JFE Steel Corporation to Expand the Capacity of Electrical Steel for NEVs

SHANGHAI, Feb 17 (SMM) - On February 6, JFE Steel Corporation announced that it plans to further expand the production capacity of electrical steel for new energy vehicles at the Kurashiki Plant, which is expected to be put into production in the first half of the fiscal year 2024 (as of the end of September 2024). The total investment is about 50 billion yen (approximately $375 million), and it is expected to triple the electrical steel production capacity of the Kurashiki plant after it is put into operation. The electrification of vehicles is accelerating with the advancement of global carbon neutrality. As global environmental regulations are further tightened, the demand for high-grade non-oriented electrical steel products used in electric vehicle motors is expected to continue to grow.