Manufacturing companies have to continuously look for ways to innovate, derive business opportunities and make better use of their waste streams. The value intensification for waste is a grand challenge facing many companies especially the steel making industry. The aim of this research was to investigate and derive new value from furnace slag that is produced by steel companies and currently considered as waste material. The research explored possible uses of cupola furnace slag that is produced as waste in the production of steel in cupola furnaces. After extensive literature review and chemical analysis of the waste material a hypothesis was developed that the use of powdered cupola furnace slag as a solid lubricant in machining processes could help improve machining performance and reduce the use and cost of oil-based cutting fluids. To test the hypothesis drilling experiments were undertaken. The results showed that cupola furnace slag is a possible effective lubricant in the cutting of steel as it both lubricates and inhibits heat diffusion and hence improves machining and manufacturing performance.  These findings are important for the steel industry since this presents an opportunity for revenue generation as well as reducing cost of waste disposal and improving environmental credentials. This also opens new opportunities for the academic community to examine the surface industry aspects and to develop sustainability metrics for such waste stream utilisation.