Feasibility Assessment for Adoption of Circular Economy Model in Steel Industry

Satyendra Sudershan¹ , Bhawna Khalkho²

Section:Research Paper, Product Type: Journal-Paper
Vol.8 , Issue.9 , pp.13-17, Sep-2022

Online published on Sep 30, 2022

Copyright © Satyendra Sudershan, Bhawna Khalkho . This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
 

View this paper at   Google Scholar | DPI Digital Library

XML View     PDF Download

How to Cite this Paper

Abstract :
Circular economy is basically a model that leads to optimum utilization of resources which is aimed at eliminating waste and continual use of resources. Adoption of circular economy has substantial benefits in terms of innovating new products and services from used one. It has great access to market as well creates great oppourtunity for corporation and collaboration for manufacturing new products from used one. This in turn improves environmental performance and reduces the risk of shortage of resources. It is a new manufacture and utilization model that ensure sustainable development over time. Until now we have lived with linear production model to extract, produce, consume and discard. In this manufacture and utilization model, raw materials are used repeteadly to produce new products. In circular economy raw materials are kept longer in production cycles. The transition towards circular economy has become the need of the hour. The shift towards circular economy has great potential to expand even by starting small. To reap maximum benefits from circular economy, closed loop materials and energy flow needs to be implemented. Hence this is the hour of need for steel industry must pay attention for adoption of circular economy to the fullest. As what goes around comes around, so whatever was once old will be new again.

Key-Words / Index Term :
Circular Economy, Steel Industry, Sustainability

References :
[1] S. Sudershan and S. K. Dhua, “A study for improved sinter quality and productivity with optimum use of mill scale and coke breeze”, International Journal of Scientific Research in Multidisciplinary Studies, Vol.7, Issue 4, pp.37-42, April 2021.
[2] Valero, A. and Antonio V., US Energy Information, Administration Statistics, 2015.
[3] Chen, W., R. Jin, Y. Xu, D. Wanatowski, B. Li, L. Yan, et al, “Adopting Recycled Aggregates as Sustainable Construction Materials: A Review of the Scientific Literature.” Construction and Building Materials 218: 483–496. doi:10.1016/j.conbuildmat.2019.05.130
[4] Yoon-Chung Chin, “Steel in a Circular Economy: Change, Impact, and Prospects”, Asian Steel Watch, Vol.5, pp.34-43, June 2018.
[5] Shahbaz Khan & Abid Haleem,; “Investigation of Circular Economy Practices in The Context of Emerging Economies: a CoCoSo Approach” International Journal of Sustainable Engineering, pp. 357-367, 2021.
[6] Bhawna Khalkho, Satyendra Sudershan, P. Saravanan, S. Srikanth, “Future of Green Hydrogen in Steel Industry”, International Journal of Scientific Research In Multidisciplinary Studies (IJSRMS), Vol. 8, Issue 2, pp.25-30, 2022.
[7] Circular Economy, Initiatives by Tata Steel.
[8] B. Das, S. Prakash, P.S.R. Reddy, V.N. Misra, “An Overview of Utilization of Slag and Sludge from Steel Industries”, Resources, Conservation and Recycling, Vol.50, pp.40–57, 2007.
[9] Luis Miguel Fonseca, José Pedro Domingues, "Adoption of Circular Economy concepts and practices by Portuguese Citizens and Companies", Proceedings of the International Conference on Business Excellence, 2018.
[10] A. Murray, K. Skene, & K. Haynes, “The Circular Economy: An Interdisciplinary Exploration of the Concept and Application in a Global Context”, Journal of Bussiness Ethics, 140, pp. 369–380, 2017. https://doi.org/10.1007/s10551-015-2693-2