The effect of magnesium content on defect rates and yield in bar billets made of 708 alloy obtained by the electric arc furnace smelting, vacuum arc remelting forging method under the conditions of Stupino Metallurgical Company is determined. The effectiveness of the effect on the properties of the alloy is assessed at constant technological parameters of smelting in electric arc furnace and subsequent vacuum arc remelting using statistical analysis based on 92 industrial melts. The presented statistical results of a wide array of melts made it possible to clarify the required optimal magnesium content in the 708 alloy at the stage of producing it in electric arc furnace. It is established that optimal magnesium content allows to obtain a high yield, as well as minimal defects in internal defects identified using ultrasonic testing.