Fluorine-bearing refining slag (FBS) is used to produce axle steel for electric multiple unit vehicles. To avoid environmental pollution caused by fluorine, a fluorine-free ladle furnace slag (FFS) was designed based on an industrial FBS. The effects of main components on the physical and metallurgical properties of slag were investigated via theoretical analysis and laboratory tests. The composition range of components of the designed FFS are w(CaO) = 40–55 wt.%, w(SiO2) = 2–6 wt.%, w(Al2O3) = 30–40 wt.%, w(MgO) = 6–8 wt.%, and w(CaO)/w(Al2O3) = 1.25–1.50. Industrial-scale test results indicate that the FFS has similar deoxidation and desulfurization capabilities to industrial FBS.