Outokumpu Spearheads Circular Economy Transformation in Steel Industry with Inner Circle Initiative

Outokumpu Spearheads Circular Economy Transformation in Steel Industry with Inner Circle Initiative

(IN BRIEF) Outokumpu, a leading stainless steel manufacturer, has launched a groundbreaking initiative called Outokumpu Inner Circle to strengthen the circular economy in Europe. The program, unveiled at the World Circular Economy event in Helsinki, aims to create a closed loop for steel scrap by improving transparency in supply chains and facilitating the smooth transition from stainless steel to reusable scrap. Outokumpu will play a key role in steering the initiative and connecting customers with verified scrap suppliers. By joining the program, customers can contribute to a sustainable supply chain by returning their scrap for recycling. Outokumpu invites partners within the steel industry to participate in this innovative initiative, emphasizing their commitment to the circular economy. The company’s focus on circular economy aligns with its sustainability approach, as stainless steel is 100% recyclable, and Outokumpu already boasts the highest recycled material content rate in the industry at 94%. This initiative represents a significant step towards a more sustainable future for the steel industry and beyond.

(PRESS RELEASE) HELSINKI, 2-Jun-2023 — /EuropaWire/ —  Outokumpu (HEL: OUT1V), the largest producer of stainless steel in Europe, is proud to announce the launch of its groundbreaking circularity initiative, Outokumpu Inner Circle, aimed at strengthening the circular economy in Europe. This pioneering program will be officially unveiled today at the World Circular Economy event held in Helsinki. Outokumpu Inner Circle is set to revolutionize the industry by establishing transparency in supply chains, streamlining the process from stainless steel to reusable scrap, and fostering the production of increasingly sustainable stainless steel. This initiative marks an unprecedented milestone for the sector.

“Circularity is one crucial element of sustainable stainless steel production. With the Inner Circle initiative, we are bringing our customers and scrap suppliers together to ensure an efficient, transparent, and sustainable supply chain for steel scrap. Ultimately, our vision is to create a visible closed loop for steel – a unique example of circular economy in action,” explains Max Menzel, Head of Sustainability & Technical Customer Service at Outokumpu.

By leveraging existing efficient supply chains, Outokumpu Inner Circle aims to reduce the distance and complexity involved in returning scrap from customers to the producers. To ensure transparency and adherence to environmental, social, and governance (ESG) standards, all partners within the initiative will undergo rigorous verification procedures.

In this ambitious endeavor, Outokumpu will assume the pivotal role of steering the initiative and facilitating networks between customers and accredited scrap suppliers. The scrap suppliers will play a vital role in establishing a sustainable supply chain by sourcing scrap from the network’s partners and ensuring its distribution in an environmentally responsible manner. Customers who participate in the program will reintroduce their scrap into the cycle either after processing the material or at the end of the product’s life cycle, working in collaboration with the scrap suppliers.

“Together we will show strong initiative and leadership by spearheading the move towards a more circular and a closed-loop economy. Our partners can join this unique and open initiative, which is the first in the industry, and demonstrate their leadership and contribution to the circular economy,” says Max Menzel.

Partnership Invitation to the Steel Industry

Outokumpu extends an invitation to its partners within the steel industry to join this trailblazing initiative, thereby demonstrating their commitment to circular economy principles to customers and stakeholders. The initial partners will have the opportunity to actively contribute to the establishment and development of the network, enabling them to create tangible value in the industry’s sustainability endeavors.

“Outokumpu Inner Circle is an open initiative where we would like to welcome all scrap suppliers and stainless steel consumers from Europe to participate. We are now entering the first phase of this initiative and I’m happy to announce CRONIMET as the first scrap supplier partner joining us. At this stage, our focus is on creating the practices and learning about the co-operation. There’s been a lot of interest already, showing that there really is an industry-wide need for this kind of an initiative,” says Max Menzel.

“The Inner Circle initiative builds on the ideas of fairness, openness and the pursuit of long-term partnerships and therefore fits perfectly with our corporate values. At the same time, we are convinced that this is the right approach to achieving sustainability and business success in the circular economy,” says Nico Krueger, Commercial Director at CRONIMET.

Driving a Sustainable Future through Circular Economy

For Outokumpu, circular economy lies at the core of its sustainability strategy. Stainless steel, as a material, plays a pivotal role in the circular economy as it is 100% recyclable. Currently, Outokumpu boasts the highest recycled material content rate in the stainless steel industry, reaching an impressive 94%.

By introducing the Outokumpu Inner Circle initiative, the company aims to propel the circular economy forward, fostering a more sustainable future for all. Through collaboration, transparency, and innovation, Outokumpu and its partners are charting a new course towards a circular economy model that embraces responsibility and ensures the long-term viability of the steel industry.

“We believe the world does not need more things – but things that last. And when a product is at the end of its life cycle, it should be brought back to life by becoming raw material for something new. The more we use scrap, the lower our emissions are. We would like to enable our customers and partners to actively participate by joining this initiative,” says Juha Erkkilä, VP – Sustainability, Outokumpu.

Read more about Inner Circle

For more information:

Outokumpu media desk, tel. +358 40 351 9840, e-mail media@outokumpu.com

SOURCE: Outokumpu Oyj


Follow EuropaWire on Google News

Comments are closed.