Microalloyed steels can be manufactured by electroslag remelting provided that a good understanding of the complex thermodynamics in this process is achieved. Slag components, elements dissolved in liquid steel, ferroalloys and deoxidizers play a significant role. Theoretical calculations based on the concept of thermodynamic activity are proposed which describe the oxidation and exchange reactions of the elements with affinity for oxygen. Experimental results are interpreted and it is then possible to propose an overview of the outstanting phenomena which take place. It is therefore possible to adjust the process to the manufacturing of steels with different composition from electrode.