pulverizing and calcining a red mud catalyst composition at a temperature of at least 700° C. to form a calcined red mud catalyst composition, wherein the red mud catalyst composition comprises about 5 to about 19 wt. % Al, about 4.5 to 28 wt. % Fe, about 0.07 to 0.2 wt. % Mg, about 4.4 to about 7.7 wt. % Na, about 0.05 to 0.2 wt. % P, about 0.49 to about 3.86 wt. % Ti, about 0.05 to about 0.16 wt. % V, about 0.8 to about 2.57 wt. % C, about 0.12 to about 0.16 wt % S, and less than 0.01 wt. % Mn, each wt. % based on a total weight of the red mud catalyst composition by inductively coupled plasma optical emission spectroscopy (ICP-OES);

soaking and mixing particles of the pulverized and calcined red mud catalyst composition in a KF salt solution having a concentration of 0.5 to 10 wt % KF based on a total weight of the salt solution, to form a reaction composition comprising the modified red mud catalyst composition; and

separating the modified red mud catalyst composition from the reaction composition and drying the separated modified red mud catalyst composition to obtain the modified red mud catalyst composition;

introducing a gaseous mixture of CO₂ and H₂ into a reactor containing particles of the modified red mud catalyst composition; and

reacting at least a portion of the CO₂ and H₂ in the gaseous mixture in the presence of the modified red mud catalyst composition at a temperature of 200 to 800° C., and under a pressure ranging from 5 to 100 bar to form a gaseous product comprising a chemical reduction product of the CO₂;

wherein a volume ratio of the CO₂ to the H₂ in the gaseous mixture is in a range of 1:10 to 10:1; and

wherein the gaseous product comprises an amount of 9% to 15% of ethylene, 9% to 13% of propylene, and 0.5% to 1.1% of aromatics, based on the total weight of the gaseous product.