Presently, the furnace stock of the ferrous metallurgy and heavy engineering industry comprises approximately 55%-60% of units with service life over 30-50 years. Considering that constructing new furnaces requires significant financial investments and reduces production over a long period, the technical re-equipment and modernization of units in accordance with modern requirements have become widely adopted. This paper presents an appropriate methodology for the technical re-equipment and modernization, one that enables reducing time and achieving the optimal result with the lowest cost.