Electromagnetic forming is a high velocity cold forming process for electrically conductive materials. The aim of this paper is to analyze a numerical method to solve a transient axisymmetric eddy current problem arising from mathematical modelling of the process. We deal with a degenerate parabolic partial differential equation. Well-posedness can be proved by using regularization arguments. For numerical solution, a finite element method in space combined with an implicit Euler time discretization is proposed. Error estimates are obtained and numerical results are shown.
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