Temperature-programmed reduction was used in combination with measurements of magnetization to determine the peculiarities of iron reduction in the Fe-K-Al system. It was found that reduction by hydrogen proceeds with the formation of metallic iron through the stage of magnetite formation (Fe3O4); the effective activation energies are 63 and 39 kJ/mol for the I and II stages, respectively. It was shown that substituting carbon oxide for hydrogen leads to iron reduction proceeding only to the stage of magnetite formation (EFe3O4 = 94 kJ/mol). The magnetite interacts with CO to produce carbide (presumably Hegge carbide Fe2C). Iron reduction in the synthesis gas occurs with the preferential participation of hydrogen or carbon dioxide, depending on the rate of temperature rise.