The potential use of steel slag from treated steel slag in belite-sulfoaluminate cements was investigated in this study. Cement clinkers with two phase compositions were synthesized, allowing the incorporation of different amounts of steel slag. The phase composition and microstructure of cement clinkers at three different sintering temperatures were studied by X-ray powder diffraction and the Rietveld method, as well as scanning electron microscopy with energy dispersive spectrometry. The results showed that the targeted phase composition of clinkers was achieved at a sintering temperature of 1250 °C. However, a higher amount of perovskite instead of ferrite was detected in the clinker with a higher content of Ti-bearing bauxite. Apart from the main phases, such as belite, calcium sulfoaluminate, and ferrite, several minor phases were identified, including mayenite, perovskite, periclase, and alkali sulfates. In both clinker mixtures, a higher content of MgO in the steel slags resulted in the formation of periclase. Furthermore, the hydration kinetics and compressive strength at 7 and 28 days were studied in two cements prepared from clinkers sintered at 1250 °C. As evidenced by the results of isothermal calorimetry, the hydration kinetics were also influenced by the minor clinker phases. Cement with a higher content of calcium sulfoaluminate phase developed a higher compressive strength.