The smelting of iron in a blast furnace involves the following process
Slag formation
In this process concentrated ore is mixed with carbon and heated, followed by addition of flux to convert the non-fusible gangue to fusible slag.
In the reduction zone, Iron (III) oxide is reduced to sponge iron by carbon monoxide. Here the temperature is 250 - 700 degree celcius.
Fe2O3+3CO→2Fe+3CO2
Further, as the feed descends down the blast furnace, limestone decomposes as
CaCO3→CaO+CO2
(Limestone)
In the zone of slag formation, the CaO from limestone combines with siliceous impurities to form fusible slag:
CaO +SiO2 → CaSiO3
(Slag)