<p>The industrial ecological transformation of the iron and steel industry toward green and low-carbon is crucial for reduction in pollutants and carbon emission. However, there is a lack of comprehensive frameworks to quantitatively assess this transformation. To address this problem, quantitative indicators based on the network analysis of exergy metabolism, including flow cycling indicators, trophic structure indicators and flow-based information indicators, were identified to track and assess industrial ecological transformation of the iron and steel industrial symbiosis network. The cycling capacity of the iron and steel industry is still at an immature stage. However, there have been significant positive effects of measures on the structure and function, e.g., the overall Detritivory: Herbivory ratio has improved from 0.18 to 0.47, meaning reduced environmental dependency. The role of external environment and waste management is being strengthened, which are the main drivers of network recycling. A comparative analysis with iron and carbon metabolism highlights the advantages of exergy metabolism, providing a comprehensive perspective for quantifying the transformation process. It is essential for managers to focus on the impact of rolling equipment on structure and function, and policy direction should prioritize carbon and iron recycling. The methods and findings in this study can inform the development and management of transformation in the iron and steel industry.</p> Graphical abstract <p></p>