A method for compounding an alloy includes the step of forming a first batch of the base metal and tracking the first batch through the process. The master alloy is added to the first batch based on the weight of the base metal. In one embodiment, the master alloy is added to meet a desired percentage. In another embodiment, the master alloy is added to meet a desired total weight. When the total weight criteria is used, a computer tracks the weights of the batches and compensates for heavy batches with light batches and compensates for light batches with heavy batches in order to maintain the average weight of the batches at the desired total weight. The batches are briquetted and the composition of the briquettes are tracked. The briquettes are added to an electrode formation device and the position of the briquettes in the device is tracked so that the composition of the electrode can be identified.