Induction Skull Melting (ISM) is used for heating, melting, mixing and, possibly, evaporating reactive liquid metals at high temperatures when a minimum contact at solid walls is required. The numerical model presented here involves the complete time dependent process analysis based on the coupled electromagnetic, temperature and turbulent velocity fields during the melting and liquid shape changes. The simulation is validated against measurements of liquid metal height, temperature and heat losses in a commercial size ISM furnace. The often observed limiting temperature plateau for ever increasing electrical power input is explained by the turbulent convective heat losses. Various methods to increase the superheat within the liquid melt, the process energy efficiency and stability are proposed.