This study investigates carbon black (CB) production challenges, including high energy usage and waste of heat sources, by proposing a waste heat energy recovery concept to increase the sustainability of this energy-intensive and environmentally impactful process. The research involves a novel integration of a steam power plant (STP) with an industrial CB plant (CBP) using Aspen Plus simulation software. Comparative exergetic performance analyses of the system were conducted with this tool, while the Engineering Equation Solver (EES) was used to evaluate the exergoeconomic modelling of the plant. Additionally, environmental sustainability indicators were determined. The integrated plant system delivered CB capacity of 1817 kg/s, converted 98.03% of CB feedstocks with a purification value of 99.25% and produced 195 MW of electricity, significantly improving plant efficiency. The overall energy and exergy efficiencies for the integrated system are computed as 98.75% and 80.40%, respectively, with the STP contributing to the overall plant improvement. About 50% of the produced exergy was destroyed, with the CB combustor accounting for 48% of the combined plant exergetic destruction. Despite a substantial waste–exergy ratio from CBP, the integration of the STP increased the system’s exergetic sustainability index (ESI) by 18%. The exergoeconomic analysis highlighted the highest cost of destruction in the combustor and evaluated the evaporator as the least exergoeconomic factor driver. Components with potential exergetic and cost destruction improvements were identified. In conclusion, integrating power generation units with CB production plants can markedly reduce thermal heat waste in the CBP and enhance integrated plant environmental performance.