To meet the target for anthropogenic greenhouse gas (GHG) reduction, the European steel industry is obliged to reduce its emissions. A possible pathway to reach this requirement is through developments of new technologies for a GHG-free steel production. One of these processes is the hydrogen plasma smelting reduction (HPSR) developed since 1992 at the Chair of Ferrous Metallurgy at the Montanuniversitaet Leoben in Austria. Based on the already available publication of the methodology in this work, potential process parameters were investigated that influence the reduction kinetics during continuous charging to improve the process further. Preliminary tests with different charging rates and plasma gas compositions were carried out to investigate the impacts on the individual steps of the reduction process. In the main experiments, the obtained parameters were used to determine the effect of the pre-reduction degree on the kinetics and the hydrogen conversion. Finally, the preliminary and main trials were statistically evaluated using the program MODDE® 13 Pro to identify the significant influences on reduction time, oxygen removal rate, and hydrogen conversion. High hydrogen utilization degrees could be achieved with high iron ore feeding rates and low hydrogen concentrations in the plasma gas composition. The subsequent low reduction degree and thus a high proportion of oxide melt leads to a high oxygen removal rate in the post-reduction phase and, consequently, short process times. Calculations of the reduction constant showed an average value of 1.13 × 10−5 kg oxygen/m2 s Pa, which is seven times higher than the value given in literature.