U.S. Steel and Cleveland-Cliffs jockey with foreign rivals to supply the crucial material for EV motorsLarge U.S. steelmakers are ramping up production of a hard-to-make, paper-thin steel to capture a fast-growing market for a material critical to powering electric vehicles.
Cleveland-Cliffs Inc. and U.S. Steel Corp. are jockeying with a small group of foreign-based steelmakers that produce electrical steel, used to convert electricity into mechanical power for motors in products that include washing machines, air conditioners, power tools and more recently, electric vehicles.
Then they'll find something else. 'Profit, umm, finds a way.'
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