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The global decarbonization drive is turning electrical steel into one of China's key ferrous products, with electrical steel exports surging in recent years, sources said.
Shougang Group, a leading Chinese steelmaker and major electrical steel supplier, said in November 2023 that electrical steel is its star product. Its capacity of high-grade non-oriented electrical steel used in EVs has reached 550,000 tonnes per year, and its total electrical capacity will reach 2.2-2.3 million tpy by 2025, with high-end products accounting for over 70%.
High profits from high-grade electrical steel thanks to growing demand from the booming EV market prompted Shougang to increase the capacity of the product, according to the Beijing-headquartered steelmaker.
Shougang has exported its electrical steel to more than 24 countries and regions.
Baosteel (Baoshan Iron & Steel Co., Ltd.), which is the listed arm of steelmaking giant China Baowu Steel Group, said in 2021 that electrical steel was its most profitable product, following by automotive sheet, heavy plate, and pipes. More than half of driving motors in China-manufactured EVs used non-oriented electrical steel produced by Baosteel, the steelmaker said in October 2023.
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