The carbonation of alkaline industrial wastes is a pressing issue that is aimed at reducing CO2emissions while promoting a circular economy. In this study, we explored the direct aqueous carbonation of steel slag and cement kiln dust in a newly developed pressurized reactor that operated at 15 bar. The goal was to identify the optimal reaction conditions and the most promising by-products that can be reused in their carbonated form, particularly in the construction industry. We proposed a novel, synergistic strategy for managing industrial waste and reducing the use of virgin raw materials among industries located in Lombardy, Italy, specifically Bergamo–Brescia. Our initial findings are highly promising, with argon oxygen decarburization (AOD) slag and black slag (sample 3) producing the best results (70 g CO2/kg slag and 76 g CO2/kg slag, respectively) compared with the other samples. Cement kiln dust (CKD) yielded 48 g CO2/kg CKD. We showed that the high concentration of CaO in the waste facilitated carbonation, while the presence of Fe compounds in large amounts caused the material to be less soluble in water, affecting the homogeneity of the slurry.