Byproduct exchange networks are attracting increasing attention to allow the use of byproducts that would have otherwise been discarded. To take full advantage of the benefits, it is necessary to consider the interacting features between the participating byproduct buyers and sellers in terms of both economic and environmental perspectives. This paper proposes an agent-based modeling framework as an alternative. A case of water reuse networks in an iron and steel manufacturing industrial park is presented to illustrate the applicability of the proposed framework.