Floristic composition of vegetation communities of 27 plots established along a line transect in the four major directions was investigated in the vicinity of an Iron and Steel factory in Ile-Ife, Nigeria. The aim of the study was to document the plant species composition (biodiversity) of the plant communities found within the 350 m perimeter of the facility in the study area, which will serve as a reference data, as there was no reported study for the area prior to the establishment of the factory. Plant species were identified to species level in a 10 x 10 m plot and the occurrence of each species was described in semi-quantitative terms. The vegetation is heterogeneous in nature having 31 species of tree saplings and climbers, 26 of shrubs, 15 of herbaceous plants and 4 of grasses. These 107 plant species belong to forty six (46) plant families. The dominant families included Apocynaceae and Papilionaceae (9 species), Sapindaceae (8 species), Euphorbiaceae (6 species), Asteraceae, Cucurbitaceae, Malvaceae, Poaceae, Sterculiaceae and Verbenaceae (4 species). Among the diverse species recorded, Chromolaena odorata formed a ticket in almost all the plots. Other common species included Albizia zygia, Alchornea laxiflora, Aspilia africana, Cnestis ferruginea, Combretum sp., Icacina tricantha, Ipomoea involucrata, Momordica foetida, Panicum maximum, Paullinia pinnata, Simicrata welwitschii and Vigna gracilis. The index of similarity of the plots ranged from 6.1 to 71.8%. The potential and vulnerability of the species were highlighted. Adherence to and enforcement of environmental regulations was recommended for preservation of the native species.