A numerical study is presented of the flow characteristics in a gas-agitated water bath in the presence of a top layer of dissimilar fluid. Two systems are considered, comprised separately of silicon and normal pentane as the top layer, to simulate slag cover in a real steelmaking process. The mathematical model involves solution of transport equations for the variables of each phase, with allowance for interphase transfer of momentum. Turbulence is assumed to be a property of the carrier (liquid) phase and represented through solution of additional transport equations for the turbulence kinetic energy, k, and its rate of dissipation, ε. The model also accounts for turbulence modulation by the bubbles through enhancement of the source terms in the equations for k and ε. The predicted mean and fluctuating velocities, stresses, and turbulence production are generally in the consensus of the experimental data. Both mean flow and turbulence characteristics are found to be suppressed in the water/silicon system of smaller density ratio, indicating enhanced re-entrainment of the top layer, than the water/normal pentane system.