A process for producing liquid hydrocarbon products from a biomass-containing feedstock, said process comprising the steps of: a) preparing a first hydropyrolysis catalyst composition by a process comprising combining a porous support with one or more catalytically active metals selected from Group VI and/or Group VIII of the Periodic Table, thereby forming a catalyst precursor having a volatile content, and reducing the volatile content of the catalyst precursor in one or more steps, wherein at least one volatile content reduction step is a volatile content reduction-sulfurizing step performed in the presence of one or more sulfur containing compounds; and wherein the catalyst precursor does not reach calcining temperatures prior to said at least one combined volatile content reduction-sulfurizing step; b) contacting the biomass-containing feedstock with the first hydropyrolysis catalyst composition and molecular hydrogen in a first hydropyrolysis reactor vessel at a temperature in the range of from 350 to 600°C and a pressure in the range of from 0.50 to 7.50MPa, to produce a product stream comprising partially deoxygenated hydropyrolysis product, H 2 O, H 2, CO 2, CO, C 1 - C 3 gases, char and catalyst fines; c) removing all or a portion of said char and catalyst fines from said product stream; and d) hydroconverting all or a portion of said partially deoxygenated hydropyrolysis product in a hydroconversion reactor vessel in the presence of one or more hydroconversion catalyst compositions and of the H 2 O, CO 2, CO, H 2, and C 1 - C 3 gas generated in step b), to produce a vapour phase product comprising substantially fully deoxygenated hydrocarbon product, H 2 O, CO, CO 2, and C1 - C3 gases, wherein "substantially fully deoxygenated" describes material in which at least 90wt% of the oxygen present in the original biomass-containing feedstock has been removed. a) preparing a first hydropyrolysis catalyst composition by a process comprising combining a porous support with one or more catalytically active metals selected from Group VI and/or Group VIII of the Periodic Table, thereby forming a catalyst precursor having a volatile content, and reducing the volatile content of the catalyst precursor in one or more steps, wherein at least one volatile content reduction step is a volatile content reduction-sulfurizing step performed in the presence of one or more sulfur containing compounds; and wherein the catalyst precursor does not reach calcining temperatures prior to said at least one combined volatile content reduction-sulfurizing step; b) contacting the biomass-containing feedstock with the first hydropyrolysis catalyst composition and molecular hydrogen in a first hydropyrolysis reactor vessel at a temperature in the range of from 350 to 600°C and a pressure in the range of from 0.50 to 7.50MPa, to produce a product stream comprising partially deoxygenated hydropyrolysis product, H 2 O, H 2, CO 2, CO, C 1 - C 3 gases, char and catalyst fines; c) removing all or a portion of said char and catalyst fines from said product stream; and d) hydroconverting all or a portion of said partially deoxygenated hydropyrolysis product in a hydroconversion reactor vessel in the presence of one or more hydroconversion catalyst compositions and of the H 2 O, CO 2, CO, H 2, and C 1 - C 3 gas generated in step b), to produce a vapour phase product comprising substantially fully deoxygenated hydrocarbon product, H 2 O, CO, CO 2, and C1 - C3 gases, wherein "substantially fully deoxygenated" describes material in which at least 90wt% of the oxygen present in the original biomass-containing feedstock has been removed.