This paper focuses on the best way to produce methanol by Coke Oven Gas (COG) conversion and by carbon dioxide capture. The COG, produced in steelworks and coking plants, is an interesting source of hydrogen that can be used to hydrogenate carbon dioxide, recovered from flue gases, into methanol. The architecture of the reuse process is developed and the different process units are compared by considering a hierarchical decomposition. Two case studies are selected, process units are modelled, and flowsheets are simulated using computer-aided design software. A factorial techno-economic analysis is performed together with a preliminary carbon balance to evaluate the economic reliability and the environmental sustainability of the proposed solutions. The production costs of methanol are equal to 228 and 268 €/ton for process configurations involving, respectively, a combined methane reforming of COG and a direct COG separation to recover hydrogen. This cost is slightly higher than the current price of methanol on the market (about 204 €/ton for a process located in the USA in 2013). Besides, the second case study shows an interesting reduction of the carbon footprint with respect to reference scenarios. The carbon dioxide capture from flue gases together with COG utilization can lead to a competitive and sustainable methanol production process depending partly on a carbon tax.