Reuters reported that China’s top listed steelmaker Baoshan Iron & Steel Co Ltd has started construction of a high grade non oriented silicon steel project with total investment at 2.72 billion yuan (USD 417 million). The project, designed for new energy vehicle usage aims to produce 500,000 tonnes of the steel product per year. The new production line is expected increase Baosteel’s total high grade non oriented silicon steel capacity to one million tonnes per year. Its overall silicon steel capacity will total four million tonnes.
High-grade non-oriented silicon steel is typically used for the rotor and stator in NEV electric motors. Baosteel holds a 60% market share of high-grade non-oriented silicon steel in China and 30% globally.