Abstract: A process for refining pig iron from below the surface of a molten metal bath, and the resulting product, in which an oxidizing gas is injected in the bath and, during the last refining stage, a mixture of oxidizing gas and inert gas is further injected. The inert gas content x of the mixture is made to vary according to a law corresponding to an oxidizing gas dilution curve that is located in an area determined by two envelope curves, to wit, a first maximum dilution curve defined by the straight line portions:x=-766.7 %C+168.7 for 0.16<%C<0.22x=-550 %C+134 for 0.1<%C<0.16x=-233 %C+102 for %C<0.1and a second minimum dilution curve defined by the straight line portions:x=-1500 %C+255 for 0.14<%C<0.17x=-400 %C+101 for 0.1<%C<0.14x=-230 %C+84 for 0.05<%C<0.1x=-72.5 for %C<0.