The bidding war for U.S. Steel could have big implications for a burgeoning domestic market for electrical steel — an ultrathin material vital for the auto industry as it makes more electric vehicles.
Electrical steel is a relatively niche segment, accounting for only about 1 percent of global steel production, but it is growing rapidly.
The material is difficult to make. It is rolled into sheets about 1-millimeter thick or less to be used in electric motors, transformers and generators. It contains silicon, and has magnetic properties well-suited for such electrical products.