Environment and Energy
SMA: Shorter Steel Lifespan Could Relieve Scrap Demand
Written by Becca Moczygemba
May 4, 2023
New calculations suggest that the lifespan of steel might be shorter than originally believed, according to a report released by the Steel Manufacturers Association (SMA).
The report provides new calculations suggesting that the lifespan of steel is in the range of 25 to 35 years, rather than 40 years. The shorter lifespan increases the availability of scrap to be recycled and used in steel production.
“The difference between a 40-year lifespan and a 25-year lifespan is significant and illustrates the importance of policies to promote scrap recycling,” said Philip K. Bell, president of the SMA. “By increasing recycling rates, we can accelerate steel decarbonization efforts.”
The report, titled Ferrous Scrap’s Role in Decarbonizing Steel: Assessing Steel Product Lifespans, surveyed nine key scrap-producing and consumer countries. An estimated average steel product lifespan was 35 years in five of the nine countries, including Brazil, Canada, Germany, Japan, and the United States. Steel produced in China and the United Kingdom had the lowest approximate lifespan at around 25 years, while steel from Mexico and South Korea had lifespans between 25 and 36 years.
Using raw steel production volumes from 2022, the weighted average of the product lifespan for all nine countries was about 30 years.
The full report can be found here.
By Becca Moczygemba, becca@steelmarketupdate.com
Becca Moczygemba
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