading iron ore. In 2011, NISCO acquired 10% shares of a company, All Wealthy Capital, from the chairman of Prosperity International, Wong Ben Koon, for US$50 million. The shares were sold back to Wong for US$50 million plus interests, as the initial public offering of All Wealthy Capital had failed, trigging the initial purchase condition. Since December 2014, Prosperity International became a related parties of NISCO, as Nanjing Iron and Steel Group owned more than 10% shares of Prosperity International.

Circa 2016, NISCO signed an agreement with banks for debt-to-equity swap. The capital increase of the subsidiary ???? by the bank and other parties, was completed in 2017. In the same year NISCO also issued ¥1.788 billion RMB new shares via private placement.