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|Ferroalloys like FeCr and FeMn are mostly produced in submerged electric arc furnaces. Typical of these processes is that the amount of slag is quite high. The role of slag for the process is thus essential and specific chemical, physical and electrical properties are required. Slags in FeCr process are Al2O3-MgO-SiO2 based with minor contents of CaO and CrOx. Slags in the FeMn process are principally similar, originating from silicate minerals but can have quite large composition range depending on the manganese ore and its gangue minerals. Characteristic of the FeMn process is that the slag is rich in manganese oxide up to above 30%. A common feature is that the ?ore oxides?, CrOx and MnOx in slag are not only divalent oxides but also contain some higher valent of Cr3+and Mn3+, respectively. In FeMn production conditions the slag consists mainly of Mn2+. This is a clear difference from CrOx containing slags in which both two and three valent coexist in slags in FeCr process conditions. Oxidation state of the slag depends on the ambient oxygen partial pressure and temperature in the examined process. The thermodynamics of slags in ferroalloys, production are discussed in terms of phase diagrams, activities and oxidation state of chromium and manganese oxides. Further, slag properties influencing reduction kinetics and furnace operation i.e. viscosity and electrical resistivity are discussed. Keywords: review, slags, ferroalloys, ferrochromium, ferromanganese, thermodynamics, physical properties|