Abstract: A process for combined production of metal alloys, containing zirconium, iron, silicon and aluminium, and of a zirconium corundum, which method comprises melting charge materials, such as a zirconium concentrate, an iron ore and aluminium taken in a weight ratio of 51-69: 9.9-16.5: 19.8-34.8, respectively, at a temperature of 1,950.degree. to 2,000.degree. C., and a separate pouring of end products, the zirconium corundum being poured first. The remaining metal alloy is melted, prior to pouring, with fluxes taken in amounts of 5 to 35% by weight of the zircon concentrate and with charge materials, such as ferrosilicon, taken in an amount of 3 to 102% by weight of silicon of the total weight of the zircon concentrate, ferrosilicon, ferromanganese or metallic manganese taken in an amount of 3 to 26% by weight of manganese of the total weight of the zircon concentrate, at a temperature ranging from 1,950.degree. to 2,000.degree. C.