The temperature dependences of the kinematic viscosity and surface tension of liquid pipe steel with different modes of melt preparation were investigated. A transition zone was found on the temperature dependences of the thermophysical properties, which separates the regions with different activation energies of viscous flow and surface tension. At the heating stage in the transition zone, the thermal decomposition of clusters based on cementite Fe3C occurs. As a result of the decomposition, free carbon atoms appear which tend to give a uniform distribution in liquid iron with increasing temperature. At a low content of alloying elements and impurities, a high-temperature melt should have a large-scale cluster structure, which provides a more uniform distribution of chemical elements. The melt after vacuum degassing has a narrow transition zone near 1920 K, in contrast to the wide transition zone of the melt without vacuum degassing. The wider transition zone is shifted to high-temperature and this shift is associated with the thermal decomposition of carbides and oxides. Studies have shown that heating liquid pipe steel above the temperature of the liquid–liquid structural transition makes it possible to obtain a more homogeneous structure with a more uniform distribution of alloying and impurity elements in the melt. The sharp drop in surface tension at temperatures above 1920 K in the melt without vacuum degassing is associated with the diffusion of free S and O atoms, which are released after thermal decomposition of sulfides and oxides.