Steelmaking is a water-intensive process. The mean water intake against each ton of steel manufactured is ascertained as between 2 and 20 m³. Primarily, the stated requirement is in the form of make-up water to compensate for evaporation and mechanical losses and does not contribute to wastewater generation. Conversely, unit operations, such as rolling, continuous casting, pickling, etc., generate highly complex wastewater rich in polycyclic aromatic hydrocarbons (PAH), cyanide, ammonia, non-consumed acids, benzene, toluene, xylene, oil, grease, etc. Further, the conjugative wastewater contains a high concentration of metallic oxides, toxic elements, oil, nitrogen, and heavy metals such as zinc, nickel, chromium, etc. These contaminants are generally treated and neutralized using physicochemical and membrane-based systems. This also yields hazardous sludge, which is landfilled, thereby incurring an ancillary financial burden. However, sludge can be a frugal source of extracting multi-dimensional benefits. The present review investigated and identified the most water-intensive and wastewater/sludge-contributing unit operations and proposed a preferential combination of treatments to balance efficacy and economy. Further, the various global practices for sludge recycling and management documented in the existing literature are summarized and ranked with the help of the analytic hierarchy process (AHP). The findings revealed concrete making and nutrient recovery as the most- and least-preferred recycling alternatives.