Liquid air energy storage （LAES） has emerged as a promising large-scale energy storage technology due to its geographical independence and high energy density. To enhance the round-trip efficiency of LAES，a novel integrated system that combined steel industry waste heat recovery with an organic Rankine cycle （ORC） was proposed. This integrated system not only effectively recovered steel waste heat but also significantly enhanced LAES performance. A comprehensive thermodynamic model of the integrated system was developed，and sensitivity analysis along with optimization of key parameters affecting thermal performance was conducted through simulation calculations. The system’s performance was evaluated using thermodynamic analysis. The results demonstrate that the input power of different organic working fluids first decreases and then increases as the organic turbine inlet temperature rises，while both ORC efficiency and overall round-trip efficiency follow a similar trend，initially increasing and then decreasing with peak values occurring near the critical temperature. When the heat source temperature increases from 200 ℃ to 300 ℃，the system output power rises from 37.3 MW to 51.9 MW. Under optimal operating conditions，the system achieves a round-trip efficiency of 118.66% and a thermoelectric efficiency of 35.62%. Exergy analysis reveals that expanders，coolers，and cryogenic evaporators are the primary sources of exergy loss，necessitating further efficiency improvements through equipment optimization and temperature gradient control. These findings provide critical theoretical insights for enhancing LAES efficiency and promoting technological innovation in the utilization of steel waste heat.