Hyperdrive
Nippon Steel, JFE May Further Boost Output of Niche Steel for EVs
- Nippon Steel, JFE looking at raising electrical steel output
- Energy transition turbo-charging demand for the product
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Japan’s two biggest steelmakers may accelerate investment in a niche steel that’s becoming increasingly sought after as the shift to electric vehicles gathers pace.
Nippon Steel Corp. and JFE Holdings Inc. are already spending a combined 172 billion yen ($1.3 billion) to lift output of so-called electrical steel used in EV motors, and are now looking to raise that further, according to interviews with senior executives.