The invention concerns an electrode for arc furnaces, especially for electrosteel production, comprising a metallic liquid-cooled upper shaft (1) and an exchangeable lower active portion (2) of self-consuming material, particularly graphite, whereby a securing means is provided which is electrically insulated against the current-conducting components (11) of the shaft (1) and said securing means detachably connects the shaft (1) with the active portion (2) as well as holding the contact surfaces of the active portion (23) pressed against the contact surfaces (14) of the current-conducting components (11) of said shaft.To further develop an electrode of this type, which also provides the possibility of rapid and simple disconnection or connection with respect to the shaft (1) and the active portion (2) with a simple design, especially of the area of the active portion on the connection side, the securing device is designed as a clamping means (40; 60) which takes direct effect on the upper end of the active portion (2) in such manner that the clamping force essentially pressure-loads the material of the active portion (2), whereby the physical properties of the material of the active portion (2) are so exploited that no complicated designs are required on the connection side for said active portion (2).