Abstract: A system and method for monitoring consumption of graphite electrodes during the operation of an electric arc furnace (EAF) uses machine vision cameras operatively communicating with a computer processor. The system can determine, track, manage, and optimize the consumption of the graphite electrodes in real time. Electrode consumption is determined for each EAF heat by measuring the length and tip diameter of the electrode. The length and tip diameter are used to determine the electrode consumption amount using a consumption model. Measured hydraulic pressure within the EAF correlating with a known electrode weight can also be used to determine electrode consumption and correlated with the model calculation. Butt loss can also be determined based on the machine vision measured lengths of the electrode and/or based on the hydraulic pressure. The calculated electrode consumption amounts are also stored in a database and correlated to other measured EAF parameters for multiple EAFs.