Industrial waste receiving name in informal language (5)
I believe the answer is:
slang
'informal language' is the definition.
(I've seen this before)
'industrial waste receiving name' is the wordplay.
'industrial waste' becomes 'slag' (I've seen this in another clue).
'receiving' means one lot of letters goes inside another.
'name' becomes 'n' (common abbreviation e.g. on forms).
'slag' enclosing 'n' is 'SLANG'.
'in' is the link.
(Other definitions for slang that I've seen before include "Non-standard vocabulary" , "Racy speech" , "Berate" , "Vernacular" , "Be abusive" .)