Rust is heavier than the equivalent amount of pure iron, so perhaps it would be possible to put the furnace at the top of a hill and the refiner stage at the bottom and let the weight difference do the heavy lifting.
But second law of thermo dynamics applies. If this works at all it is because you are capturing a little more of the energy that was put in at the top and would otherwise be lost. You stil need to put in external energy to keep this system running.
If the process was 100% reversible, and friction free (probably a couple other loss factors I forgot about) it would be energy positive as the oxygen is making its way back up in the air is an external energy input. Of course in the real world both assumptions are wrong by more than enough that you can never get this to work.