This work aims to assess the effect of an oxygen content graded in minimal quantities, on the order of hundreds of ppms, on the determination of surface tension of low-alloy FeCOCr and FeCONi steels in contact with a corundum substrate. Oxygen, as a surface-active element, was segregated at the surface where it interacted with the major components of the alloys, leading to a reduction in surface tension. The sessile drop method was used for wetting tests in the temperature range from steel liquidus temperatures to 1600 °C under nonoxidizing conditions. The effect of oxygen on surface tension and wetting angles was verified by statistical analysis using the Kruskal–Wallis test, which supported the results stating that the values of these quantities decreased with increasing oxygen content. Furthermore, liquidus temperatures, which are of practical importance, were determined by the optical and DTA methods and then compared with theoretically calculated temperature values. It turned out that the increased chromium content causes difficulties in determining surface tension up to 1550 °C due to the formation of a thin Cr2O3 layer. In addition, SEM and XRD analyses accompanied by calculations in the FactSage oxide database were performed to better understand the wetting mechanism.