Abstract: An improved method for the recovery of metal and/or chemical values from an industrial waste stream containing zinc, cadmium, lead and/or iron compounds by heating the waste stream in a reducing atmosphere, treating the resultant fumes in an ammonium chloride solution, separating any undissolved components from the solution, adjusting the pH of the solution, if necessary, to less than about 6.3, displacing undesired metal ions from the solution using zinc metal, treating the solution to remove therefrom zinc compounds, adjusting the pH of the solution to about 6.5 to about 7.0, and further treating the zinc compounds and the undissolved components, as necessary, resulting in the zinc products and the optional iron-carbon feedstock.