A direct smelting process for producing metals from a metalliferous feed material is disclosed. The process includes forming a molten bath having a metal layer (15) and a slag layer (16) on the metal layer in a metallurgical vessel, injecting metalliferous feed material and solid carbonaceous material into the metal layer via a plurality of lances/tuyeres (11), and smelting metalliferous material to metal in the metal layer. The process also includes causing molten material to be projected as splashes, droplets, and streams into a top space above a nominal quiescent surface of the molten bath to form a transition zone (23). The process also includes injecting an oxygen-containing gas into the vessel via one or more than one lance/tuyere (13) to post-combust reaction gases released from the molten bath, whereby the ascending and thereafter descending splashes, droplets and streams of molten material in the transition zone facilitate heat transfer to the molten bath, and whereby the transition zone minimises heat loss from the vessel via the side walls in contact with the transition zone. The process is characterised by controlling the process by maintaining a high slag inventory.