To study the effect of refining slag on the compositions of molten steel and inclusions, the reaction between ship plate steel and different slag systems (slag A-CaO/Al2O3: 1.0, SiO2: 5 mass-% and slag B-CaO/Al2O3: 1.5, SiO2: 9 mass-%) was investigated by laboratory-scale high-temperature equilibrium experiments. Results showed that the desulphurisation capacity of the two slags was very similar, and the average sulphur content for both was 0.002 mass-% in steel, but the deoxidation capacity of slag B was slightly higher than slag A. The amount of inclusions <5 μm was more in steel balanced with slag B than in that balanced with slag A. To generate inclusions smaller than 5 μm, and spherical liquid CaO–MgO–Al2O3–SiO2 inclusions, and to decrease the T[O] (total oxygen) content in steel, refining slag composition should be: CaO/Al2O3 ∼ 1.5, and SiO2 ∼ 9 mass-%. Slag system optimisation can reduce or even eliminate calcium treatment during production. T[O] content in the slab could be controlled to 15–21 ppm, with typical micro-inclusions of ≤10 μm, and CaO–Al2O3–MgO and CaO–Al2O3–CaS systems in molten steel.