An induction furnace is an electrical furnace in which the heat is applied by induction heating of metal.  
Induction furnace capacities range from less than one kilogram to one hundred tons, and are used to melt iron and steel, copper, aluminum, and precious metals.
The advantage of the induction furnace is a clean, energy-efficient and well-controlled melting process, compared to most other means of metal melting.
Most modern foundries use this type of furnace, and many iron foundries are replacing cupola furnaces with induction furnaces to melt cast iron, as the former emit much dust and other pollutants.
Induction furnaces do not require an arc, as in an electric arc furnace, or combustion, as in a blast furnace. As a result, the temperature of the charge (the material entered into the furnace for heating, not to be confused with electric charge) is no higher than required to melt it; this can prevent the loss of valuable alloying elements.
The one major drawback to induction furnace usage in a foundry is the lack of refining capacity: charge materials must be free of oxides and be of a known composition, and some alloying elements may be lost due to oxidation, so they must be re-added to the melt.