Abstract: An iron containing 3% to 6% carbon and small quantities of manganese, silicon, sulfur and phosphorus produced by the blast furnace, electric furnace or other well-known furnaces, requires a relatively low temperature to convert to the molten state. This molten iron can be refined on the surface of molten lead at temperatures from 1000.degree. C. to 1525.degree. C. containing on the surface of the molten lead an oxide of lead or oxides of nickel, cobalt, iron, manganese, copper, zinc, and other metals whose oxides are reducible to the elemental state by carbon resulting in a refined or alloyed steel and/or increasing amount of molten lead. The carbon monoxide formed in this reaction may be combined with hydrogen at temperatures of 400.degree. C. to 1000.degree. C. and 100 atmospheres to 150 atmospheres in the presence of a proper catalyst according to the known Fischer-Tropsch reaction to form a petroleum product. Alternatively a finely ground iron containing 3% carbon to 6% carbon can be furnaced at 1000.