Steel is an important industrial basic industry in China and plays an important role in promoting China's economic development. However, the environmental problems brought about by the steel industry are getting worse. As a traditional Chinese "three high" (high energy consumption, high pollution, high emission) industry, the steel industry needs to be transformed. To achieve its own sustainable development, it is necessary for steel companies to continuously improve the level of environmental cost management in order to achieve a double balance between their own interests and environmental benefits. This paper analyzes the problems that may exist in the environmental cost management of the steel industry, summarizes the existing problems, and then proposes targeted recommendations.