During the production of steel the molten steel is treated with oxygen which results in its refining. Later, reducing agents are used to remove the excess oxygen in the system. Further the various types of Ferro alloys are added in the required ratio to get the target grade chemistry of steel. Maintaining the ratio balance is a difficult and complex process and requires a lot of expertise. The improper addition of Ferro alloy may lead to off target chemistry. Besides it also adds to the cost. There are several Ferro alloys with varying cost and varying chemistry. Targeting the lower range of chemistry for reducing the cost may also lead to grade chemistry getting off-target. In order to achieve the simultaneous task of achieving the grade chemistry as well as lowest cost, the addition amounts (of alloys) needs to be carefully calculated. The work aims at developing a knowledge based system that optimizes the ratio in which different alloys must be added so that the cost is minimum as well as the desired chemistry is maintained.