Abstract: A water cooling panel forms a part of or substitute for the wall of a metallurgical furnace, such as an electric arc furnace. The panel can be formed alternately as a tube type cooler formed of parallel pipes connected at its ends in headers, with the latter having internal baffles to define a serpentine path, or as a box type cooler formed of steel plates or sheet and having internal baffle plates defining a serpentine path for the cooling fluid. In either case, fluid orificies are provided to permit a minor amount of flow through the baffles or baffle plates where there is a direction change in the serpentine flow path. This serves to prevent stagnation, and prevent the problems of hot spots and steam bubbles where there is a change of direction in the cooling flow. Projections welded along the furnace-facing side of the panel permit the panel to be covered with a layer of refractory material or solidified slag.