Towards a Closed-loop System for the Steel Industry
AuthorJun H. Goh,Yoon-Jung Chin
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The Fourth Industrial Revolution is expected to trigger fundamental changes in the way we produce and consume goods and resources, accelerating the transition to a circular economy. Steel companies need to understand their strong and weak points and seek ways to address challenges for improving circularity. Recently, steel companies have begun to recognize the impact of value chains and implement various business practices and models. When responding to challenges and opportunities in the circular economy, there are three key areas of focus: process innovation; product innovation; and creating a ‘closed-loop platform.’ In the due course to reach the circular economy era, steelmakers will naturally become more innovative in green technology that will generate unimagined circular business opportunities as well.