A degradation of metallurgical equipment is normal process depended on time. Some factors such as: operation process, friction, high temperature can accelerate the degradation process of metallurgical equipment. In this paper the authors analyzed three phase induction motors. These motors are common used in the metallurgy industry, for example in conveyor belt. The diagnostics of such motors is essential. An early detection of faults prevents financial loss and downtimes. The authors proposed a technique of fault diagnosis based on recognition of currents. The authors analyzed 4 states of three phase induction motor: healthy three phase induction motor, three phase induction motor with 1 faulty rotor bar, three phase induction motor with 2 faulty rotor bars, three phase induction motor with faulty ring of squirrel-cage. An analysis was carried out for original method of feature extraction called MSAF-RATIO15 (Method of Selection of Amplitudes of Frequencies -Ratio 15% of maximum of amplitude). A classification of feature vectors was performed by Bayes classifier, Linear Discriminant Analysis (LDA) and Nearest Neighbour classifier. The proposed technique of fault diagnosis can be used for protection of three phase induction motors and other rotating electrical machines. In the near future the authors will analyze other motors and faults. There is also idea to use thermal, acoustic, electrical, vibration signal together.