The state-owned enterprises based iron and steel industry in China encountered the sharply decreasing business performance of large steel works resulted from the reform in 1990. Delphi Method is utilized for analyzing the strategies and approaches of innovative business model, and the MEFAS model is proposed for innovation management in roller industry, including material breakthrough, experience sales, focus marketing, corporate network alliance, real-time supply chain, reorganization, and innovative enterprise culture. Beijing Shougang Jingshun Rolls Co., Ltd. is sampled for the case study. Total 250 copies of questionnaires are distributed, and 178 valid copies are retrieved, with the retrieval rate 71\%. The result shows that Material R\&D Innovation, weighted 0.208, about 20.8\% of overall weight, is mostly emphasized, followed by Local Supply Chain Innovation (weighted 0.174), Construction of Innovative Culture (weighted 0.168), Reorganization (weighted 0.142), Marketing Innovation (weighted 0.129), Organizational Network Innovation (weighted 0.116), and Sales Innovation (weighted 0.063).