The change in corporate structure is one of the companies’ strategies to maximize their profit. In some cases, companies change their corporate structure to improve their financial condition. As the case study in this article, an Indonesian steel company has a plan to change its corporate structure from an operating company to a holding company due to the financial problem that coming from a huge amount of debt. However, the decision on the change of corporate structure needs to be justified. This article aimed to analyze the decision using the Analytical Hierarchy Process (AHP) method. From 5 criteria and 14 criteria obtained from the interviews and questionnaires, the result of the AHP calculation shows that the Ability to Pay the Debt, Business Size Growth, and Business Portfolio are the most important sub-criteria to determine the suitable corporate structure for the company. After assessing the corporate structure options based on each sub-criterion, it is determined that the holding corporate structure is the more suitable corporate structure for the company to solve its financial problem. This article provides insights into how a decision analysis is performed to determine the suitable corporate structure for a company.