That’s a pretty good guess, but it also has grains of sand in it. I expected slag to be more uniform.
Anyway, the red and orange colors could still be connected with some iron compounds. If it is slag, then it was somehow mixed with regular sand. That could still happen if you pour molten slag on a new dump area. The later batches will be poured on older slag, so they don’t really get to mix with anything.
Back in the good old days, we used to carry things with our hands.