The paper describes briefly transformers of the ladle furnaces (LF) of the electric steel making shop (ESMS) at OJSC Magnitogorsk Iron and Steel Works. It notes a lack of regulations and experience of development and implementation of the system for control of furnace transformer condition at domestic iron and steel works. The paper provides analysis of the known systems enabling condition monitoring for transformers of this class. Their disadvantages are mentioned, too. Main attention is paid to estimation of the TDMS system developed by OJSC Dimrus together with Magnitogorsk State Technical University and OJSC Magnitogorsk Iron and Steel Works. The modular configuration is under consideration. System units and sensors installed at ESMS transformers are listed. The study provides a list of main functions and technological parameters controlled by the system. It describes the MINITRANS device designed for gas and oil moisture control and installed at transformer of LF No. 3 and the unit of built-in sensors used within the transformer monitoring system of LF No. 1. Interface of the TDMS system is considered; main views of the application are also provided. The paper suggests the threshold values of main diagnostic parameters reflecting transformer technical condition. Technical and economical benefits resulted from the system introduction should be noted.