New Product development has become an important part of a company success and survival. In the steel industry where product is the same, every steel companies is vulnerable to price cut. To defend them self, these steel companies need to develop new product that will put them in a better competitive position. This research aims to describe new product development process at PT. Krakatau Steel and the process effected the speed, cost, and quality of the new product. This research is a descriptive research. The new product development process at PT. Krakatau Steel follow a sequential phase. The speed of the development is steel low compare to leading steel company. The cost of the new product development was never evaluated. The company only rely on new product production cost to determine profitability. The quality of the new product conforms with industrial standard because the new products are derivatives of existing and improvement of existing product.