Purpose This paper focuses on evaluating the foreign exchange risk of Korean steel firms taking into account the changed economic environment after the IMF crisis periods. Annual financial data for the Korean steel firms related to foreign currency denominated transactions was used. Design/Methodology/Approach The analysis was supplemented through case studies of practical firms on the types of foreign currency risk management strategies used from 1997 to 2018. The total analysis period was divided into four periods which cover different economic events. This consists of the IMF crisis (1997-2000), the 1st KRW stabilization period (2001-2006), the global crisis period (2007-2010) and the 2nd KRW stabilization period (2011-2018). Findings Through case investigation and foreign assets leverage estimation process, we found several implications to help manage steel firms