It is important to study the effect of globalization on the Colombian steel market. Previous studies did a local characterization of the industry revealing the need to analyze challenges and risks as well as determine strategies for this sector. This study placed the Colombian steel industry in a global context, in order to provide a framework that offers organization leaders the tools needed to define their corporate strategies. After gathering statistics and information from the steel sector of international and local associations, macroeconomic studies and expert analysis, it was found that the Colombian steel industry is still a market with much room for development; it is also vulnerable to the process of internationalization of the economy. In order to become a globally competitive market, it requires linking strategies that are aligned to value chains and the development of science and technology. Thus, the Colombian steel industry faces the challenge of achieving sustainability and the capability of producing world-class steel.