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The shaft furnace (Figure 2) is the core of the DR process. Iron ore pellets are charged at the top, descend due to gravity, and encounter an upward counter-flow of gas. ... The first set of equations relate to iron oxide reduction: Fe 2 O 3 → Fe 3 O 4 → Fe 0.95 O → Fe, with CO and H 2 as reduction agents. Their reaction rates are ...