A comprehensive analysis of the finite element method based lamination modeling has been performed and the results are presented in this paper. The simulations are made in two subsequent steps. In the first step, the approximate magnetic field distribution inside the material with linear characteristics is determined assuming a bulk material having anisotropic conductivity and laminates are not taken into account. In the second step, the eddy current field inside the individual laminates is modeled. The boundary conditions of any individual sheets are obtained from the bulk model. The paper presents the advantages and the drawbacks of the applicable potential formulations. Results are compared with the quasi-static electromagnetic field obtained from a reference solution taking account of each laminate.