A two-stage molten bath-based smelting process for producing molten metal from a metalliferous feed material includes (a) preheating metalliferous feed material in a preheater and (b) injecting preheated metalliferous feed material and a solid carbonaceous material into a molten bath of a smelting vessel and smelting metalliferous feed material in the molten bath and forming molten metal and an offgas. The process includes cooling and cleaning the offgas from the smelting vessel and producing a fuel gas. The preheating stage (a) includes preheating the metalliferous feed material by generating heat by combusting at least a part for the fuel gas that is supplied to the preheating stage at a temperature of less than 300º C.