This paper analyzes the steady state and dynamic behavior of a reactor for production of silicon metal, a submerged arc furnace. The furnace behavior has been analyzed through simulation studies using a detailed, industrially proven, mechanistic simulation model. The analysis reveals that the silicon furnace has changing and complex dynamic behaviour, including inverse responses and slow modes, especially close to optimality. The paper analyzes the causes of the changing dynamic behaviour. It also shows how the margins to optimality can be deduced from the dynamic response to changes in the carbon coverage input.