This work discusses 3D models of current distribution in a three-phase Submerged Arc Furnace that contains several components, such as electrodes, central arcs, craters, crater walls, and side arcs that connect electrodes and crater walls. A complete modeling approach requires time-dependent modeling of the AC electromagnetic fields and current distribution, while an approximation using a static DC approach enables a significant reduction in computational time. By comparing results for current and power distributions inside an industrial submerged arc furnace from the AC and DC solvers of the ANSYS Maxwell module, the merits and limitations of using the simpler and faster DC approach are estimated. The conclusion is that although effects such as skin effect and proximity are lost with the DC approach, the difference in the location of energy dissipation is within 6% margin. The given inaccuracies introduced with an assumption about furnace configuration and physical properties are significantly more important for the overall result. Unless inductive effects are of particular interest, DC may often be sufficient.