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The electric arc furnace not only can smelt high-quality steel with low phosphorus, sulfur and oxygen contents, but also can alloyize with various elements (including easily oxidizable elements such as lead, boron, vanadium, titanium and rare earth), to produce various high-quality steels and alloy steels, such as ball bearing steel, stainless acid-resistant steel, tool steel, electrical steel, heat-resistant steel, magnetic materials and special alloys, etc.