Let's say we build a ring/cable orbiting the Earth at super-orbital speed at 250 km altitude. Due to this, the ring is under tension.
The ring weighs 50000 tonnes.
We put a current through the ring and now we can have magnets levitating above/below/around it.
From such a magnet we descend a wire down to earth and hook it up to the ground.
The wire weighs quite a bit plus we prefer to put it under tension as well.
The total force by which our wire pulls on the magnet and thus orbital ring is 1000 kN.

Question: Does our ring sag and how does it sag?
Can you draw the force diagram? Or how do you even approach this?