Grain-oriented electrical steel (GOES) supply chain
BOTTLENECKCleveland-Cliffs dominates US supply of this specialized steel which has no substitute and gates global transformer output.
Specialized magnetic steel for transformer cores, with strict grain orientation requirements. No standard steel substitute exists; this single material gates global transformer output. Cleveland-Cliffs controls 60-70% of US supply, shielded by 25% tariffs; prices rose over 20% in 2024-2025.
Specialised silicon steel used for transformer cores, requiring precise magnetic properties not achievable from standard electrical steel; the binding material input for transformer manufacturing.
What the evidence shows
Cleveland-Cliffs is the only major domestic GOES supplier in the US.
factmr.comThe GOES oligopoly drives a 48-60 month lead time for large power transformers.
energy-solutions.coAsia-Pacific holds 60%–65% of the global GOES market share.
industryresearch.bizWho controls it
Where it sits in the stack
Takes in: Raw silicon steel, specialised rolling and annealing processes
Sends on: GOES coils delivered to transformer manufacturers
Related nodes
Full scorecard, owner shares, supply edges and the full tracked roster are in the desk letter.
GET THE BRIEFING