The generation of sewage sludge presents a problem for several manufacturing companies as it results from industrial processes or effluent treatment systems. The treatment of this type of waste requires high economic investment, for this reason, it is necessary to find alternatives to recover the valuable materials of the sludges. In this study, metal catalysts were synthesized using waste sludge from the steel, mining, and hydrocarbon industries. The waste sludge was subjected to thermal treatments for the removal of organic content and the reduction of metals with hydrogen current to activate their catalytic properties. The sludge and synthesized catalysts were analyzed to determine their physical, chemical, thermoenergetic, and catalytic properties. Catalytic activity was evaluated using CO chemisorption and by thermal–catalytic decomposition of crude oil. The best conditions for synthesizing the catalysts were a calcination temperature between 300 and 500 °C and a reduction temperature between 300 and 900 °C. The catalysts presented a specific surface between 2.33 and 16.78 m2/g. The catalytic material had a heat capacity between 0.7 and 1.2 kJ/kg∙K. The synthesized materials presented catalytic activity comparable to that of commercial catalysts. With this recovery technique, the industrial waste can be valorized, obtaining catalyst derived from the sludges and promoting the circular economy of manufacturing companies.