The use of the Active Carbon Recycling Energy System in ironmaking (iACRES) has been proposed for reducing CO2 emissions. To evaluate the performance of iACRES quantitatively, a process flow diagram of a blast furnace model with iACRES was developed using Aspen Plus, a chemical process simulator. The CO2 emission reduction and exergy analysis was predicted by using the mass and energy balance obtained from the simulation results. iACRES used a solid oxide electrolysis cell (SOEC) with CO2 capture and separation (CCS), an SOEC without CCS, and a reverse water-gas shift reactor as the CO2 reduction reactor powered by a high-temperature gas-cooled reactor. iACRES could provide a CO2 emission reduction of 3-11% by recycling carbon monoxide and hydrogen, whereas the effective exergy ratio decreased in all cases.