Electroslag remelting (ESR) is an important process to produce high-quality tool steels. The slag composition has a strong effect on the remelting behavior, particularly on energy consumption and the removal of nonmetallic inclusions (NMI). The latter aspect is strongly related to chemical reactions between the slag and the metal and determines the necessary composition of the slag. Also, the electrical conductivity of the slag is determined by the slag composition, and a high resistivity is desirable. The effect of different slag compositions with 0%–60% CaF2 and a corresponding wide range of electrical conductivities is investigated regarding slag movement, slag surface temperature, and slag skin thickness, as well as their impact on chemical reactions and the removal of NMI. Therefore, a laboratory-scale ESR unit and the plastic mold steel X40Cr14 are used for the experimental trials. The results show a strong impact on the remelting behavior as well as on the specific energy consumption ranging from ≈900 to over 1700 kWh h−1. The findings from the chemical analysis and detection of NMI indicate that a similar metallurgical behavior is feasible, leading to comparable amounts of dominantly Al2O3–MgO-type inclusions with some variation due to different activities in the slag.