The company was established by Tang Eng in May 1940. It was once the largest steel company in the Japanese-ruled Taiwan. It transformed into a province-owned company in 1962, and reorganized as a state-owned company in 1999. The company has been reprivatized since 2006. At one time, Tang Eng also owned some brick making factories which were abandoned in 1980s, and had been designated as historic monuments of Taiwan.