The sulfuric acid method of dissolving metallic waste containing rare-earth elements and iron with the obtainment of a sulfate rare-earth concentrate and an iron-containing solution is described. The distribution of the components into solid and liquid reaction products has been studied. The conditions of the conversion of rare-earth sulfate elements into hydroxide and fluoride compounds have been found. The principal possibility of utilizing iron-containing sulfuric acid filtrates with the obtainment of iron oxide pigments of a wide range of colors, catalysts, and coating components of welding electrodes is shown.