This research, published in the Journal of Manufacturing and Materials Processing in the context of growing environmental concerns and the demand for more sustainable manufacturing practices, this study evaluates the environmental and economic performance of two production routes for a stainless steel support block used in steel mills. A comparative Life Cycle Assessment (LCA) and Life Cycle Costing (LCC) were conducted to assess a conventional subtractive manufacturing process based on Computer Numerical Control (CNC) machining versus a hybrid approach that combines Plasma Arc-Wire Arc Additive Manufacturing (PA-WAAM) with CNC finishing. The LCA was carried out using ReCiPe 2016 Midpoint and Endpoint methodologies in SimaPro, while the LCC employed a cradle-to-gate cost model. Results showed that the hybrid WAAM-CNC route reduced average environmental impacts by 49% across 18 categories and decreased steel consumption by approximately 70% due to near-net-shape fabrication. Although the hybrid method incurred an approximate 3.5 times increase in unit production cost, this was primarily attributed to equipment investment. In contrast, operational costs such as labor, materials, and consumables were significantly lower—by 66%, 28%, and 45%, respectively. These findings support the hybrid approach as a more sustainable manufacturing alternative with the potential for long-term cost optimization as additive technologies mature.