Large 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. CLF 0.89%increase; green up pointing triangle and U.S. Steel Corp. X 0.62%increase; green up pointing triangle 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.
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