In an electroslag remelting installation, a pair of consumable electrodes are immersed into a molten slag bath contained in a mold, which can be cooled by various arrangements of cooling liquid. The molten slag is introduced into the mold through a passage through the lower portion of the mold. AC electrical power is applied between the electrodes to cause current flow through the electrodes and through the molten slag bath and part of the molten metal pool, thereby heating and causing the electrodes to melt to form an ingot. As the electrodes melt, they are simultaneously fed together into the slag bath. A conductor, connected between the bottom plate of the mold and either a center tap on the secondary winding of the transformer supplying AC power to the electrodes or to a center tap on a choke coil connected in parallel with the secondary winding, provides an equalizing circuit which automatically adjusts the melting of the electrodes to keep them at equal immersion depths in the slag bath. Electrical lines and connectors are grouped in close arrangement and in parallel paths where possible to avoid inductance losses.