Significant effort has been made to understand the recommended operational practices required for safe and energy‐efficient steel ladle logistics. However, the discussion of how thermal management affects sustainability and costs is still limited. Hence, this article proposes a methodology to explicitly minimize direct and indirect emissions involved in the ladle dispatching problem. For that, linear regression models correlating the refractory wear with the thermal state of the ladle and process conditions are integrated into the optimization model. Next, mixed‐integer linear programming solvers can be employed to estimate the Pareto front efficiently. Finally, the costs can be estimated by applying the refractory value‐in‐use model. As an example, the proposed method is applied to the Tata Steel, IJmuiden, use case. The results show limited opportunity to reduce refractory consumption and indirect emissions by increasing the heating applied. Hence, evaluating additional sustainability indicators beyond CO2 emissions and replacing natural gas with cleaner fuels becomes essential in this context. The Value‐in‐use model reveals that up to 8% in refractory costs can be saved, but most benefits come from reducing steel temperature losses. Steelmakers can leverage this method to adapt their processes more effectively to achieve more sustainable and cost‐effective operations.