Iron and steel production is one of the important indicators in the country's economies. Developments in this sector, which contribute greatly to industrial development, have effective consequences for the country's production, prosperity and employment. In particular, the importance of the iron and steel sector, which provides continuity on the production sector and gives momentum to the development of the real economy, is increasing day by day. In this study, it was aimed to examine the financial performance of four iron and steel production companies covered by the BIST Base Metal index (xmana) between 2011 and 2019 as a multi-criteria decisionmaking problem. The Grey Relational Analysis (GRA) method, one of the multi-criteria decision making methods, was used in performance analysis. Seven financial ratios (cost and profitability ratios) for the years 2011-2019 of the companies in iron and steel sector have been determined as criteria. The criteria were translated into a single score by using the GRA method and performance rankings for each year were made. As a result of the study, the most successful companies in terms of performance were EREGL in 2011 and 2013, KRDM in 2012 and ISDMR in 2014-2019.