The constitutes of theoretic power consumption in BF slag reduction carbonization of Pangang are analysed, and the theoretic value of the power consumption is compared with the real one. Reasons of high power consumption have been found out. Three primary methods of power consumption reduction are utilizing sensible heat of molten BF Slag from BF, improving kinetic condition of smelting, and increasing the heat efficiency of electric furnace. At the same time, in order to solve the problem of economic feasibility, relative mechanisms and theories under the electric furnace smelting condition should be further studied in theory. The limit of reducible power consumption is also predicted.