SEATTLE (Scrap Monster): Barbara Smith, Chairman, President and Chief Executive Officer of Irving, Texas-headquartered Commercial Metals Company (CMC) rejected speculations of a possible global scrap shortage as the blast furnaces transition to electric arc furnaces (EAFs). She termed such predictions as mere rumors, saying that no such shortfall is expected in the near term.
Addressing Fastmarkets’ Scrap & Steel North America 2023 event in Dallas, USA, Smith noted that the research carried out by the company suggests that the global scrap inventory will be more than sufficient to meet the long term needs. There will be enough scrap as the world continues to switch to EAF route for steel production.
The current scrap export volumes of 20 million tons per year by the U.S. clearly indicate that there is plenty of material available. Also, growing economies such as China and India are expected to contribute significantly to the scrap reservoir. Going forward, there will be huge demand for high-quality scrap, Smith said.
The evolution of new technologies will ensure that more scrap is recovered from metal recycling process. These innovative technologies may deliver useful life to byproducts of metal recycling which are now landfilled. The switch to EAF steelmaking is critical, as it produces significantly less carbon emissions, compared with traditional steelmaking.