Abstract: A welding transformer with drooping voltage-current characteristic comprising a split magnetic core wound from transformer plate, and separated primary and secondary windings. In the core window, a moving shunt of the magnetic flux is provided between the secondary and primary windings. Where the magnetic flux passes from the core into the magnetic flux shunt, the core is provided with spacing blocks made from transformer plate. Laminations of these spacing blocks are so arranged in relation to the core plate that the magnetic flux does not cross the plane of the core plates but flows towards the magnetic shunt.