Red Steel's foundations were laid in the 1960s when Les Nicholas formed Woolaway - a construction company specialising in the construction of woolsheds and design and build of farm buildings. Les established Woolaway Engineering to fabricate the steel structures of the woolsheds and other buildings he constructed. Red Steel was formed in November 2002 and in January 2003 purchased Woolaway Steel Structures. Red Steel's Managing Director, Bob Hawley, was employed by Woolaway as a Quantity Surveyor from 1994 to 1999 and after four years in Tauranga seized the opportunity to return to the Hawke's Bay and take over the company for which he once worked. Bob's other employers include Mainzeal Property and Construction, Jensen Steel Fabricators and Multiplex Construction (NZ) Ltd.

 Red Steel undertakes structural steel contracts predominantly in the lower North Island. Their Napier workshop is well equipped with modern plant and equipment together with a selection of irreplaceable items, some having been manufactured in the workshop they now function in.