This study utilizes life cycle analysis to compare three steel manufacturing off-gas utilization systems: a status quo system, which produces electricity via a low-pressure steam turbine; a combined cycle power plant (CCPP) system, which produces electricity using gas and steam turbines; and a methanol (MeOH) system, which converts coke oven gas (COG) and blast furnace gas (BFG) into MeOH (CBMeOH). This research seeks to compare the environmental impacts of each system based on equivalent raw material inputs. Since the systems have different products, system expansion is used to ensure that they have the same outputs and are therefore comparable. The system boundary consists of a combination of cradle-to-gate and gate-to-gate boundaries. The environmental effects of each system are compared at five locations—Ontario, the USA, Finland, Mexico, and China—using TRACI, CML-IA baseline, ReCiPe2016, and IMPACT2002+ in SimaPro v9. The results show that in Ontario, Finland, and China, CBMeOH systems had the lowest environmental impact, while the CCPP system had the lowest impact in the USA and Mexico. The status quo system had the greatest environmental impact for all of the studied locations, except for the USA. This environmental assessment, combined with previous economic analysis, demonstrates that the CBMeOH system is the optimal choice in Ontario, and China. In the USA, plants might be better off adopting CCPP systems when carbon taxes reach $50/tonne. For Mexico, the CCPP system is the most environmentally friendly choice, while the CBMeOH system is the most profitable. Finally, the results indicate that status quo systems are not recommended in Mexico or China in any foreseeable circumstance.