Iron and steel industry is one of the most serious duplicate construction industries, this paper reveals the micro basis of the repeated construction of the steel industry from the perspective of investment efficiency of iron and steel enterprises. This paper, based on the data of Chinese listed iron and steel company in 2010-2014, empirically tests its investment efficiency and influencing factors. The results show that over investment is consistent with inadequate investment in Chinese listed iron and steel company, and the overall performance is excessive investment. Among the influencing factors, investment opportunities, debt structure, government intervention, enterprise scale is positively related to over investment, and negatively related to the asset liability rati.