Steel industry is one of the important raw materials industries in China. In the Ministry of Industry and Information Technology, steel industry is included in the plan for ten big industries to be adjusted and developed, which shows its important position in the national economy. In the first 10 years of this century, continuous and extraordinary growth is a prominent feature of China's steel industry. Between the year 2000-2010, steel production has rose from 127 million tons to more than 600 million tons, an increase of about 4 times, which built a solid foundation for a big steel country and made China a veritable big country famous for steel production. At the same time, the rapid development of China's steel industry has also resulted in tremendous energy and resource consumption, which influences the industry's sustainable growth and hinder Chinato become a powerful country of iron and steel based on qualitative and quantitative standards. Extensive growth mode, merely pursuing the increase of quantity, is not desirable. It is very important for China to seek a sustainable growth pattern for steel industry. This paper studies sustainable growth of China's steel industry from a financial point of view, which will contribute to systematically analyze the sustainable growth of the listed companies in China, to identify the problems and make more evidence-based, sensible decisions in marketing, finance and manufacturing. Also, the studies can provide timely guidance for the growth strategies of other steel companies which have been listed, to be listed, and other small and medium enterprises to promote their healthy and stable developments. And it will lay a solid foundation for the sustainable development of China's steel industry and plays an important role for China in becoming a powerful country of iron and steel.Based on the theory of enterprises' sustainable development, this essay has made a comparative analysis on typical models of sustainable growth and analyzed the internal and external factors affecting listed companies' sustainable growth. Based on the development status of listed companies in China's steel industry, this essay selected 33 companies in the steel industry listed in Shanghai and Shenzhen Stock Exchange before 2006 after removed those having special conditions, such as "ST" companies whose stock exchanges were specially treated because of consecutive losses, and companies experienced a major business restructuring, etc. With the Robert Higgins' sustainable growth model, we tested the sustainable growth of the selected listed companies in the steel industry between 2006-2010 by using Wilcoxon's signed rank test. The empirical results show that the samples have not achieved sustainable growth whether as a whole or separated year by year. We also concluded that there was a increasing gap between the real growth rates and the sustainable growth rates in five years, which indicated that it was very serious for these companies to blindly pursue high-speed growth, and the financial sustainable growth in the steel industry has not got enough attentions in these companies. So it is not optimistic to achieve sustainable growth for listed companies in the steel industry.