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 nominal value, making Nangang United owned 83.78% shares of the listed company. According to the public filings, after the acquisition,, the listed company had a total assets of, comparing to parent company Nangang United's. The net assets were and respectively. NISCO also had a long business partnership with Hong Kong listed company for trading iron ore. In 2011, NISCO acquired 10% shares of a company, All Wealthy Capital, from the chairman of Prosperity International,, 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 南钢发展 by the bank and other parties, was completed in 2017. In the same year NISCO also issued new shares via private placement.
In 2003 the parent company of the listed company formed a joint venture "Nanjing Iron and Steel United" with a consortium of civilian-run enterprises: Fosun High Technology and its parent company Guangxin Technology. The stake of NISCO that held by Nanjing Iron and Steel Group was injected to Nanjing Iron and Steel United as capital. After the deal, Nanjing Iron and Steel Group owned 40% stake of Nanjing Iron and Steel United, Fosun High Technology owned 50% and Guangxin Technology owned 10%. The parent company of Fosun High Technology was later changed to Hong Kong listed company Fosun International, which also acquired the stake from Guangxin Technology. However, Fosun International was still controlled by the shareholder of Guangxin Technology as of 2018. In 2009, a new intermediate holding company, "Nanjing Nangang Iron and Steel United Co., Ltd." ) was incorporated, Nanjing Iron and Steel United became its wholly owned subsidiary, while Nanjing Iron and Steel United owned 62.69% stake of NISCO at that time. Baosteel Group was the second largest shareholder of the listed company for just 2.42% shares at that time. As at 31 December 2015, Nangang United had disinvested NISCO to just 48.19%. On 31 December 2015, Fosun International also appointed Nanjing Iron and Steel Group as its proxy for 10% stake of Nangang United, making Nangang United was classified as a joint venture and not consolidated in Fosun International's consolidated financial statements, while Nanjing Iron and Steel Group regained the joint-controlling status on the publicly traded company.
