How do you polish steel wheel lips to shine like chrome?

Some different ways to go about it.

If it is bare aluminum on a used wheel, very minor oxidation. You can sand with the grain, straight around the circle like sanding wood. Not in circles.

Sand with WD-40 and 320 wet dry, use lots of WD-40 to keep the wet dry paper clean.

Then follow up with WD-40 and Red Scotch Brite pad to reduce the sand scratches.

Now you can buff it up here with a terry cloth towel if you like more of a brushed finished look.

Or you can continue on with WD-40 and 00-Steel Wool for a little more shine.

Or move on to Mothers Mag & Aluminum Polish for a more chrome like finish. This looks nice but is fussy to keep clean and shows water spots if you don't wipe them down after washing.

Here is WD-40 and Red Scotch Brite finish, the Brushed look on my Dodge Truck.

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Here is WD-40 and Steel Wool finish on the '67 Dart.

I like the looks of this on these wheels cause that is how they came back in the day, and they shine nice without that chrome look. Easy to maintain too.
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Can use Mothers for that chrome look if you so choose, Elbow Grease required.

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