First ironworks in Ravne were founded by mining engineer Melhior Putz in 1620 and bought by Count Hans Ludwig Thurn four years late, whose name became associated with the smelter for several more centuries.
In 1922 the smelter Maribor commercial register as a "Slovenian Steelworks of the Count Jurij Thurn in Guštanj".
Because the Austrian army, the major customer of Ravne steel in that time, refused to pay regularly their contracts the ironworks ended up in debt by 1927. This situation was solved after the mill signed partnership with Böhler company, who soon became the only owner.
After the end of the World War, the plant was nationalized and renamed as "Zelezarno Guštanj".
The same year new open-hearth furnace, rolling mill and forge were installed. In 1952 new steel foundry was finished with a 10 tons open-hearth furnace and 4 tons electric arc furnace. The name name was changed again as "Železarno Ravne".
In 1958 two new forging presses (12 and 18 MN) were put into operation.
The greatest production boom occured between the period of 1960 - 1970, when new medium-section rolling mill two 40 t electric arc furnace were installed.
The disintegration of Yugoslavia and the entire Balkan market lead metallurgical company in Ravne towards privatization. New private company "Metal Ravne, d.o.o." was formed in 1992 and became part of the "SIJ - Slovenska industrija jekla". since 2006.