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The Fe48Cr15Mo14Er2C15B6 amorphous steel can hardly be used as an engineering material because of its extreme brittleness and very low iron content. By changing the composition of the nonmagnetic amorphous steel, and using the relation between the reduced glass transition temperature Trg and the glass forming ability, a new amorphous Fe56Mn5Cr7Mo12Er2C12B6 alloy with good glass forming ability and high iron content was obtained. The diameter of the as-cast sample rod reached 8 mm. This new amorphous steel has lower manufacturing cost due to its high iron content, and thus it can have wider applications.