A method for recovering metal values from a molten slag composition includes atomizing the slag with an oxygen-containing gas in a gas atomization apparatus, to produce solid slag granules. Oxygen in the atomizing gas converts metals to magnetic metal compounds, thereby magnetizing the metal-containing slag granules. These metal-containing slag granules are then magnetically separated. Larger amounts of metals may be removed by passing the molten slag through a pre-settling pan with an adjustable base, and/or discontinuing atomization where the metal content of the slag exceeds a predetermined amount. Solid slag granules produced by atomization may be charged to a recovery unit for recovery of one or more metal by-products. An apparatus for recovering metal values from molten slag includes a gas atomization apparatus, a flow control device for controlling the flow of atomizing gas, a control system, and one or more sensors to detect metal values in the slag.