The authors of this study focused on the energy and material assessment of processes for processing pellets from metal-bearing waste, specifically Fe concentrate. A mathematical model was created for process evaluation, with which thermotechnical calculations of parameters in the processing of metallized pellets were carried out. Thermodynamic calculations were performed to determine the enthalpy of the charge in individual devices (drying chamber, rotary kiln, cooler). For the reduction of Fe oxides, carbon from coke (with Fe oxide reductions of 50%, 61%, and 92%) and lignite (with Fe oxide reductions of 69% and 92%) were considered as part of the pellets. The degree of reduction of iron oxides was a determining parameter, and the consumption of the reducing agent corresponded to the direct reduction of Fe oxides by carbon with a coefficient of 1.5. Another determining parameter was the input and output temperature in individual devices. For a more precise description of the processes in individual devices, calculations were carried out zonally. The results of the calculations are analyses and recommendations for feasible alternatives for the reducing agent and associated processes.