Steel production is one of the largest contributors to industrial CO2 emissions. This industry also generates large amounts of solid byproducts, such as slag and sludge. In this study, fine grained stainless-steel slag (SSS) is valorized to produce compacts with high compressive strength without the use of a hydraulic binder. This carbonation process is investigated on a pore-scale level to identify how the mineral phases in the SSS react with CO2, where carbonates are formed, and what the impact of these changes is on the pore network of the carbonated SSS compact. In addition to conventional research techniques, high-resolution X-ray computed tomography (HRXCT) is applied to visualize and quantify the changes in situ during the carbonation process. The results show that carbonates mainly precipitate at grain contacts and in capillary pores and this precipitation has little effect on the connectivity of the pore space. This paper also demonstrates the use of a custom-designed polymer reaction cell that allows in situ HRXCT analysis of the carbonation process. This shows the distribution and influence of water and CO2 in the pore network on the carbonate precipitation and, thus, the influence on the compressive strength development of the waste material.