In an integrated steel‐making plant, crude steel is produced mainly through a basic oxygen furnace (BOF) and an electric arc furnace (EAF). Apart from these two, energy‐optimizing furnace (EOF) is also evolving as a competent technology in the primary steel‐making process. Currently, a few plants are using the EOFs for crude steel production. The process control tools available in the EOFs are also limited, which may be the reason for limited reported attempts to improve this process. Mass and heat balance are essential methodologies to understand the mass flow of a process much better. Many mass and heat balance‐based studies have been carried out for the BOFs and EAFs, which can aid the operation of these furnaces toward process optimization. The present work focuses on developing a static model for the EOF process that can give a better understanding of the process and can aid the operation. A Microsoft Excel‐based model has been developed considering heat and mass balance coupled with thermodynamic data and operating conditions of the furnace from the plant scale experiments. The present model can predict the entire mass flow in the process and its accuracy is also assessed. The possible reasons for the present accuracy level were also elaborated.