Analysis
November 10, 2023
Ferrous Scrap: The Iron Foundry Market
Written by Stephen Miller
The iron and steel foundry industries consume about 17% of the ferrous scrap in the US each year. They purchase several grades of scrap in common with steelmakers, such as shredded and turnings. But, most of the grades are much more restrictive than what larger mills require.
Today, the majority of steel mills use the electric-arc furnace (EAF) to manufacture steel. However, most foundries use an electric induction furnace (EIF) to melt scrap and convert it into iron or refine into steel. These EIFs are smaller and can only process certain grades and sizes of scrap. The same goes for the cupola furnaces still operating.
