Studies were made of the effect of the quantity of reducing agent on the degree of reduction of the converter slag and on the chemical composition of the metallic and nonmetallic phases obtained. The studies were carried out in a monophase bottom electrode arc furnace. On the basis of the studies, it was found that, by varying the quantity of reducing agent in the charge or by varying the reduction time, it is possible to control the range of reduction of slag components with a high dissociation pressure and thus control the chemical composition of the metallic and nonmetallic phases. Preliminary estimation of the technological costs of slag processing by the reduction method indicates that it may be profitable in the case of application of the nonmetallic phase for cement manufacturing or as calciferous magnesium fertilizer in agriculture.