On August 24th, Nae Hee Han, director of the World Steel Association's economic research and statistics department, said that the World Steel Association will hold a meeting in Brussels on September 10th around the topic “The impact of the circular economy on the steel industry”. In the steel industry to raise awareness of the circular economy.

Han Laixi pointed out that the idea of circular economy is the mainstream thinking of today's world economic development and involves all aspects of society. If the early circular economy thought mainly focused on the management and recycling of waste, then the new generation of circular economy thoughts about energy efficiency from production to consumption.

What does it mean for the steel industry to promote a circular economy? Han Lai-hee said that if existing building materials can be reused in new construction projects, the market demand for newly-produced construction steel will be greatly reduced. Due to the infinitely recyclable nature of steel, the recycling economy will promote new ways of using steel.

Han Laixi pointed out that some companies have realized the reuse of materials. The Maersk Group, the world's largest shipping company, can re-use 95% of its 3E-class marine materials through a material access system. But she also pointed out that considering the complexity, diversity and related cost-effectiveness of the product itself, material reuse faces many challenges. It is estimated that the current production of materials through material recycling accounts for only 2% of total European manufacturing output.

Han Laixi believes that in order to promote the development of circular economy, it is necessary not only to enhance social awareness, but also to explore a feasible and effective circular economy management model. She further pointed out that digitization can be an important driving force for promoting the development of circular economy. For example, big data can improve material traceability and thus enable companies to achieve better product lifecycle management.

Han Laixi pointed out that at present, on a global scale, the construction of a circular economy management model is still in its infancy and is at different stages of development in different regions. The “EU Circular Economy Action Plan” actively promoted by the EU in recent years has clarified the concept of circular economy and laid a solid foundation for promoting global circular economy and sustainable development. In China, the idea of circular economy has become an important part of the legislative agenda for at least 10 years. In countries such as Brazil, Japan, and South Korea, the circular economy is gaining more and more attention, helping to promote the transformation of business laws in these countries.