The American Iron and Steel Institute was incorporated in New York on March 31, 1908, under the leadership of Elbert H. Gary, head of the United States Steel Corporation. It held its first formal meeting in New York on Oct. 14-22, 1910, and absorbed its predecessor organization, the American Iron and Steel Association, in 1912. During World War I, the Institute under Judge Gary was the primary coordinator with the government for all industry production, allocation and prices. However, the Institute's staff remained small, and it had no paid president until 1932.

By 1954, the Institute had 2,500 individual and 98 corporate members. The restructuring of the steel industry after 1970 has somewhat diluted the Institute's impact, with separate organizations now representing minimills and other specialties. Still, the American Iron and Steel Institute remains the major industry trade association.