Steel slag (SS) is a secondary material from steelmaking production with little commercial value. Its volumetric expansion and low reactivity limit the use of SS in Portland cement (PC)-based materials. This study investigated the potential use of basic oxygen furnace (BOF) slag as a single precursor in alkali-activated matrices (AAMs). Six AAM pastes were assessed by changing the silica modulus (0.75, 1.50 and 2.22) and the sodium concentration (4% or 6% Na2O—wt. SS). The early hydration was assessed using isothermal calorimetry (IC), followed by the assessment of the mechanical performance (compressive strength), apparent porosity, and structure and microstructure characterization (X-ray diffraction, thermogravimetric analysis and scanning electron microscopy). The results indicated that although the BOF slag may be considered a low-reactivity material, the alkaline environment effectively dissolved important crystalline phases to produce hydrates (reaction products). An optimized combination of activator sources was achieved with 4% Na2O and a silica modulus of 1.50–2.22, with a compressive strength up to 20 MPa, a significant amount of reaction products (C-S-H/C-A-S-H gels), and low initial and cumulative heat release. Those properties will help to promote SS recycling use in future engineering projects that do not require high-strength materials.