Environmental aspects and the sustainable manufacturing of steels require producers to pay more and more attention to the efficient utilization of materials and waste products during steelmaking. This study is focused on the evaluation of possibilities for the recovery of metals (such as Fe, Ni and Cr) from waste products used for slag foaming in the Electric Arc Furnace (EAF) process. Two types of industrial briquettes were produced by mixing mill-scale from the hot rolling of stainless steels with anthracite and pet-coke, respectively. Thereafter, an assessment of the metal reduction processes in briquettes at high temperatures (1500 °C) was made by using laboratory thermo-gravimetric reduction experiments in an argon atmosphere. The amounts of metal, slag and gas obtained from the briquettes were estimated. In addition, the velocity and time for the removal of metal droplets from the liquid slag depending on the size of the metal droplets was estimated. It was found that up to 97% of metal droplets can be removed from the slag during the first 30 min. Moreover, results showed that most of the Cr, Ni and Fe (up to 93–100%) can be reduced from oxides of these metals in briquettes at 1500 °C. Moreover, the anthracite and pet-coke in the investigated briquettes have similar reduction capabilities. It was found that up to 330 kg of Fe, 28 kg of Ni and 66 kg of Cr per ton of added briquettes can be recovered from waste products by the industrial application of those briquettes for slag foaming in EAF.