A stochastic multi-objective mathematical model based on material and energy flows under the system uncertainty of specific electricity demand-related scraps characteristics and operation conditions was developed to simulate the electric arc furnace steelmaking process and optimize carbon dioxide emission and cost. Considering several energy-saving technologies based on stochastic thermodynamic energy efficiency and electricity price, this paper suggests an optimal cost-saving and carbon-dioxide-emission-reducing strategy. The suggested model provides a trade-off relationship between cost and CO2 emission. To minimize CO2 emissions, a tunnel preheater without additional fuel consumption was suggest In contrast, to minimize the cost of utilizing cost-effective fossil fuels instead of electricity as the system energy requirement, an oxy-fuel burner and shaft furnace type of preheater were proposed. This problem was formulated as a mixed-integer linear programming model.