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The steel industry is responsible for one-third of all global industrial CO₂ emissions, putting pressure on the industry to shift forward towards more environmentally friendly production methods. The metallurgical industry is under enormous pressure to reduce CO₂ emissions as a result of growing environmental concerns about global warming. The reduction in CO₂ emissions is normally fulfilled by recycling steel waste into alkali-activated cement. Numerous types of steel waste have been produced via three main production routes, including blast furnace, electric arc furnace, and basic oxygen furnace. To date, all of the steel waste has been incorporated into alkali activation system to enhance the properties. This review focuses on the current developments over the last ten years in the steelmaking industry. This work also summarizes the utilization of steel waste for improving cement properties through an alkali activation system. Finally, this work presents some future research opportunities with regard to the potential of steel waste to be utilized as an alkali-activated material.