Ceylon Steel Corporation
A Sri Lankan steel producer established during the country's post-independence industrialization drive with support from the Soviet Union.
Last updated August 24, 2026
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Overview
Ceylon Steel Corporation is a Sri Lankan steel producer associated with the state-led industrialization policies of the 1960s. It was established in 1962 during the government of Prime Minister Sirimavo Bandaranaike, whose administration pursued closer economic and political relations with socialist countries, including the Soviet Union. The corporation formed part of a group of large industrial projects developed with Soviet support, alongside Ceylon Tyre Corporation and Ceylon Sugar Corporation. The company was created under the supervision of Maithripala Senanayake, who served as Commerce and Industry Minister in Bandaranaike's government. A. N. S. Kulasinghe was appointed as its first director. Its creation reflected an effort to build domestic industrial capacity and reduce reliance on imported manufactured materials. Steel production was strategically important because it supplied material for construction, engineering, infrastructure, and other industrial activities in a developing economy. Ceylon Steel Corporation's history also illustrates the later transition of Sri Lanka's state-owned industrial enterprises toward privatization. In 1996, during the presidency of Chandrika Bandaranaike Kumaratunga, the organization was sold to Hanjung Steel of South Korea. Hanjung subsequently became associated with the Doosan Group. The transaction marked a major change from the corporation's origins as a Soviet-supported public industrial project. In 2009, the company was acquired by the UAE-based Onyx Group and rebranded as Ceylon Steel Corporation Limited, commonly referred to as Ceylon Steel. Available reference material identifies the rebranding and change in ownership but does not provide sufficiently detailed information about the company's current ownership structure, production capacity, financial performance, management, product catalog, or operating status. It is therefore best described as a historically significant Sri Lankan steel enterprise whose corporate identity continued after successive ownership changes, while its present status requires verification.
History
Ceylon Steel Corporation emerged from Sri Lanka's post-independence effort to create a broader domestic industrial base. After the 1960 parliamentary election, Prime Minister Sirimavo Bandaranaike's government strengthened relations with socialist countries and pursued industrial projects supported by the Soviet Union. Steel manufacturing was considered strategically valuable because it could provide material for construction and industrial development while reducing dependence on imported products. The corporation was established in 1962 under the supervision of Maithripala Senanayake, then the Commerce and Industry Minister. A. N. S. Kulasinghe became its first director. It was developed alongside other Soviet-supported ventures, notably Ceylon Tyre Corporation and Ceylon Sugar Corporation. These enterprises represented the era's preference for large, state-backed industrial undertakings intended to diversify the economy and establish local manufacturing capabilities. The corporation later became part of Sri Lanka's transition toward private ownership of state-originated industrial assets. In 1996, during the administration of President Chandrika Bandaranaike Kumaratunga, it was sold to Hanjung Steel of South Korea. Hanjung subsequently became a member of, or was associated with, the Doosan Group. This change ended the company's original phase as a primarily state-created industrial institution and placed it under foreign private-sector ownership. In 2009, the company was acquired by the UAE-based Onyx Group and rebranded as Ceylon Steel Corporation Limited. The shortened commercial name Ceylon Steel is also associated with the post-acquisition identity. The available reference material does not establish a complete chronology of factories, production technologies, brands, product specifications, financial results, or subsequent management. It also does not conclusively document the company's current operating status. Accordingly, the most securely documented history is its 1962 establishment, its role in the Soviet-supported industrial program, the 1996 sale to Hanjung Steel, and the 2009 acquisition and rebranding by Onyx Group.
- 2009
Acquisition and rebranding by Onyx Group
[1]The UAE-based Onyx Group acquired the company and rebranded it as Ceylon Steel Corporation Limited.
- 1996
Sale to Hanjung Steel
[1]The organization was sold to South Korea's Hanjung Steel during the presidency of Chandrika Bandaranaike Kumaratunga.
- 1962
Corporation established
[1]Ceylon Steel Corporation was established in Sri Lanka as part of a group of Soviet-supported industrial projects developed during Sirimavo Bandaranaike's government.
- 1962
A. N. S. Kulasinghe appointed first director
[1]A. N. S. Kulasinghe was appointed the corporation's first director, while Maithripala Senanayake supervised its establishment as Commerce and Industry Minister.
Products and positioning
A domestically oriented steel producer with roots in Sri Lanka's state-led industrial development and Soviet-supported manufacturing program.
Steel manufacturing · 1962
Steel products
The corporation's documented business was steel production in Sri Lanka. Available reference material does not specify a complete product catalog, grades, dimensions, brands, or production facilities, so the product description is limited to steel materials supplied for construction and industrial use.
Brand decisions
2009
Acquisition and corporate rebranding by Onyx GroupM&ABackground
The company underwent another ownership change after its period under Hanjung Steel.
Action taken
The UAE-based Onyx Group acquired the company and rebranded it as Ceylon Steel Corporation Limited.
Aftermath
The post-2009 identity is commonly shortened to Ceylon Steel. Current ownership, management, and operating performance are not established by the available reference material.
1996
Privatization and sale to Hanjung SteelM&ABackground
After operating as a state-created industrial enterprise, Ceylon Steel Corporation was sold during Sri Lanka's transition toward private participation in major industrial assets.
Action taken
The organization was transferred to Hanjung Steel of South Korea.
Aftermath
The sale shifted the company from its original Soviet-supported public-sector framework to foreign private ownership. Hanjung later became associated with the Doosan Group.
Recent events
- 2009
Onyx Group acquired and rebranded the company[1]
M&A · Leadership change
The UAE-based Onyx Group acquired the company and changed its corporate branding to Ceylon Steel Corporation Limited, commonly known as Ceylon Steel.
- 1996
Ceylon Steel Corporation sold to Hanjung Steel[1]
M&A
The organization was privatized and sold to South Korea's Hanjung Steel during the presidency of Chandrika Bandaranaike Kumaratunga. Hanjung later became associated with the Doosan Group.
- 1962
Ceylon Steel Corporation established with Soviet support[1]
Other
The corporation was established as one of Sri Lanka's major industrial projects developed during the country's closer engagement with socialist states.
Sources1 sources
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