The primary purpose of the investigation was to determine whether equilibrium conditions exist between slag and steel and inclusions and steel after silicon deoxidation and aluminium deoxidation. In doing so, the performance of three different models for predicting oxide component activities was also evaluated. The results from the oxide activity models were used to calculate oxygen activities in the steel melt. Industrial data such as steel, slag and inclusion component concentrations, as well as temperature, were used as input to the calculations. One general conclusion drawn was that although the results from the different models showed similar trends, the models did not predict the same actual values for specific calculations. Predicted theoretical equilibrium oxygen activity values were compared with plant measurements of oxygen activity. Here, it was found that the oxygen activity values pertaining to the equilibrium between steel and inclusions were higher than corresponding measured values. The calculations for the equilibrium between the top slag and steel melt, however, resulted in theoretical oxygen activity values considerably lower than corresponding measurements. It was thus concluded that equilibrium conditions did not exist between the top slag and the steel bulk with respect to oxygen. Overall, the models proved useful in predicting oxide activities, but the lack of equilibrium between top slag and molten steel made the calculation of oxygen activity difficult.