The elemental and phase compositions of electric arc furnace (EAF) dust from PJSC Severstal were studied. We carried out the thermodynamic modeling of zinc and lead selective extraction process and determined its possible mechanisms. EAF dust was heated in the temperature range of 20 – 1300 °C in vacuum resistance furnace and the Tamman furnace with flowing argon. Experiments in the vacuum resistance furnace with linear heating showed that lead and zinc removal from the sample occurs in the temperature range of 800 – 1200 °C, with higher lead removal rate. Intensive lead removal was observed at temperature above 1000 °C, while intensive zinc removal occurs at temperature above 1200 °C. Clarifying isothermal experiments performed in the Tamman furnace showed that lead complete transition to the gas phase was achieved at a temperature of 1100 °C (holding time – 12 min) and at a temperature of 1200 °C (holding time – 6 min or more). At the same time, zinc removal was observed in the amount of 14.4 % ratio and 32.2 % ratio, respectively, which allows us to conclude that it is possible to consistently obtain two products: lead and zinc mixture and zinc not contaminated with lead. When comparing experimental and thermodynamic modeling data, the reactions that are most likely to occur during the carbon reduction of lead- and zinc-containing phases were determined.