A process for producing liquid hydrocarbon products from a biomass feedstock is provided. The process comprises: contacting the feedstock with one or more hydropyrolysis catalyst compositions and molecular hydrogen to produce a product stream comprising hydropyrolysis product that is at least partially deoxygenated; hydroconverting said hydropyrolysis product in the presence of one or more hydroconversion catalyst compositions to produce a vapour phase product comprising substantially fully deoxygenated hydrocarbon product, wherein one or both of the hydropyrolysis catalyst composition and the hydroconversion catalyst composition is produced in a process comprising incorporating one or more metals selected from those of groups 6, 9, and 10 of the periodic table, into a shaped support; and incorporating one or more coordinating organic compounds into said shaped support, thus forming a catalyst precursor; and then either (i) treating the catalyst precursor in the presence of hydrogen and sulfiding it or (ii) calcining the catalyst precursor.