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History of TISCO - Taiyuan Iron & Steel Company - Taigang Group

History of Taiyuan Iron and Steel Company, TISCO History of TISCO

TISCO Timeline

  • Northwest Works Origins (1934-1957): Northwest Works commences iron production in Shanxi province, renamed as Taiyuan Iron Plant in 1937, establishing foundation for future stainless steel specialisation
  • TISCO Formation & Modernisation (1958-1965): Firm renamed as Taiyuan Iron and Steel Company, purchases Soviet blast furnace and blooming mill, beginning transformation into modern integrated steelmaker
  • Technology Advancement (1966-1982): Steckel mill operation commences, buys BOF converter steelmaking equipment from Austria, installs German cold-rolled stainless steel plant and equipment, positioning for stainless steel leadership
  • Stainless Steel Pioneer (1983-1995): China's first AOD furnace put into operation at Taiyuan, establishing TISCO as pioneering stainless steel producer and technology leader in Chinese steel industry
  • Corporate Restructuring (1996-2012): Taiyuan Iron and Steel Group Co incorporated, Shanxi Taigang Stainless Steel Co listed on Shenzhen Stock Exchange, reorganises placing steel assets into listed subsidiary, switches to underground mining at Ekou, annual output attains 10 million tons
  • Baowu Integration Era (2013-2021): Invests in mining efficiency improvements, signs Baowu cooperation agreement, abandons Linyi Xinhai acquisition, invests in Indonesian ferronickel production, acquired by Baowu Steel, proposes $1.55bn Fujian stainless steel project
  • Weak Stainless Margins (2025-2026): Stainless output falls in 2025, first-half 2026 profits drop by two-thirds amid high costs and weak demand
Timeline shows 87-year evolution from 1934 Northwest Works origins to world's largest stainless steel producer producing ~11mt by 2019, demonstrating successful transformation from regional iron producer to global stainless steel leader under Baowu ownership.

Taiyuan Iron and Steel Company (TISCO, or Taigang Group) is a Chinese iron and steel manufacturing business, and is one of the world's largest producers of stainless steel. It is currently owned by Baowu Steel. In 2019, TISCO was the 40th largest global steelmaker, producing almost 11 million tonnes (mt) of liquid steel.

  • 1934: Northwest Works commences iron production in Shanxi province.
  • 1937: Northwest renamed as Taiyuan Iron Plant.
  • 1958: Firm is renamed as the Taiyuan Iron and Steel Company.
  • 1958: Purchases Soviet blast furnace and blooming mill.
  • 1966: Steckel mill operation commences.
  • 1968: Buys BOF converter steelmaking equipment from Austria.
  • 1970: Installs German cold-rolled stainless steel plant and equipment.
  • 1983: China's first AOD furnace put into operation at Taiyuan.
  • 1996: Taiyuan Iron and Steel (Group) Co incorporated in 1996
  • 1998: Subsidiary firm Shanxi Taigang Stainless Steel Co is listed on Shenzhen Stock Exchange.
  • 2006: Reorganises, placing most steel manufacturing assets into listed subsidiary.
  • 2006: Plans switch from open-pit mining to underground mining at Ekou Iron Ore Mine, Shanxi.
  • 2010: Issues statement regarding counterfeit stainless steel products sold as branded goods.
  • 2012: Annual output attains 10 million tons.
  • 2013: Invests in filtration plant efficiency improvements at Jianshan Iron Mine.
  • 2019: Signs cooperation agreement with Baowu and with Shandong Xinhai Science and Technology Co.
  • 2020: Abandons planned acquisition of 51% stake in Shandong-based Linyi Xinhai New Materials Co.
  • 2020: Invests in eight ferronickel production lines in Indonesia.
  • 2020: China's Baowu Steel acquires 51% stake in Taiyuan Iron & Steel.
  • 2021: Proposes $1.55 billion investment in 3.2 million ton/yr Fujian stainless steel project.
  • 2025: Taigang Stainless produces 13.49 mt of finished steel, including 5.61 mt of stainless.
  • 2026: Taigang Stainless H1 net profit falls by 65.5% amid high costs and weak demand.

Notes
  • 2006: Listed subsidiary was Shanxi Taigang Stainless Steel Co. Some subsidiaries such as Linfen Iron and Steel (a producer of slabs, billets and steel plates) were not involved in this reorganisation.
  • 2010: It was discovered earlier in 2010 that unscrupulous traders, posing as franchised dealers, had been making illegal profits, passing off counterfeit substandard steel as a TISCO product.
  • 2019: Agreement related to cooperation in the fields of stainless steel raw materials and manufacturing. Shandong Xinhai, located in the Junan Economic Development Zone, is a leading producer of high nickel pig iron.
  • 2020: Linyi Xinhai New Material Co Ltd is a ferroalloys producer based in East China's Shandong province.
  • 2020: Contract for supply of ferro-nickel production lines was given to China Metallurgical East. Contract also included supply of stainless steel smelting equipment. The Indonesian investment location was Sulawesi.
  • 2020: Acquisition of majority ownership stake in Taiyuan Iron & Steel by Baowu Steel was considered by analysts to be a further step in the consolidation of the Chinese steel industry. Capital Operation Co. Ltd, which is owned by China's Shanxi state, had full control of Taiyuan Iron & Steel in mid-2020; and reportedly transferred this 51% stake in TISCO to China Baowu for free.
  • 2020: As a result of TISCO's acquisition by Baowu, China's State-owned Assets Supervision and Administration Commission became an indirect shareholder in TISCO (via its 100 per cent ownership of Baowu).
  • 2025: Taigang Stainless Steel's 2025 finished steel output of 13.4929 million mt was down 3.45% year-on-year, with stainless steel output down 9.54% to 5.6081 million mt. Operating revenue fell 9.97% to RMB 90.375 billion, while net profit more than doubled to RMB 52 million.
  • 2026: Taigang Stainless Steel's H1 2026 operating revenue rose 3.2% to RMB 47.439 billion, but net profit fell 65.53% to RMB 135 million. The company plans 2026 output of 13.5 million mt of finished steel, including 5.65 million mt of stainless steel.