I was given an old ESAB ac tapped transformer machine, however it has to be on the 120/140 amp setting to burn a 2.5 ! Can these machines loose power over time ?
I haven't got an ac ammeter to test the output at the mo.
It might if there's a shorted turn, or if the laminations have become separated by rust. It's also worth checking if all the connections are tight. A few losses here and there could reduce the available arc power quite dramatically.