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In 1870 William Strang Steel launched W. Strang Steel and Company in Burma and the company's first rice mill was established in 1871. A London office - Steel Brothers and Company - was opened in partnership with James Alison Steel in 1873. In 1890 the assets of both companies were transferred to the newly incorporated Steel Brothers and Company Limited. The company was involved in the milling and shipping of rice; teak and hard wood extraction; oil; cotton; and cement. Historically much of Steel Brothers and Company Limited's trade was with Burma and India, but the Japanese invasion during World War II and the Burmese government's nationalisation policies of the late 1940s and 1950s led to expansion into other markets.
In 1970 Steel Brothers and Company became Steel Brothers Holdings and in 1987 became a subsidiary of British and Commonwealth Shipping plc.
The company had offices at 6 East India Avenue 1873-87; 6 Fenchurch Street 1887-1941; 61 Threadneedle Street 1941-2; 24 Lombard Street 1942-57; Chesterfield House, 26/28 Fenchurch Street 1957-69; and Sondes Place, Dorking, Surrey from 1969.