The Commonwealth Steel Company in the suburbs of Newcastle (New South Wales) was founded in 1918 by Clyde Engineering, Goninan & Co, Pioneer Spring Co and Ritchie Brothers. The brand new mill was named "The Commonwealth Steel Products" and was manufacturing wheels, axles and steel castings for railways.

In 1923 the British engineering company knowwn as Vickers acquired the works and the "Vickers Commonwealth Products" were born. However in 1930´s the BHP stepped in, bought out the shareholders and founded the "Commonwealth Steel Company".

American Midland-Ross Co. licensed the steel plant in 1971 to produce couplers, draft gears andd freight wagon bogies.

In 1983 the Commonwealth Steel Company merged with Australian subsidiary of Vickers to form Comsteel, which was purchased by Australian National Industries two years later.

Nevertheless, the Australian National Industries were taken over by Smorgon Steel in 1999 and was bought by OneSteel in 2007.

Finally, the works became part of Molycop Group in 2018 and are the only Australian manufacturer of rail wheels today. Besided the the Comsteel is producing steel grinding balls and hot rolled bars.