Global steel firm Arcelor Mittal has revealed its ambition to become a circular economy business.
In its Sustainability Report 2014, the steel giant said that it wishes to move from resource efficiency to circular thinking so that it can unlock the opportunities it offers the business.
It want to eventually position itself as an acknowledged leader in building a more resource efficient economy.
In the Sustainability Report, Arcelor Mittal said it would seek to achieve this by “making efficient use of raw materials is already central to the success of our business. Within our new sustainable development framework, we are asking our business units to explore how they can support the circular approach to steel production and use. For example, how their operations can improve access to scrap steel, generate fewer production residues, develop products that can be reused rather than simply recycled, and turn more by-products from steelmaking into valuable materials in their own right. We will work with them to consider how to mitigate any risks that could result from the shift towards the circular economy and how to create value from the opportunities it could present. This could mean collaborating with both suppliers and customers to develop innovative reusable products, and exploring the potential of alternative business models.”
In the report, Arcelor Mittal also revealed that it had recycled 31 million tonnes of scrap steel in 2014.
It also said that its global R&D division is currently working with the Worldsteel Association on a number of recycling projects, including working with the automotive industry to investigate how much more value can be gained from dismantling vehicles before they are shredded.