Managing Waste

How are we to properly manage waste?

I get that we have smokestacks and waste receptacles. Is it possible to never use a waste receptacle? Also, when you put waste in a waste receptacle, does that get moved to the smokestack to be burned off?

In the factory building interface, you can see the waste refine button at the bottom of the equipment list but can not be used. So I think they will be usable in the near future and new buildings had the same function will also be added. Just wait.