An economical alternative for the steel industry which uses a separate ferrosilicon and aluminum for the deoxidization of steel is a complex deoxidizer in the form of FeSiAl alloys. The effectiveness of complex deoxidizers is higher and they have a positive effect on quality improvement and also for mechanical properties of the finished steel. It is associated with a smaller number of non-metallic inclusions and a more favorable its distribution in the structure of steel. Noteworthy are the waste from the mining industry simultaneously contains SiO2 and Al2O3 oxides with a few of dopants in the form of CaO, MgO, FeO, TiO2 oxides. These wastes are present in large quantities and can be a cheap raw material for obtaining complex FeSiAl ferroalloys by an electrothermal method. “Poor” hard coal grades which so far did not apply as a reducing agent in the ferroalloy industry because of the high ash content can also be a raw material for the electrothermal FeSiAl process. The electrothermal FeSiAl melting process is similar to the ferrosilicon process in the submerged arc furnace. For this reason, a model based on Gibbs’ free enthalpy minimization algorithm was used to analyze the simultaneous reduction of SiO2 and Al2O3 oxides, which was originally elaborated for the ferrosilicon smelting process. This is a system of two closed reactors: the upper one with the lower temperature and the lower one with the higher temperature. Between the reaction system and the environment, and between the reactors inside the system, there is a cyclical mass transfer in moments when the state of equilibrium is reached in the reactors. Based on the model, the basic parameters of the electrothermal reduction process of SiO2 and Al2O3 oxides were determined and a comparative analysis was made towards the ferrosilicon process.