COREX is one of the commercial smelting reduction processes. It uses the finer size ore and semi-soft coal instead of metallurgical coke to produce hot metal from iron ore. The use of top gas with high calorific value as a by-product export gas makes the process economical and green. The predictive thermochemical model of the COREX process presented here enables rapid computation of process parameters such as (1) required amount of ore, coal, and flux; (2) amount of slag and gas generated; and (3) gas compositions (based on the raw material and desired hot metal quality). The model helps in predicting the variations in process parameters with respect to the (1) degree of metallization and (2) post-combustion ratio for given raw material conditions. In general reduction in coal, flux, and oxygen, the requirement is concomitant with an increase in the degree of metallization and post-combustion ratio. The model reported here has been benchmarked using industrial data obtained from the JSW Steel Plant, India. © 2017, The Minerals, Metals & Materials Society and ASM International.