A method and a device are described for the production of metal powder or alloy powder of a moderate grain sizes less than 10 μm, comprising or containing at least one of the reactive metals zirconium, titanium, or hafnium, by metallothermic reduction of oxides or halogenides of the cited reactive metals with the aid of a reducing metal, wherein said metal powder or alloy powder is phlegmatized by adding a passivating gas or gas mixture during and/or after the reduction of the oxides or halogenides and/or is phlegmatized by adding a passivating solid before the reduction of the oxides or halogenides, wherein both said reduction and also said phlegmatization are performed in a single gas-tight reaction vessel which can be evacuated.