The transition to hydrogen-based reduction processes within the iron and steelmaking industry will generate new types of slag compositions that require valorization routes. Using slags as supplementary cementitious materials (SCMs) addresses the carbon dioxide emissions of the cement industry since the SCM requires neither calcination nor clinkering. Conventionally, ironmaking slags from the blast furnace (BF) are recycled as SCMs, i.e., ground granulated BF slag (GGBS). Ideally, future slags from electric arc furnaces (EAFs) operating on hydrogen-based direct reduced iron should be valorized analogously. Since the hydrogen-based process route is not yet realized in an industrial scale, the literature lacks data to support this valorization route, and additionally, literature on scrap-based EAF slags is scarce. Therefore, the present study aimed to offer insights into the utilization of ore-based EAF slags as SCMs based on an industrial slag sample from an EAF operating on hot briquetted iron. The slag was remelted, modified, and water-granulated in laboratory scale, and its performance as an SCM was compared to water-granulated ladle slag and two commercial GGBS. The results showed promising reactivities measured using the R3 isothermal calorimeter-based testing protocol. Based on the comparison to GGBS, the study indicated that generating reactive and appropriate SCMs from EAF slags will partly be a challenge in balancing the crystallization of the MeO-type solid solution rich in magnesia and addressing the iron oxide content in the amorphous phase.