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OTS - Study: Stainless steel circular economy significantly reduces the risk of climate change in Thailand (part 1)

2024. March 27. 09:00
Bangkok/Thailand, 27 March, 2024 (APA/OTS) - C02 savings correspond to the annual CO2 footprint of almost the inhabitants of the Muang Chachoengsao district - Thailand particularly affected by climate change: 9th place in the global long-term climate change risk index - Policymakers should create good framework conditions for a professional circular economy and thus climate protection
Increased recycling of stainless steel can make a noticeable contribution to mitigate climate change in Thailand and globally. This is the result of a recent joint study by a number of prestigious Thai and German scientists, on behalf of Oryx Stainless (Thailand) Co., Ltd., which looked at the social welfare benefits of recycling stainless steel in Thailand. The Fraunhofer Center for International Management and Knowledge Economy IMW from Leipzig, Germany, planned and coordinated the study with the support of the German Embassy. For every ton of stainless steel scrap used to produce new stainless steel, 6.71 tons of CO2 are saved compared to the use of primary raw materials. This was the result of the scientific analysis conducted by Fraunhofer UMSICHT using the example of the recycling processes at Oryx Stainless in Thailand. Oryx Stainless is one of the world's leading suppliers of recycled stainless steel with five sites in Asia and Europe. Based on the stainless steel scrap handled by Oryx Stainless in Thailand in the reference year of the study (2021), the scientists calculate CO2 savings of 556,000 tons. This approximately corresponds to the annual CO2 footprint of the inhabitants of the Muang Chachoengsao district which is close to the Thai location of Oryx Stainless or 1.45 percent of the total greenhouse gas emissions from all industrial processes in the country. The potential for Thailand and the climate becomes clear when one sees that almost 3.6 million tons of CO2 were saved within the entire Oryx Stainless Group in the reference year. - - Picture is available at AP (https://apmultimedianewsroom.com/multimedia-newsroom/partners/news-aktuell) - The fight against climate change is of particular importance for Thailand, as the country is already suffering greatly from the effects of global warming. Thailand ranks 9th in the global long-term climate change risk index, which covers the years 2000 to 2019. Thailand is highly exposed to natural hazards such as heat waves, droughts, floods, cyclones and storm surges. Floods pose the greatest threat to Thailand in terms of frequency and damage. The country is already one of the ten most flood-affected countries in the world. In terms of the economic costs caused by climate change, the volume of stainless steel scrap that Oryx Stainless Thailand Co., Ltd. put back into the production cycle saved around 1.9 billion Thai baht equivalating more than 50 million US dollars, according to calculations by Thai and German scientists. This corresponds to the combined national average annual income of around 7.000 Thais. The calculation is based on the "Scrap Bonus" indicator developed by the Fraunhofer Center for International Management and Knowledge Economy IMW, which was individually adapted to Thai conditions by the international research team for the study. The indicator is calculated in two steps. In the first step, the environmental impact avoided by using one ton of stainless steel scrap in steel production is quantified. In the second step, various economic estimates and price references from emissions trading systems are used to convert the avoided environmental impact into Thai baht. In other words, a price is assigned to the (avoided) pollution. "This study shows that the smart use of recycling raw materials such as stainless steel scrap and their use in the production of new products can make a tangible contribution to the fight against climate change. Stainless steel scrap is a particularly valuable secondary raw material due to its very high recyclability. Stainless steel can be recycled without any loss of quality. Worldwide, 95% of stainless steel is recycled at the end of its lifespan. 70% is recycled as stainless steel. Scrap currently accounts for around 48% of raw materials for stainless steel production worldwide. In Europe, leading stainless steel producers go to the limits of what is technically feasible and use up to 95% secondary raw material blends for the production of new stainless steel," says Sirichai Tempoomsuk/CFO, Oryx Stainless (Thailand), Co., Ltd. Stainless steel producer Southeast Asia: growth market With a stainless steel production of 7.79 million tons in 2023, Asia (excluding China and South Korea) is already a major player. The Southeast Asian steel industry, including the stainless steel sector, is expected to increase its production capacities significantly in the coming years, with countries such as Malaysia and Indonesia building up millions of tons of new capacity. Thailand produced around 366,000 tons of stainless steel in 2022 and is, simultaneously, the second largest consumer of stainless steel in Southeast Asia. (continues)
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