FIELD: metallurgy. SUBSTANCE: method for smelting vanadium cast iron in an electric arc furnace by direct reduction of metals from oxide-containing materials includes metallization by direct reduction of metal oxides and melting of the resulting product. Oxide-containing materials mixed with a solid reducing agent in a rolled or granular state are continuously fed through a hollow electrode cavity into a zone of the electric arc furnace located between bottom and hollow electrodes. Direct reduction of metal oxides and their melting is carried out due to Lenz-Joule heat released in an interelectrode space of the electric arc furnace. Iron–vanadium concentrate with a vanadium concentration of 0.1-1.7% is loaded into a mixing unit as oxide-containing materials, crushed low-sulfur coal, as well as crushed limestone are loaded as a solid reducing agent to obtain slag basicity of more than 1.4, the resulting mixture from the mixing unit is fed into the hollow electrode cavity. In the method for smelting cast iron, vanadium alloying of cast iron is used, which provides a wide range of advantages in obtaining vanadium cast iron and its further processing into vanadium steel. EFFECT: technical result is obtaining vanadium cast iron. 1 cl, 1 dwg.