Innovators and the Development of Mini-Mills for Steel Recycling: Lessons for the Development of a Circular Economy from the Steel Industry
Payne Institute Student Researcher McKenzie Jones and Fellow Sara Hastings-Simon write about how as the global population grows and societies become increasingly industrialized, the demand for resources is outpacing the capacity for sustainable production. Meeting this growing demand will require a change to the current linear approach to resource use – from one where resources are used and then discarded as waste to a more “circular economy” model. A circular economy combines an environmental and economic outlook on resources with the goal to dramatically reduce the new resources needed. Systems would be redesigned to reduce overall material needs, starting from design that enables items to be repaired and reused, requiring new value chains and business models. July 23, 2021.