The invention relates to the reduction of fine ores, whereby in a multi-stage gas suspension preheater the fine ores are preheated, calcined and then reduced in at least one lowest heat exchanger stage with the addition of a reducing agent in a delivered hot gas stream. The principal part of the reducing heat treatment of the fine ores is carried out in a reactor loop constructed in the lowest heat exchanger stage of the gas suspension preheater. The reactor loop has an uptake conduit section and a curved section adjoining the uptake conduit section and with which the reactor loop opens into at least one precipitating cyclone which is disposed downstream and for this purpose a hot reducing gas is introduced into the rising hot gas stream.