Process for treating iron bearing material

A process for treating iron-bearing material with a carbonaceous material to form a mixture, wherein the amount of carbonaceous material added exceeds the stoichiometric amount required to reduce the metal oxide to elemental metal. In one embodiment, the process also includes blending an organic binder with the mixture. The mixture is agglomerated using compaction to bond the mixture and form green compacts. The green compacts are loaded into a heated furnace and heated for about 5-12 minutes at a temperature of between about 2100 DEG -2500 DEG F. and at a CO/CO2 ratio of about 1.5-2.5 proximate the discharge area to reduce the iron oxide containing compacts to compacts containing elemental iron and an excess amount of carbonaceous material wherein the excess amount of carbonaceous material counteracts re-oxidation of the elemental iron. The reduced compacts are then discharged from the furnace. The furnace includes counterflow and co-flow exhaust to maintain the charge area and the discharge area of the furnace at a pressure about equal to atmospheric pressure.