Crossword Genius

Material to exploit after initial downsizing (4)

Ross

I believe the answer is:

silk

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'material' is the definition.
(silk is a kind of material)

I don't understand how the rest of the clue works.

Can you help me to learn more?

(Other definitions for silk that I've seen before include "Senior lawyer; type of worm" , "Barman" , "Fabric obtained from the cocoon of a worm" , "Riding hat covering" , "Lustrous fibre" .)

I've seen this clue in The Independent.
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