steel producer United States Steel Corp X could have a new product that will help with future growth — and it affects the growing electric vehicle market.

What happened: An important part of buildings, appliances and automobiles is often steel. No exception to the use of steel are electric vehicles.

A leading steel company is working on new ways to support the electric vehicle sector and increase its revenue growth opportunities.

In March US Steel announced the launch of InduX, an electrical steel manufactured at its Big River Steel Facility in Arkansas.

“InduX electrical steel is a very wide, ultra-thin and light-weight steel with all the magnetic properties required for electric vehicles as well as generators and transformers,” the company said.

US Steel will begin production of InduX in summer 2023 with a goal of producing 200,000 tons of the steel per year.

The move will help US Steel in the face of growing demand for electric vehicles and with the company’s sustainability efforts.

“We know that achieving our goal of net-zero GHG emissions by 2050 will require extraordinary action by everyone, and we’re doing our part by working together to find new business opportunities and develop new technologies,” Senior Vice President by US Steel Richard L. Fruehauf called.

The company plans to announce more details about InduX in the coming weeks.

Related link: Analyst ratings on United States Steel

Why it matters: The company said more customized electrical steel with better magnetic properties can improve engine efficiency and improve vehicle mileage.

InduX’s announcement comes after the company announced forecast for the first quarter that came in ahead of estimates from the street.

The company expects earnings per share to be between 58 and 63 cents per share in the first quarter, compared to Street’s target of 41 cents. The company cited strong order books and higher average selling prices as signs of optimism. It added that it’s always…