The Global Electric Steel Market was valued at US$ 24,650 Million in 2023 and is projected to reach US$ 33,970 Million by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period. This robust growth is primarily driven by the global energy transition, escalating demand for electric vehicles (EVs), expansion of renewable energy infrastructure, and the modernization of power grids worldwide.

As industries pivot towards sustainability and electrification, the demand for high-efficiency electrical steels, also known as lamination steel, is surging. These specialized steels are fundamental to the cores of transformers, electric motors, and generators, directly influencing energy efficiency. In this blog, we profile the Top 10 Companies in the Electric Steel Industry—global steel giants and specialized producers who are shaping the future of electromagnetic components.

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🔟 1. Baowu Steel Group

Headquarters: Shanghai, China
Key Offering: Grain-Oriented (GO) and Non-Grained Oriented (NGO) Electrical Steel

Baowu Steel Group is the world’s largest steel producer and a dominant force in the electrical steel market. The company boasts extensive production capacity for both high-grade grain-oriented electrical steel (used primarily in transformers) and non-oriented electrical steel (used in motors and generators). Its scale and continuous R&D investments make it a critical supplier to China’s massive domestic market and global customers.

Innovation and Capacity Initiatives:

• Leading producer of ultra-thin, high-permeability GOES for next-generation transformers

• Significant investments in expanding high-grade NGOES production for the booming EV sector

• Focus on reducing the carbon footprint of steel production processes

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9️⃣ 2. ArcelorMittal

Headquarters: Luxembourg City, Luxembourg
Key Offering: iCARe® and Stylution® families of NGO Electrical Steel

ArcelorMittal is a global steel leader with a strong portfolio of advanced electrical steels. Its products are essential for applications ranging from industrial motors and domestic appliances to hybrid and electric vehicles. The company’s extensive global production network ensures a reliable supply chain for automotive and energy clients worldwide.

Innovation and Capacity Initiatives:

• Development of high-silicon NGO steels for improved motor efficiency

• Strategic focus on sustainable steelmaking with ambitions for carbon-neutral steel

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8️⃣ 3. Nippon Steel Corporation (NSC)

Headquarters: Tokyo, Japan
Key Offering: High-grade GOES, NGOES for automotive and energy sectors

Nippon Steel Corporation is a technology leader in premium electrical steels, renowned for its high-quality grain-oriented products. The company’s materials are critical for energy-efficient power transformers and advanced automotive traction motors, making it a key partner for global energy and automotive giants.

Innovation and Capacity Initiatives:

• Pioneering the development of domain-refined grain-oriented electrical steel

• Strong R&D focus on materials for high-speed EV motors

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7️⃣ 4. JFE Steel Corporation

Headquarters: Tokyo, Japan
Key Offering: JNE, JNA series NGOES, and JGH series GOES

JFE Steel is another Japanese powerhouse, producing a comprehensive range of electrical steels. Its high-performance non-oriented steels are widely used in the drives for EVs, hybrids, and industrial machinery, while its grain-oriented steels serve the transformer industry with a focus on reducing energy losses.

Innovation and Capacity Initiatives:

• Continuous development of low-core-loss steel grades

• Expansion of production facilities to meet rising global demand

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6️⃣ 5. ThyssenKrupp

Headquarters: Essen, Germany
Key Offering: NGO electrical steel strips and sheets

ThyssenKrupp is a major European supplier of non-oriented electrical steels, serving the automotive, industrial, and renewable energy sectors. The company’s expertise lies in producing tailored solutions for high-efficiency motor applications, aligning with Europe’s stringent energy efficiency regulations.

Innovation and Capacity Initiatives:

• Investment in producing thinner gauges for high-frequency applications

• Focus on sustainable production through its “climate-neutral strategy 2050”

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5️⃣ 6. POSCO

Headquarters: Pohang, South Korea
Key Offering: Premium Electrical Steel Plates and Sheets

POSCO, South Korea’s largest steelmaker, is a significant global player in the electrical steel market. The company produces high-quality non-oriented electrical steel that is critical for the country’s robust electronics and automotive industries, including leading EV manufacturers.

Innovation and Capacity Initiatives:

• Development of high-strength NGO steel for EV motor applications

• Active pursuit of green steel initiatives to decarbonize its operations

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4️⃣ 7. NLMK Group

Headquarters: Moscow, Russia
Key Offering: Dynamo and Transformer Steel

NLMK Group is a leading Russian producer of electrical steel, with a strong presence in both domestic and international markets. The company manufactures a wide range of grain-oriented and non-oriented steels, supplying the energy, industrial, and automotive sectors.

Innovation and Capacity Initiatives:

• Modernization of production facilities to enhance product quality and output

• Focus on serving the growing demand within the CIS and European markets

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3️⃣ 8. Cogent (Tata Steel)

Headquarters: Newport, United Kingdom
Key Offering: NGO Electrical Steel for motors and generators

Part of the Tata Steel group, Cogent is a specialized European producer of non-oriented electrical steel. It is a key supplier to the automotive industry, particularly for electric vehicle traction motors, and is known for its technical expertise and customer-focused solutions.

Innovation and Capacity Initiatives:

• Specialization in high-permeability, low-loss steels for advanced motor designs

• Investment in R&D to support the electrification strategies of automotive OEMs

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2️⃣ 9. AK Steel (now Cleveland-Cliffs)

Headquarters: West Chester, Ohio, USA
Key Offering: Grain-Oriented and Non-Oriented Electrical Steels

Now a part of Cleveland-Cliffs, AK Steel is a major North American producer of electrical steels. The company supplies critical materials for the power distribution industry (transformers) and the automotive sector, playing a vital role in the region’s infrastructure and mobility transition.

Innovation and Capacity Initiatives:

• Production of high-permeability electrical steels for efficient power transformers

• Strategic positioning to capitalize on the U.S. push for grid modernization and EV adoption

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1️⃣ 10. Voestalpine

Headquarters: Linz, Austria
Key Offering: High-grade NGO electrical steel strips

Voestalpine is a leading technology and capital goods group based in Austria, with a strong focus on high-quality electrical steels. Its products are used in demanding applications such as high-speed motors for electric vehicles and industrial drives, emphasizing precision and performance.

Innovation and Capacity Initiatives:

• Development of specialized grades for high-frequency and high-efficiency applications

• Commitment to “greentec steel” through hydrogen-based steelmaking pilot plants

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🌍 Outlook: The Future of Electric Steel Is High-Efficiency and Sustainable

The electric steel market is at the heart of the global electrification mega-trend. While conventional grades continue to see steady demand, the industry is rapidly innovating to develop advanced, high-permeability, and low-core-loss materials that are essential for next-generation energy systems.

📈 Key Trends Shaping the Market:

• Exponential demand growth from the Electric Vehicle sector for high-performance motor steels

• Global grid modernization projects driving need for energy-efficient transformer steels

• R&D focus on ultra-thin gauge steels for high-frequency applications in renewables and EVs

• Increasing pressure and initiatives for sustainable, low-carbon steel production

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The companies listed above are not only supplying a critical material—they are enabling the technological advancement and energy efficiency of a electrified world.