The energy cost of producing steel in an electric arc furnace (EAF) has a sizable influence on the prices of natural gas and electricity. Therefore, it is important to use these energies efficiently via a tailored oxy-fuel combustion burner and oxygen lance. In this study, an important modification of the side-wall injector system in the EAF at Hyundai Steel Incheon works was implemented to reduce electrical energy consumption and improve productivity. A protruding water-cooled copper jacket, including a newly designed burner, was developed to reduce the distance between the jet nozzle and the molten steel. In addition, the jet angles for the burner and lance were separately set for each scrap melting and refining mode. The modifications led to a reduction in electrical energy consumption of 5 kWh/t and an increase in productivity of approximately 3.1 t/h. Consequently, total energy cost savings of 0.3 USD/t and a corresponding annual cost savings of approximately 224,000 USD/year were achieved.