Blast furnace slag is recycled as a high value-added material, while steel slag is difficult to recycle or is recycled as a low-grade filler material due to its expansive characteristics. Its property is caused by the high content of free lime and instable steel oxides. Recently, an innovative and rapid cooling method for melting steel slag has been developed in Korea, which reduces free lime content to a minimum level and increases the stability of steel oxides. However, researches on the long-term stability are not sufficient so far. Therefore, this study, focusing on the electric arc furnace oxidizing slag in the steel slag, aims to investigate the properties of the steel slag aggregate, its long-term volume stability and the engineering strength of mortar, and using it as a fine aggregate. This study result indicated that it was possible for it to be used as concrete aggregate because the volume change of the steel slag appeared to be stable.