In this study, blast furnace sludge from the Mălina settling pond, Galați, Romania, was investigated as an iron-bearing secondary resource whose reuse requires effective control of zinc and lead. The present study expands the previous conference contribution by extending the analytical dataset from 29 to 30 samples and integrating statistical, hydrometallurgical, and high-temperature treatment results. X-ray fluorescence analysis showed iron(III) oxide contents of 45.8834–86.1069 mass % (mean 65.7894 mass %), calcium oxide of 7.3885–25.6999 mass % (mean 16.3607 mass %), zinc oxide of 0.2899–1.5912 mass % (mean 0.6737 mass %), and lead oxide up to 0.3038 mass %. The high variability of lead oxide, sulfur trioxide, magnesium oxide, and arsenic(III) oxide confirmed localized enrichment within the pond. Apparent zinc removal from a high-zinc sample was 56.41% with sulfuric acid, 31.97% with carbon-dioxide-assisted leaching, and 2.24% with sodium hydroxide. Pretreatment at 400 °C increased subsequent carbon-dioxide-assisted removal to 58.40%, whereas calcination at 850 °C decreased subsequent acid-leaching performance to 28.28%. Coke addition increased the relative iron grade but did not ensure zinc depletion at intermediate temperatures. Strongly reduced or metallic products obtained at 1450–1600 °C contained very low zinc or zinc below the analytical detection limit. The results support selective feed management, targeted chemical treatment, and high-temperature reduction or melting for refractory high-zinc fractions, combined with rigorous capture and management of zinc- and lead-bearing secondary streams.