Key Players
Competitive Landscape
Transformer builders award grain-oriented contracts on audited core loss, coating quality and delivery reliability, and few mills can meet all three. Grain-oriented capacity is scarce because each mill needs long annealing cycles and insulating coatings. Cleveland-Cliffs is the only domestic GOES producer in the USA.[3] thyssenkrupp counts itself as one of two remaining European GOES producers.[4]
New electrical steel capacity is going to the USA, India and Poland. Cliffs began a 25% GOES expansion at Butler.[3] JSW JFE approved CRGO expansion to 350,000 tonnes.[1] POSCO started trial production of motor cores at Brzeg.[6] ArcelorMittal set Calvert NOES output for the second half of 2027.[2]
Company developments mapped to drivers, trends and opportunities (2026-2036)
| Development | Driver | Trend | Opportunity |
|---|---|---|---|
| October 2026: Butler Works GOES expansion funded. | Transformer shortages in the USA. | Domestic GOES capacity grows. | US transformer makers can buy local core steel. |
| July 2026: DLA GOES contract of up to $400 million. | Defence grid resilience. | Government stockpiles of core steel. | Steady base load for the US GOES mill. |
| March 2026: thyssenkrupp extended Isbergues cuts. | Low-cost GOES imports. | European capacity shrinks. | Safeguard measures could restore EU mill volume. |
| August 2025: JSW JFE approved CRGO expansion. | Indian transformer demand. | Grain-oriented capacity moves to India. | Indian transformer makers cut import needs. |
Source: Future Market Insights, Electrical Steel Market Report, 2026-2036.
Mills sell coil to transformer makers, core cutters and motor lamination plants. POSCO sells Hyper NO sheet inside motor cores made by POSCO International.[6] JFE owns half of the Indian venture J2ES.[1]
Who leads the electrical steel market?
The key producer group comprises Nippon Steel, POSCO, thyssenkrupp, ArcelorMittal, voestalpine, Baosteel, JFE, Cleveland-Cliffs and Tata Steel. Cleveland-Cliffs holds the only US GOES mill.[3]
Which electrical steel producers have documented positions?
Cleveland-Cliffs secured DOE funds for Butler and a DLA contract.[7] ArcelorMittal advanced Calvert.[2] POSCO completed Brzeg.[6] JSW JFE approved Nashik and Vijayanagar expansion.[1]
What should transformer makers evaluate before approving a steel supplier?
Transformer makers compare core loss, gauge, coating quality and delivery time. Domestic origin now matters for US defence orders, and the DLA buys domain-refined GOES from Cleveland-Cliffs alone.[7]
How is electrical steel competition expected to change through 2036?
GOES supply will localize in the USA and India. thyssenkrupp and other European GOES mills will push for EU safeguards. Asian NGO producers will follow carmakers into Europe and North America with motor core plants.
Representative Company Overview
| Company | Positioning | Recent development |
|---|---|---|
| Cleveland-Cliffs Inc. | Only US GOES producer | October 2026: Butler Works expansion funded. |
| thyssenkrupp Steel | European GOES producer | March 2026: Isbergues shutdown extended. |
| ArcelorMittal | NOES project developer in Alabama | March 2026: Calvert start set for H2 2027. |
| POSCO | Hyper NO steel producer | October 2025: Brzeg motor core plant completed. |
Research Methodology
Capacity and contract facts come from steelmaker releases, annual filings, state government announcements and trade and news press dated May 2025 or later. The companies included in the report represent current market structure and do not indicate a market-share ranking.
