Quantifying flexibility provisions of the ladle furnace refining process as cuttable loads in the iron and steel industry

•Providing power system flexibility from the iron and steel industry is feasible.•Ladle furnaces (LFs) can provide great flexibility potential as cuttable loads.•An evaluation model to assess the flexibility of LFs, as cuttable loads, is proposed.•The dynamic flexibility provision capacity of LFs is evaluated.•The electricity costs before and after load adjustments are compared.