Growing concern in China has arisen about risks and risk management. China's iron and steel industry has been of primary importance in Chinese national economy. Studies on risks and risk management in Chinese iron and steel enterprises are rare, however. A model of risk sources based on resource ecological economics and eco-industry theory is built up, and the risk factors are analyzed in this paper. Measures contain a circular and dynamic risk management process model, a risk management integration model, and creating a risk management culture, which will help seize potential risk opportunities, take precautions against risks and mitigate risk losses. The enterprises’ performance would benefit from the new ERM process model and measures.