The rapid development and technical improvement of China's steel enterprises put a higher demand in production safety, it’s important to build steel enterprises’ emergency management capability assessment system, which can improve the level of organization and coordination of emergency management and production, reduce security risks, and effectively prevent emergencies from happening. This paper is based on the research of emergency management at home and abroad. Combined with relevant experts’ suggestions, the paper builds steel enterprises’ emergency management capability system, and uses AHP to determine the weight of each index. According to the actual case of a steel company, gray analysis is used to evaluate its emergency management capabilities and give some suggestions, which provides a reference for enhancing its emergency management capabilities.