1. Slag is a molten oxide byproduct formed during smelting and refining of metals like steel. It contains both acidic oxides like SiO2 and basic oxides like CaO that neutralize each other.  
2. An ideal slag for steelmaking has a basicity between 1.2-2.5, is sufficiently fluid, and can act as a thermal barrier while controlling the oxidation state of the steel through its FeO content.  
3. The basicity, viscosity, oxidation potential, and ability to hold inclusions determine a slag's efficiency in refining steel of non-metallic impurities like phosphorus and sulfur.