Global cement production exceeds 4 billion tons annually, contributing significantly to global carbon dioxide (CO2) emissions, primarily from limestone decomposition during clinker production and the energy-intensive nature of the process. Belite-Ye’elimite-Ferrite (BYF) cement has emerged as a promising low-carbon alternative to Ordinary Portland Cement (OPC), but its widespread adoption is limited by the high cost of alumina sources such as bauxite. This study investigates the incorporation of ladle metallurgy furnace (LMF) steel slag, a byproduct of the steel industry, as a sustainable and cost-effective substitute in BYF raw mix design. By incorporating 82% LMF slag into the raw meal, the process valorizes industrial waste while promoting circular economy principles. The synthesized BYF clinker comprises 34% belite, 36% ye’elimite, and 19% ferrite by mass, alongside minor phases. The resulting cement formulation demonstrates the potential to reduce CO2 emissions by up to 90% compared to OPC. Additionally, it substantially lowers production costs by replacing conventional bauxite and limestone with a nearly carbon-free and cost-free feedstock. These findings position LMF slag as a viable raw material for sustainable BYF clinker production, offering a practical route for decarbonizing the cement industry and supporting global sustainability targets.