The invention relates to a method for processing steel slag to produce a hydraulic mineral binder with a high hardening potential and to recover iron. There is provision for this purpose to provide a feed product comprising steel slag with MnO. This feed product is further processed as a melt by introducing reducing agent into the melt. A lime saturation factor of between 90 and 110 is hereby to be achieved in the mineral melt portion. Subsequently the melt is cooled in a defined manner and elementary iron is mechanically separated from the solidified melt. The solidified melt is then supplied for use as hydraulic mineral binder. Furthermore the invention relates to a hydraulic mineral binder.