The research addresses the issue of utilization of neutralized spent sulfuric acid pickling liquor, deposited in 1.62 ha lagoons, derived from steel industry, in cement production. Physical–chemical characteristics of the investigated waste revealed low levels of contaminants with the exception of sulfate anions. However, the presence of CaSO4·2H2O revealed a new utilization option for the investigated waste. A key part of the research involved studying the usability of stored waste as a substitute of natural gypsum, acting as a set retarder in cement production. Cement was prepared by grinding Portland clinker with the addition of waste gypsum and then was subjected to the examinations of initial setting time, specific surface, water demand and compressive strength. The analysis of mechanical and physical properties revealed that the tested cement with the addition of waste meets standard requirements for Portland cement. Furthermore, the study of natural radioactivity of the waste did not reveal a rise in the level of radionuclides, thus confirming that the investigated waste can be used for the production of construction materials used in buildings intended for human residence. Utilization of the deposited wastes can help eliminate the environmental hazards regarding sulfuric acid pickle liquor waste and can also provide a low-cost resource of waste gypsum, which can be widely used in the production of construction materials.