Currently, Tangshan confronts the dual challenge of elevated carbon emissions and substantial pollution discharge from the iron and steel industries (ISIs). While significant efforts have been made to mitigate air pollutants and carbon emissions within the ISIs, there remains a gap in comprehending the control of carbon emissions, air pollutant emissions, and their contributions to air pollutant concentrations at the enterprise level. In this study, we devised the Air Pollutant and Carbon Emission and Air Quality (ACEA) model to identify enterprises with noteworthy air pollution and carbon emissions, as well as substantial contributions to air pollutant concentrations. We constructed a detailed inventory of air pollutants and CO2 emissions from the iron and steel industry in Tangshan for the year 2019. The findings reveal that in 2019, Tangshan emitted 5.75 × 104 t of SO2, 13.47 × 104 t of NOx, 3.55 × 104 t of PM10, 1.80 × 104 t of PM2.5, 5.79 × 106 t of CO and 219.62 Mt of CO2. The ACEA model effectively pinpointed key links between ISI enterprises emitting air pollutants and carbon dioxide, notably in pre-iron-making processes (coking, sintering, pelletizing) and the Blast furnace. By utilizing the developed air pollutant emission inventory, the CALPUFF model assessed the impact of ISI enterprises on air quality in the Tangshan region. Subsequently, we graded the performance of air pollutant and CO2 emissions following established criteria. The ACEA model successfully identified eight enterprises with significant air pollution and carbon emissions, exerting notable influence on air pollutant concentrations. Furthermore, the ACEA outcomes offer the potential for enhancing regional air quality in Tangshan and provide a scientific instrument for mitigating air pollutants and carbon emissions. The effective application of the ACEA model in Tangshan’s steel industry holds promise for supporting carbon reduction initiatives and elevating environmental standards in other industrial cities across China.