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That area will sit empty forever. And I tend to agree that the park idea wouldn't work in Weirton. Maybe if it was done REALLY well as a museum for the whole country's steel production, but even then I doubt it. As for redevelopment, that land will forever sit empty. People in Steubenville and Weirton already have a phobia of going to or living in "downtown" (basically the poorer non-suburban areas along the river) so I doubt they'll wanna move into a redeveloped steel yard.
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It would never be housing. It should (but won't) be redeveloped for commercial.