Adopting Process Safety Management (PSM) in global industries has resulted in significant benefits, including reduced accidents, improved organizational efficiency, and enhanced profits. This article presents a focused evaluation of PSM practices in the Indian steel industry, which is renowned for its hazardous nature. The assessment, conducted through questionnaires and surveys, identified shortcomings such as inadequate data access, improper incident reporting systems, and limited PSM implementation, leading to inefficient safety management. To identify best practices, the study reviewed relevant international publications, Indian OSH regulations, and 25 safety guidelines from the Ministry of Steel. By taking a comprehensive approach, the article aims to establish a robust Process Safety Management framework by emphasizing critical areas for improvement, such as OSH rules, enhanced training, increased PSM awareness, incident reporting, and database management. The insights gained are transferable to other industries, enabling them to strengthen process safety, reduce accidents, and create safer work environments for their employees.