A steelmaking process is disclosed. The process includes producing molten steel and molten steelmaking slag in a steelmaking process, the steelmaking slag including iron units and flux units, and thereafter producing molten iron in a molten bath based direct smelting process using a substantial portion of the steelmaking slag as part of the feed material requirements for the direct smelting process. A direct smelting process is also disclosed. The process includes pre-treating ferrous material including steelmaking slag and thereafter direct smelting molten iron using the pretreated ferrous material as part of the feed material for the process.