NSL Ltd was incorporated in 1961 as The National Iron and Steel Mills to support Singapore's nation-building efforts in infrastructural and residential development. On the back of this national role, the Group began to diversify into related areas in the 1980s to broaden its earnings base. It began by expanding into steel fabrication and construction-related products and services. In the early 1990s, in tandem with product diversification, the Group regionalised and expanded into Electronic businesses. It also changed its name to NatSteel Ltd.

In the new millennium, the Group maximizes value for shareholders through unlocking the value of its businesses. The Group sold its electronics businesses (ie. NatSteel Electronics and NatSteel Broadway) in 2000s. In line with the group's objective of enhancing its shareholders value, the group sold its steel businesses in 2004. With the exit of its steel business, the company assumed its present name of NSL Ltd with effect from 16 October 2008.

The Group has operations and joint ventures in eight countries and has been listed on the Singapore Exchange since 1964.