The iron and steel industry annually consumes about 10% of electricity in China, while the utilization efficiency is relatively low. A two-step energy-saving method for steel enterprise is proposed in this paper. The production plan is regulated to minimize the energy utilized in steel rolling. The electrical load is forecasted according to the optimized steel-rolling plan and the reactive power is compensated to minimize the active power loss and voltage fluctuation. Practical application in Jigang Group Co., Ltd shows the efficiency of the proposed method.