The slag used in this research is a byproduct of unalloyed carbon steel making process in electric arc furnace. Considering the high content of P, Fe, Ca, Mg, Mn and the low content of Cd, Pb, Hg and other toxic heavy metals, such slag is a potential source of minerals for the growth and development of plants, especially in iron-deficient soils. Many studies have shown that metals within slag are released gradually and thus do not pose a threat to the environment. The common beans (Phaseolus vugaris L.) was used in the study as a model plant because it has short generation time and within two months it was already in the phase of producing green bean pods. The bean seeds were sown in containers and filled with either pure substrate (silica sand; control) or substrate mixed with finely ground slag (10, 20 and 40g/kg). After a two week period KNO3 was added to some of the containers as a source of nitrogen. Liquid fertilizer – NPK and Fe was added to the part of control plants used as positive controls. The aim of this study was to evaluate the effects of steel slag, as a source of specific nutrient elements, on growth and physiological processes of bean plants and to compare the efficiency of steel slag to that of the artificial fertilizer. Steel slag increased the content of certain micro- and macroelements in the substrate as well as in the leaves of bean plants; it also increased the dry mass yield, plant height, leaf number and net photosynthetic rate. The obtained results show that steel slag is a very good and inexpensive source of nutrients essential to plants and thus it can be used as an excellent soil amendment.