Incorporated in 1973, Modern Steels was formed with an object to manufacture carbon and alloy steel. It also has a rolling mill to convert billets into rolled products. While the melting capacity is 1 lac tpa, the rolling mill has a capacity of 50,000 tpa. The company was promoted by Amarjit Goyal, the Chairman and Krishan Goyal, the Managing Director. Its plant is situated at Gobindgarh, Punjab.

In 1991-92, the company co-promoted Modern Dairies to created and deployed a dairy project at Karnal, Haryana, to process 3.2 lac ltr pd of milk at an estimated cost of Rs 13.56 cr. Commercial production of the new company commenced in 1993. It invested around Rs 100 lac in the equity capital of the new company.

In 1995, Modern Steels increased the capacity of its rolled products from 30,000 tpa to 50,000 tpa.

During the year 1998-99, the Company got ISO-9002 Certification by DNV, Norway with accreditation from RvA Netherlands.