A Kellogg type computer model of the slag fuming process is applied in reverse to derive some thermodynamic properties of components in lead blast furnace slag. At 1200C, the average activity coefficients calculated were 3.40 (S.D. 0.50) for ZnO referred to the pure solid; 0.657 (S.D. 0.022) for PbO referred to the pure liquid; for the ratios y 3.175 y (referred to the Feo.9450, Fe304 pure solids) 4.19 (S.D. 1.15), and for yCaS/ 1CaO (referred to the pure solids) 5.10 (S.D. 2.96). Statistical relationships were derived for these activity coefficients and ratios as functions of the composition of slag, which contained in molar percentages 1.9 - 12.6% ZnO, 19.8 - 24.9% Fe0.9450, 0.9 - 1.6% Fe304, 0.002 - 1.9% PbO, 16.1 - 18.6% CaO, 25.9 - 31.0% SiO2, 4.8 - 5.5% MnO, 9.2 - 10.3% A101.5, 1.2 - 1.4% CaS, and 5.1 - 9.6% "Mgo" (the balance).