With the continuous urbanization and industrialization in the world, energy saving and greenhouse gas (GHG) emission reduction have been serious issues to be addressed, for which heat recovery from traditional energy-intensive industries makes up a significant strategy. Here we report a novel approach to extract the waste heat and iron from high temperature steel slags (1450-1650 (o)C) produced in the steel industry, i.e., integration of coal gasification and steel slag treatment. Both the thermodynamics and kinetics of the pertinent reactions were identified. It was clarified that the kinetic mechanism for gasification varied from A2 model to A4 model (Avrami-Erofeev) in the presence of slags. Most importantly, the steel slags acted not only as good heat carriers but also as effective catalysts where the apparent activation energy for char gasification got remarkably reduced from 95.7 kJ/mol to 12.1 kJ/mol (A2 model). Furthermore, the FeO in the slags was found to be oxidized into Fe3O4, with an extra energy release, which offered a potential for magnetic separation. Moreover, based on the present research results, an emerging concept, composed of multiple industrial sectors, was proposed, which could serve as an important route to deal with the severe environmental problems in modern society.