Background/Objectives: This work was aimed at experimental studying the laboratory process and the results of liquidphase carbon (coke) reduction of the steelmaking slag conducted to obtain the metal and oxide phases which can be used in the metallurgical industry and building materials industry. Methods: The slag from the slag dumps of Zlatoust Metallurgical Plant (the Russian Federation) was an object of the study. The composition of the experimental samples of metal and slag was determined by electron probe microanalysis. Findings: The conducted experiments give grounds to assert that the process allows recovering almost completely iron, chromium and nickel contained in the slag. Major part of manganese, as well as some other components, including valuable elements – tungsten, molybdenum, titanium and vanadium, also passes into the molten metal. It has been shown that liquid-phase recovery of slag is acceptable to be carried out at temperatures of about 1500-1550°C. In this case, the slag reduction time (after heating the mixture up to the operating temperature) should not exceed 30 minutes. For a more complete recovery of valuable metals it is recommended to use the moment of the ‘boiling’ (intensive separation of gaseous carbon oxides) period completion as an indicator of the isothermal time end. Improvements/Application: Useful products of the recovery process are liquid metal and heavy metal-depleted oxide melt consisting mainly of calcia, silica, magnesia and alumina which may be used in cement manufacturing.