An inverter controlled DC arc welder of consumable electrode type includes an input rectifier for rectifying AC input power, an inverter for converting the rectifier output to high frequency AC power, an output transformer for stepping down the inverter output voltage, and an output rectifier for rectifying the transformer output voltage to provide a DC output voltage to be applied to a welder load. The welder further includes means for detecting current flowing through the welder load to produce a detection signal, a differentiator circuit for differentiating the detection signal, and correction means for correcting a predetermined reference voltage in accordance with the differentiator output voltage. Feedback control means controls the inverter in accordance with the difference between the transformer output and the corrected reference voltage.