Abstract: An economical process for making a molten ferrous alloy containing from about 5.0% to about 30.0% by weight chromium and from 0% up to about 25.0% by weight nickel. The process comprises four basic operations:1. partially reducing chrome ore and iron ore and (depending upon the type or reducing process used) converting the ores before, during or after the reducing step into an appropriate physical form for charging into a submerged-arc furnace;2. preparing a charge consisting primarily of the reduced chrome and iron ores (preferably still hot from the reducing step) and smelting and reducing this charge by the submerged-arc process in a first vessel to yield an unrefined chrome alloy high in carbon and silicon;3. transferring the molten alloy from the first vessel to a second vessel and directing gaseous oxygen thereagainst to reduce the carbon and silicon content thereof; and4.