A process for the direct reduction of iron ores using a reducing gas mixture which is passed through a shaft furnace containing the ore to be reduced is disclosed. The process is characterized in that the partial flow of reducing gas mixture is removed from the furnace approximately at the point of transition between the magnetite and Wustite stages of the ore and is regenerated. The regenerated reducing gas is then reapplied to the furnace with a fresh reducing gas mixture resulting in a substantial energy saving.