Situations of the CO2 emission in steel industry at home and abroad are introduced in this paper firstly. Then CO2 emission is calculated in the RHF—EAF flow for treating V-Ti magnetite according to data from the pilot plant in Pangang Group. Besides, CO2 emission of the traditional BF process is calculated as well. The results show that CO2 emission is 1427.3kg/t pig iron and 1508.7kg/t for the pilot and BF process, respectively. Otherwise, the difference between the two processes is analyzed and the prospect for the reduction of CO2 emission in the iron and steel industry is proposed as well.