"The new mill … will increase overall capacity and offer greater flexibility in processing alloys for highly specialized soft magnetics applications in the aerospace, consumer electronics and electric vehicle markets," the company said in a statement. 

Soft magnetics are materials that can be easily magnetized and de-magnetized and  are used in modern electrical engineering and electronics. Making them requires sophisticated equipment, special processes and highly controlled atmospheric conditions, the company said. 

“Carpenter’s industry-leading capabilities in the field of soft magnetic technology for the aerospace and defense end-use market has created a strong platform for growth over the next several years. In addition, the value proposition of our CarTech Hiperco family of soft magnetic alloys provides customers enhanced electronic properties and significant design flexibility to improve performance,” said Carpenter Technology president and chief executive Tony Thene.