The present invention provides a process for producing liquid hydrocarbon products from a solid biomass feedstock, said process comprising the steps of: a) providing in a first hydropyrolys is reactor vessel a first hydropyrolysis catalyst composition, said composition comprising one or more active metals selected from cobalt, molybdenum, nickel, tungsten, ruthenium, platinum, palladium, iridium and iron on an oxide support, wherein the active metals are present in a partially sulfided form to the extent that the first hydropyrolysis catalyst composition contains sulfur in an amount of from 10 to 90% of a full stoichiometric amount; b) contacting the solid biomass feedstock with said first hydropyrolysis catalyst composition and molecular hydrogen in said first hydropyrolysis reactor vessel at a temperature in the range of from 350 to 600°C and a pressure in the range of from 0.50 to 7.50MPa, to produce a product stream comprising partially deoxygenated hydropyrolysis product, H2O, H2, CO2, CO, C1 - C3 gases, char and catalyst fines; c) removing said char and catalyst fines from said product stream; d) hydroconverting said partially deoxygenated hydropyrolysis product in a hydroconversion reactor 25 vessel in the presence of one or more hydroconversion catalyst and of the H2O, CO2, CO, H2, and C1 - C3 gas generated in step a), to produce a vapour phase product comprising substantially fully deoxygenated hydrocarbon product, H2O, CO, CO2, and C1 – C3 gases.