This paper discusses the estimation of reliability characteristics of a plate mill system of Bhilai Steel Plant. The whole system consists of one reheating furnace two slab pushers, one horizontal stand and one finishing stands. Reheating furnace is used to reheat the slabs in order to convert them into specific sizes of plates with the help of slab pushers, horizontal stand and finishing stand. Slab pusher is used to push the red hot slabs towards the horizontal stand. Horizontal stand is used to cut the end of the red hot slabs and is used in expanding the length of slabs horizontally according to required length. Finishing stand gives final shape to red hot slabs. All the failure time distribution along with preparation time of reheating furnace and repair time of slab pusher where as all the other repair time distribution are taken as arbitrarily distributed. Using regenerative point technique, various reliability characteristics of interest to the system designers as well as for operation managers have been evaluated. Finally, some graphs are also plotted in order to highlight the important results.