Methods of making finely divided product from fly ash compositions, including both dry fly ash compositions and aqueous suspensions of fly ash in combination with alkaline earth metal compounds. The fly ash composition, preferably including 10 to 50% combined alkaline earth metal oxides, is heated to molten condition while collecting gases evolving therefrom, including sulfur oxide gases. The top portion of the melt is then poured in a manner causing a molten stream thereof to be divided into a multiplicity of fractions and cooled to solid form while encompassed by a fluid cooling medium in a manner to produce either a shot or a granulated aggregate product. The bottom portion of the melt is nearly pure metallic iron which is recovered, as such, for other uses. Preferably, the molten stream impinges on a rotating member in a manner to produce shot, or is quenched in a water bath to form a granulated type product.