Rimjhim Ispat Ltd MD says Recycling steel imperative for environmental harmony

BharatOnlineWork
Aug 23, 2017 · 2 min read

Iron and steel scrap are amongst the majorly recycled ferrous metals in the world. Companies like Rimjhim Ispat Ltd, JSPL, Tata Steel, etc., are the key players contributing to the global steel recycling market. Factors like stringent laws for waste management & recycling, awareness on the sustainable use of natural resources, and demand for recycled metal have enforced the private sector bodies to efficiently reuse the waste released during production.

In recent times, the income and spending capacity of people in developing countries have significantly increased. This has ultimately led to increase in demand in various end-use sectors, such as health care equipment, metal fabrication, building & construction, electronics, medical and automotive, which are driving growth in the metal recycling industry.

“To ensure environmental harmony across the world, companies must actively participate in environmental initiatives, such as collection and recycling of metal waste for the recovery of metal from scrap,” highlights Yogesh Agarwal, the Rimjhim Ispat MD.

Every year, tonnes of metal scraps are derived from annihilated products and crumbs generated through manufacturing processes. The utilization of scrap in steel production has become an integral part of the steel manufacturing industry. According to the Bureau of International Recycling, over 50% of the steel is produced out of scrap.

“We can save up to 1.8 barrels of oil, 4 cubic yards of landfill space and 642 Kwh of energy with just a ton of recycled steel,” explains the Rimjhim Ispat MD. Despite these benefits, recycling ferrous and non-ferrous metals enables the sustainable use of earth’s natural resources.

The global recycling revenue is expected to reach $5.04 billion by 2020 at a projected CAGR of 20.6% between 2016 and 2020 from $1.66 million in 2015. The report states the industry trends, drivers, opportunities and challenges regarding the recycling market and project the market till 2020. The report also describes the processes involved in the recycling process to retrieve different types of materials.
The global steel recycling market is expected to thrive in the coming years due to the strict regimes of countries to eradicate the dumping of steel wastes in the sea and landfills. The condition of brimming landfills has also activated an urgent need for recycling steel in place of producing new material. Moreover, the huge amount of iron ore required in production of steel involves huge expenses than recycling steel. “The cost-effectiveness of recycling steel is important to give the market a much-needed impetus,” says Yogesh Agarwal.

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