Looks like the job is held in a three jaw chuck, so will not be as concentric as being set up in a four jaw.
If looking for that level of accuracy, the far end, in the steady could be clocked and set to run concentric within close limits.
Being the rotor from an electric motor, there will be a comparatively large air gap between the rotor and the pole pieces, so maybe a three jaw is sufficiently accurate, particularly when working close up as inn the photo.
If concentricity is not good enough, the risks are friction from non aligned bearings and out of balance forces.
Howard
Edited By Howard Lewis on 26/04/2021 18:50:17