The invention claims a method to manufacture liquid steel in a single step/single equipment process from briquettes containing iron bearing wastes/fines and carbonaceous material.Briquettes are manufactured using prior art/common knowledge.The briquettes are charged into the induction furnace along with electrically conductive material (which can be constituents of the briquettes or charged with briquettes into the furnace in layers) with the ultimate aim of manufacturing steel.During thr process,first briquettes get reduced into direct reduced iron (sponge iron) in the furnace and then proceed to liquid iron stage.At this stage,steel scrap and/or sponge iron and other alloying additives are added to proceed to steel making phase.The liquid steel is subsequently poured into ingots or ladles to be taken to continuous casting machine.