The slag generated by steel-making plant has been employed to manufacture flux essential for submerged arc welding process. The developed flux has been used for depositing beads on plates, and the weld metal chemistry has been evaluated. The effect of welding conditions and flux composition on element transfer behavior has been investigated. The experiments were carried out as dictated by the design matrix generated using CCRD in response surface methodology. The data generated during experimentation was used to develop mathematical models. The developed models were tested for their adequacy through the ANOVA technique in design expert software. It is interesting to note that the recycled slag provided the chemistry of weld metal which is accepted as per ASME specifications. The rise in welding current increases the amount of carbon in weld metal from 0.11 to 0.14 wt.%, whereas it decreases with increasing travel speed. Manganese content decreases (1.28 wt.% to 0.795 wt.%) with increasing welding current (250 A to 650 A). The increase in welding speed from 4.44 mm/s to 8.88 mm/s results in an increment in manganese content from 0.87 wt.% to 1.21 wt.%. Since increasing travel speed decreases heat input per unit length of the weld, evaporation of manganese is suppressed. Therefore, the highest manganese content was achieved at a lower current (250 A) and higher speed (8.88 mm/s). Smooth beads with evenly distributed ripples free from surface defects like undercuts, porosity, pockmarks, etc., were achieved.