An apparatus and method for processing liquid slag and baghouse dust from a steelmaking furnace such as an EAF to recover valuable metals from the slag and dust includes a treatment vessel having a movable lower shell portion for receiving liquid slag and an upper shell portion that couples with the movable lower shell portion during heat activation of the treatment vessel. The slag is combined with silicon dioxide, a reducing agent, baghouse dust, and an inert gas before being heated to between approximately 1400° C. and 3000° C. The heat treatment results in a molten reduced iron and manganese metallic material, a treated slag layer, and an off-gas containing lead, zinc, and carbon monoxide. The off-gas is combusted, cooled, and solidified, resulting in lead oxide and zinc oxide. The slag layer is tapped, cooled, and solidified. The metallic layer is tapped for recycle in the steel making process.