Sustainability in steel production is achieved through practices like high-volume recycling, adoption of cleaner technologies such as the Electric Arc Furnace (EAF) method, and a focus on reducing energy consumption and emissions. Steel's high recyclability and ability to be reused without loss of quality make it an inherently sustainable material, especially when produced with renewable energy.
Key sustainability practices in steel production
- Recycling: Steel is one of the most recycled materials, with the process of melting scrap steel to create new products saving significant energy and resources.
- Cleaner technologies:
- The Electric Arc Furnace (EAF) can utilize up to 100% scrap steel and has significantly lower carbon emissions compared to traditional methods, especially when powered by renewable energy.
- The Basic Oxygen Furnace (BOF), a more traditional method, can incorporate up to 30% recycled materials but is more carbon-intensive.
- Energy efficiency and emissions reduction:
- Sustainable practices lead to lower energy consumption and reduced greenhouse gas emissions.
- Collaborative initiatives and resource exchanges between industries help to reduce waste.
- Adoption of clean technologies: The industry is guided to adopt cleaner technologies to balance risk, capital costs, and quality, and to meet growing demand for sustainable steel.
- Improved ESG performance: Focusing on Environmental, Social, and Governance (ESG) metrics helps companies meet shareholder expectations for sustainability.
- Digitization and collaboration: Embracing digitization can unlock value, while collaboration with all stakeholders is crucial for accelerating the transition to more sustainable practices and improving output quality.