Gas utilization ratio (GUR) is an important indicator used to measure the operating status and energy consumption of blast furnaces (BFs). In this paper, we present a soft-sensor approach, i.e., a novel online sequential extreme learning machine (OS-ELM) named DU-OS-ELM, to establish a data-driven model for GUR prediction. In DU-OS-ELM, firstly, the old collected data are discarded gradually and the newly acquired data are given more attention through a novel dynamic forgetting factor (DFF), depending on the estimation errors to enhance the dynamic tracking ability. Furthermore, we develop an updated selection strategy (USS) to judge whether the model needs to be updated with the newly coming data, so that the proposed approach is more in line with the actual production situation. Then, the convergence analysis of the proposed DU-OS-ELM is presented to ensure the estimation of output weight converge to the true value with the new data arriving. Meanwhile, the proposed DU-OS-ELM is applied to build a soft-sensor model to predict GUR. Experimental results demonstrate that the proposed DU-OS-ELM obtains better generalization performance and higher prediction accuracy compared with a number of existing related approaches using the real production data from a BF and the created GUR prediction model can provide an effective guidance for further optimization operation.