: The social investment, natural resource consumption, and pollutant emissions involved in steel production can be evaluated comprehensively using the emergy analysis. We explored the sustainability of the steel production system from four aspects: input index, output index, input–output index, and sustainability index. The results showed that the maximum inputs were the intermediate product/recyclable materials produced within the production line; energy sources were mainly non-renewable and the emergy value of pollutants discharged was rather low. The environmental load rate of the pelletizing and sintering processes were the highest and the proportion of recycled materials for puddling and steel-making were the highest. The emergy investment rate of rolling was the highest; the emergy value of the pollutants discharged in each process was very small, and the emergy yield ratio was highest in the rolling process. Pelletizing, sintering, and steel-making were input consuming processes, but the sustainability index of puddling and rolling processes was sound. The whole process line can be sustainable, considering the useful intermediate and recyclable products.