Depends where and how it was made. Modern (Bessemer and open hearth, the latter is very effective at using scrap metals) processes are very efficient, but mind it's usually a smelting for steel, and once the chemists (and they are chemists
) are sure they've got the adjustants and the catalyst mixtures right for the desired quality, the furnace is poured. There is always debris of some kind and usually the debris does contain metals as well as mineral residues.
Yes, iron slag is usually magnetic. Clinker is a bit more hit or miss. It's the crud from around the air inlets and such like, like the tuyere pipes. Slag is often glassy while clinker is frothy….sort of. You have to have it in your hand to be really aware of the differences. There's a huge range of waste and by products from smelting. The shape, blooms ?, is often indicative of the age when finding this stuff. Every process leaves debris that skilled archaeometalurgists can use to interpret the process used. From bloomeries, to finery to puddling hearths. A lot depends on what they were making too.
I'm hoping Dave sees the thread and comments, or Andy Mac, one's an archeometalurgist and the other is a geologist with a lot of background in metalworking.
M