Concrete mixtures with high volumes of electric arc furnace slag as aggregates and high-calcium fly ash as part of the binding system were produced and tested for their properties. The properties tested included strength development, microstructure and abrasion resistance, and the results were compared to those of conventional concrete. Results showed that compressive strength levels equal to or higher than those of conventional concrete can be achieved by using more than 90% by mass industrial by-products in the concrete mixture. These concretes of greater unit weight have shown very good aggregate–matrix transition zone and abrasion resistance, which makes them particularly suitable for pavement applications. The possibility of heavy metals leaching was also tested using a tank-leaching test, which showed minimal risk from the incorporation of electric arc furnace slag and high-calcium fly ash in concrete.