ABSTRACT
The global economy has to face several challenges due to the scarce resources and environmental impact of economic activities. The introduction of circular economy as a business model can reduce environmental damage. In our study, we introduce the potentials the steel economy has in the transition to circular economy. Steel is the most commonly used raw material, it is essential in all fields of life. Based on the strategic documents, workpapers and reports of relevant organizations of the sector we introduce in our model the advantages and possibilities the steel industry has to engage to the circular approach. We found that the sector can be one of the drivers in transition. The raw material and energy consumption can be reduced, besides the GHG emissions, while cost efficiency and competitiveness increases. The developments have spillover effects in other sectors using steel of higher quality or through the by-product reuse and have an impact on social well-being as well.
