The attempts of globalization in developing countries could be observed in a wide range of areas. Objectively speaking, globalization can be of advantage to developed and developing countries provided that the compaines and commodities of those countries can get access to and compete with those of others in international market place as equal partners with fairness in international trade. Globalization is not just liberalization of trade, opening up borders by lowering or removing tariffs and non-tariffs barriers, but it goes beyond and tries ideally to generate a business in production, investment, financing, marketing and distribution as well as in organization, management and supervision by a universal code of conduct. On the other hand, with the expansion of satellite communication, computer net-works, and reducing the transportation costs, the process of globalization is becoming easier, and with the aid of e-banking, Electronic Commerce has replaced the traditional trade system. Moreover, globalization refers to the widespread distribution of networking mechanisms and the accessibility of them to all parties, no matter where they live. It is a difficult stage that requires conscious decision making and can only be developed step-by-step. This paper attempts to review the impact of Globalization and E-Business in the new Millennium, especially in the steel industry. To put it another way, it reviews cost savings that can be achieved through E-Commerce in a global market. Certain recommendations are also made for designing startegies to increase the profit rate as well as the share of E-Business in the market in the long run.