United States Steel Corp. will begin producing a new type of steel for electric vehicles this summer at its plant in Arkansas.
The Pittsburgh-based U.S. Steel provided a look what it’s calling InduX on Thursday at the Ceres Global conference in New York City. InduX is designed to capitalize on the growing market for domestic sources of steel for electric vehicles.
U.S. Steel (NYSE: X) said it’s wide, thin and lightweight and can be used not only in electric vehicles but also generators and transformers. It’s going to build 200,000 tons a year of InduX steel at Big River Steel once the non-grain oriented (NGO) line is commissioned. U.S. Steel invested $450 million at Big River Steel to get it working.