After winning the 1960 parliamentary election,[1] Sirimavo Bandaranayake continued with the pro-socialist vision of her late husband and further strengthen Sri Lanka's relations with socialist countries.

The Ceylon Steel Corporation was started in 1962 under the supervision of Maithripala Senanayake who was the Commerce and Industrial Minister of her government.

In 1996 the organisation was sold to Hanjung Steel, now a member of the Doosan Group of South Korea[3][4] during the period President Chandrika Bandaranayaka, who is the daughter of founder Sirimavo Bandaranayaka.

In 2009 the company was acquired by the UAE-based Onyx Group which is owned by the Sri Lankan businessperson Sri Lanka Investment Corporation and re-branded as "Ceylon Steel" Corporation Limited.

This facility is located in Mirijjawila Export Processing Zone, Hambantota.