The paper presents the theoretical basis, technical design, and preliminary experimental results of the dynamic optimal control of a steel-making process in an electric arc furnace. As a performance measure of the process, the unit production cost is assumed to be a combination of the cost of electric energy and the cost of time. A system of ordinary differential equations is taken as the mathematical model of the process. The theoretical problems of process optimization and of control system synthesis is solved by means of the Maximum Principle. It is shown that, with some assumptions, optimum control can be accomplished by means of a peak-holding controller. The technical design of both open- and closed-loop optimal control systems, now being implemented, is based mainly on analogue techniques with respect to both control optimality and a temperature program. The experimental results of the optimal control achieved on the basis of prepared algorithms and presented in the paper confirm theoretical estimations. The possibility of considering an expanded problem nvolving optimization of a number of arc furnaces with respect to joint constraints is also discussed at the end of paper.