This study evaluates the technical feasibility, environmental sustainability, and economic viability of producing sulfoaluminate cement (SW-SAC) by co-utilizing bauxite and industrial solid wastes—phosphogypsum, calcium carbide residue (CCR), and red mud—with the solid wastes accounting for approximately 75% of the raw meal. CCR replaces limestone as the primary CaO source, releasing H₂O instead of CO₂, while phosphogypsum supplies SO₃; the raw meal is directly calcined in a single step at 1300–1350 °C, 100–150 °C below that of ordinary Portland cement (OPC). Calcination temperature and holding time were optimized through phase analysis, microstructural observation, free lime (f-CaO) determination, and strength testing. SW-SAC meeting the 42.5 strength class was then prepared using phosphogypsum as a setting regulator and phosphorus slag or limestone powder as Supplementary materials. X-ray diffraction (XRD), thermogravimetry (TG), and scanning electron microscopy (SEM) were used to examine hydration products and microstructural evolution. The optimized clinker was dominated by ye’elimite (${\mathrm{C}}_4{\mathrm{A}}_3\overline{\mathrm{S}}$) and belite (C₂S). Phosphorus slag favored the formation of gel-like products at later ages, whereas limestone powder promoted ettringite (AFt) stabilization and monocarboaluminate (Mc) formation. SW-SAC exhibited a lower carbon footprint than both Type P·I Portland cement and conventional SAC, and a lower production cost than conventional SAC. These results demonstrate a promising low-carbon route for high-value utilization of industrial solid wastes.