I had some steel slag laid down as a top layer over an established gravel lane down at the farm. It had a slight odor when first dumped, but that didn't last long and it looked really good.
The problem I had with it was that it wouldn't say put. As people drove over it, the tires kinda squished it out to the sides, before long the tire tracks were just about down to where they were before laying the slag with a loose hump in the middle and on both sides. Where you had to turn right into the drive it was much more pronounced, all the slag wound up on the left side of the lane. Since it's a private dead end lane, it doesn't get much traffic.
Our county used slag on some county roads and had pretty much the same problems, now they use gravel.
I wound up scraping up as much as I could and pushed it up around the garage area where it got very little traffic over it other than straight in and out of the garage, then had regular limestone (with a lot of dust) spread on the lane. That's pretty much set up like a concrete driveway now and it stays put.
Another thing I didn't care for was that while it was cheaper per ton than the gravel, it seemed that 10 tons of slag didn't cover as much area as 10 tons of gravel. Maybe the slag is heavier than gravel or maybe the scale guy messed up, but I wasn't impressed with the slag.