In the present work, a comparison between a traditional Rankine cycle and a proposed innovative Rankine cycle, for a cogeneration plant in the steel industry, is carried out. The innovative cycle is characterized by a regeneration system with direct steam injection followed by two-phase pumping, instead of the water pre-heaters used in the traditional cycle. Different configuration alternatives for the technology application were simulated and studied. The best alternative was then selected and compared with the traditional cycle using First and Second Laws of Thermodynamics analyses. Little difference was observed, however, between the traditional and the modified cycle performances.