The steel refinery was found in 1937 by Japanese
South Manchuria Railway Company in the occupied zone of wartime China. The steel refinery was belong to State-owned Assets Supervision and Administration Commission (SASAC) of the Government of Fushun City, In 1999 the assets of the refinery was re-incorporated as
Fushun Special Steel Co., Ltd.. In the next year the shares of the company were float in
Shanghai Stock Exchange. Fushun Special Steel (Group) remained as the largest shareholder for 76.29% stake. In 2003 the shares held by the parent company was partially transferred to another state-owned enterprise
Dongbei Special Steel (for 56.62% stake), which Fushun Special Steel (Group) became the second largest shareholder of the listed company for 19.67%. At the same time Fushun Special Steel (Group) became the second largest shareholder of Dongbei Special Steel for 26.53% stake. On 30 December 2010 Fushun Special Steel (Group) went bankrupt, which Dongbei Special Steel received the shares of the listed company from Fushun Special Steel (Group), making Dongbei Special Steel hold 57.07% stake at that time, Due to capital increase and disposals, the shares of the listed company held by Dongbei Special Steel was diluted to 38.58% on 31 December 2015. ==See also==