Steel enterprises cause lots of environmental pollution. In order to reach a coordinated development between economic benefits and environmental protection of steel enterprises, this paper studies the impacts of environmental information disclosure on steel enterprise values. Enterprise reputation, which plays a role of media on how environmental information disclosure impact enterprise values, is adopted as a media variable to explore their relation. Based on 30 A-share listed steel enterprise between 2013 to 2016, this paper selects their environmental information disclosure level, reputation, values and controlling variables to study impact of environmental information disclosure on enterprise values during operation and development, which lies in two aspects, enterprise values are increased directly by environmental information disclosure level, and indirectly through enterprise reputation. This paper accordingly presents suggestions for steel enterprises, stakeholders and government.