Abstract: A portable oven for holding shielded metal arc welding electrodes prior to their use. The holding oven utilizes the heated exhaust gases of a welding machine engine to maintain welding electrodes at an elevated temperature to prevent the absorption of moisture, which would adversely affect the quality of welds. The holding oven includes an insulated outer housing, which is positioned on or near an engine-driven welding machine. An interior rack for the electrodes is mounted in the upper portion of the housing and is accessible through a hinged door. A heat exchanger in the lower part of the housing is coupled to the exhaust pipe of the welding machine and radiates the exhaust heat into the interior of the housing before transferring the exhaust gases to a directional exhaust port. The holding oven may include means for measuring and regulating the interior temperature of the housing to keep the electrodes within a predetermined temperature range.