Big U.S. steelmakers are ramping up production of a hard-to-make, paper-thin steel to capture a fast-growing market for a material critical to powering electric vehicles. The product known as electrical steel accounts for only about 1% of all the steel produced annually in the world, and executives say it is already in short supply for electric vehicles. The WSJ’s Bob Tita reports that Cleveland-Cliffs and U.S. Steel are jockeying with a small group of foreign-based steelmakers over an expanding, high-value market. Supply chains for making battery-powered electric vehicles have become a flashpoint for the U.S. auto industry. More than 80% of the electrical steel produced comes from China, Japan and South Korea, all countries that are subject to U.S. tariffs or quotas on steel imports. Demand for the highest-quality electrical steel is projected to far exceed supply by 2027 unless more production capacity is added.

The burgeoning role of middlemen in pharmaceutical supply chains is coming under legal challenge. The state of Ohio is suing several firms that manage billions of dollars in drug benefits, the WSJ’s Jared S. Hopkins reports, alleging that they are conspiring to fix prices as they negotiate with drugmakers over the distribution of medicines. The companies play a largely hidden but important role in the prescription-drug supply chain, serving as middlemen among drugmakers, health insurers and pharmacies. The suit against Cigna Group, Humana and Prime Therapeutics ratchets up scrutiny of the companies while shining a spotlight on their new tactic of using overseas subsidiaries. Governments, employers and unions hire the companies known as pharmacy-benefit managers to manage their payments, including controlling spending. But Ohio Attorney General Dave Yost says the companies bring “no value to the supply chain. All they’re doing is inflating the price.”
 

Turmoil in the U.S. banking sector is triggering growing risks in the global economy. (WSJ)

Alibaba founder Jack Ma returned to mainland China after spending roughly a year overseas following brushes with regulators. (WSJ)

Anastasiya Pasterick will succeed Kim Brady as chief financial officer of electric-truck maker Nikola following Mr. Brady’s retirement. (WSJ)

Uber Eats is taking thousands of online-only brands​ off its app. (WSJ)

Importers and other groups are urging the White House to intervene in stalled West Coast port labor talks. (BNN Bloomberg)

State-owned Saudi Aramco is taking a stake in a Chinese oil refiner and will supply 480,000 barrels a day of crude to the facility. (Financial Times)

Japanese construction equipment manufacturers including Komatsu and Hitachi Construction Machinery are turning China into an export hub for general-purpose products. (Nikkei Asia)

Clothing supplier Next Level Apparel is accelerating nearshoring plans with an agreement to expand production in the Dominican Republic and Haiti. (Sourcing Journal)

Supply chain issues over advanced alloys are impeding China’s mass production of new military aircraft engines. (Defense News)

Ashley Furniture is closing a distribution center outside Columbus, Ohio, that it opened three years ago. (Newark Advocate) 

Union Pacific agreed under a new deal with a rail union to drop its push for one-person crews. (Trains)

Surface Transportation Board Chairman Martin Oberman says trains are safer than trucks when moving freight. (Chicago Tribune)

Middle Eastern and Turkish companies are buying older tankers at what market experts say are “substantial” price levels. (TradeWinds)

Norway’s largest pension fund wants to change the makeup of A.P. Moller-Maersk’s board and amend the shipping company’s 

Ports America will spend $43 million to upgrade a cargo terminal at Mississippi’s Gulfport. (Port Technology)

Maersk-owned APM Terminals is working with a local group to expand capacity at Vietnam’s Haiphong City port. (Splash 247)

Hutchison Port Holdings is implementing 5G technology to advance digitalization and automation at its Hong Kong facilities. (South China Morning Post)

Florida enacted a law toughening rules on lawsuits, including cases against trucking companies. (Commercial Carrier Journal)

Home-goods retailer At Home cut prices on thousands of items in response to falling supply-chain costs. (Retail Dive)

Correction
A photo in Monday’s newsletter depicted a derailed tank car that was part of a Norfolk Southern train. A caption incorrectly described it as a Norfolk Southern tank car.

Paul Page is editor of WSJ Logistics Report. Reach him at paul.page@wsj.com.

Follow the WSJ Logistics Report team: @PaulPage, @bylizyoung and @pdberger. Follow the WSJ Logistics Report on Twitter at @WSJLogistics.