A sustainable circular economy is one in which society reduces the burden on nature by ensuring resources remain in use for as long as possible. Once the maximum value has been extracted, the resources are then recovered and reused, remanufactured, or recycled to create new products. Society’s needs for things such as food, housing, transportation and energy, can be met without the production of waste.
Steel is fundamental to the circular economy. Not only can steel products be reused and remanufactured, steel is also a permanent material which can be recycled over and over again without losing its properties.
The industry is continuing to expand its offer of advanced steel products for many different sectors, such as high-strength steels which reduce the weight of applications, and encourage circular economy practices. For society, the benefits include more efficient and durable products, reduced emissions, and the conservation of raw materials for future generations – a more sustainable future.
In addition, the steel industry is also making a concerted effort to ensure the safety and health of its employees and to engage with local communities where steel is produced. The industry also provides education and training opportunities that will foster the innovation needed for a circular economy, through company-specific and industry-led initiatives.
This year our sustainability report focuses on three aspects: steel as a critical enabler and partner for other industries in a sustainable society; steel as an industry which takes its commitments and responsibilities seriously; and the challenges facing the industry along with initiatives that are in place to address them.