Electric vehicle industry prizes steel over aluminum, says US steel supplier

NEW YORK: Electric-vehicle makers are choosing steel over aluminum as the preferred metal for automotive bodies, says the top executive at the largest steel provider to the US car industry.

Cleveland-Cliffs Inc. chief executive Lourenco Goncalves said EV companies are going "all-in” on steel as they build out plans for the transition away from combustion-engine vehicles.

The comment is significant given Cliffs’ visibility in the auto market, where the company supplies steel to automotive giants such as General Motors Co., Ford Motor Co., Toyota Motor Corp., Nissan Motor Co. and Mercedes-Benz AG.

Goncalves’s remarks came during a wide-ranging discussion at a steel conference in Atlanta. The CEO also spoke about upcoming labour negotiations with the United Steelworkers.

Goncalves said he doesn’t see any difference of opinion with USW officials and expects they’ll avoid a strike and get a deal done.