Magnesite was discovered at Salem by an English man, Henry Turner in the year 1890 making the beginning of the Basic Refractory Industry in India. Open cast mining of Magnesite began and the first woodfired kiln for calcining Magnesite was put into operation and the calcined Magnesia was exported to the U.K.

Subsequently, the Company became a unit of the Martin Burn House company namely Burn & Company Limited who established facilities for Dead Burning Magnesite and to manufacture basic refractory bricks to cater to the nascent steel industry in India and assay material for export. In 1973 parliament enacted the Burn & Company Limited and Indian Standard Wagon Company Limited taking over of Management Act,1973 whereby the management of the undertakings of said two companies were taken over by Central Government with effect from 1973.