Processing of cast-iron castings by machining is associated with a large amount of post-production waste in the form of cast-iron chips, which constitute up to about 5% of the weight of the entire casting. In the case of serial production, this generates large amounts of post-production waste, constituting a constantly growing scale of environmental problems. The aim of this research was to develop a simple and cheap method of utilizing post-production waste of gray cast-iron chips from the machining process for the production of small structural elements of water supply fittings. The analysis of the state of knowledge indicates that the simplest method of managing waste chips is to use them as a starting material in the process of manufacturing polymer composites. The most frequently chosen material for the matrix of polymer composites reinforced with metal powders is epoxy resin. The epoxy composite was produced by the vacuum-assisted casting method. This paper presents the results of tests of morphological, mechanical, and corrosion properties of epoxy composites filled with grey cast-iron powder with a grain size below 0.075 mm and a mass content in the composite of 65%. The composite cured at 130 °C for 90 min had the best mechanical properties. The sample cured at 130 °C for 90 min was observed to have the optimum effect, with a tensile strength of 28.35 MPa, a flexural strength of 55.4 MPa, and a compressive strength of 53.8 MPa. All tested composites were characterized by very good thermal resistance and, in comparison to gray cast iron, over 2.5 times lower weight and an over three times lower corrosion rate in the tap water environment.