In this study, the financial tables of the iron and steel main industrial companies which are being traded in the Istanbul Stock Exchange (BIST) are used. This study covers the period 2010-2017 and 13 firms are included in the analysis. Three different models were created in this study and panel data analysis method was used for all models. Various leverage ratios were used as a dependent variable in the study. The independent variables are size, non-debt tax shield, profitability and liquidity. As a result of the study, there is a negative correlation between the leverage ratios and the liquidity and size variables, a positive correlation between the non-debt tax shield and the profitability variables. The study show that both the financial hierarchy theory and the balancing theory are valid in the iron and steel sector.