Moisture and water are probably the biggest hazard, and the most feared by casting folks.
I learned the hard way that flaming an ingot mold lightly does not dry the residual moisture off of the surface, and so I poured iron into one, and it popped, just like in one of the videos above of the two guys in the lab.
Splashing iron back onto yourself is not really a problem, since you are covered head-to-foot in leather or something similar, and you have a full face shield and safety goggles under the shield.
The rule in casting work is the waterfall effect.
You generally assume that molten metal will go up, and then will rain down on you, or it could be blasted directly towards you.
The art iron folks wear a neck shield under their hardhat to shield the neck, with the shield worn over the shirt collar.
The pants go over the leather boots (some wear spats, but boots are much easier to get on and off).
The art iron folks are pretty religious about safety, and they choreograph every step and every move of every person.
Every person is assigned a distinct task.
They practice it all before they ever start melting iron, and have backup plans when things go wrong.
You can see this in the video below.
My apologies for the wordy video; this is her blog, and she loves iron art with a passion.
Looking at 17:40, there is one person tapping the cupola, and his gloves are over the sleeves, since the metal is flowing out of the cupola towards him.
There are the pouring folks, two per shank, the skimming person, sand shoveling folks for spills and mold breakouts, folks directing the pouring people to the correct mold, and all sorts of support folks.
Often there is a safety person looking over the entire pour group, looking for problems.
Most of the other folks wear their gloves under the sleeve, since metal that splashes up on their jacket will roll down into their gloves otherwise.
So what happened to me is that my gloves were over the jacket, and metal popped out of the ingot mold that was not held in the furnace exhaust stream.
A few beads of molten iron went down my gloves, and ended up on the back of my hands.
I had a few 3rd degree burns before I could get my gloves off.
The problem with wearing gloves under the sleeve is that it is not easy to get the glove under the sleeve, and if you take your jacket on and off like I do, tucking the gloves under the sleeve every time is not very practical.
The moral of the story is to dry everything in the furnace exhaust stream, to drive of the invisible moisture that is on the surface of all metal.
My hand burns.
No pain, no gain, as they say.
Molten iron does vaporize the skin and the nerve endings though, so actually there is no pain involved.
The large spot eventually filled in with scar tissue, and is no longer even visible.
Another thing to keep in mind is to not panic if something goes wrong.
If you panic, you can make matters much worse.
One needs to make a cautious and strategic withdraw if something goes wrong, so you don't trip over something, or drop the pouring shank and crucible, etc.
The furnace needs to remain under control at all times, and the fuel valve needs to be easily accessible, and easy to operate with gloves on.
I don't really like my fuel and air controls up near the furnace, which is where some folks put them.
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