Netherlands-based recycled stainless steel supplier Oryx Stainless Group has announced that it has inaugurated its new stainless steel facility in Malaysia, contributing to the circular economy and making the region a strategic hub for sustainable industrial growth.
In the first phase, the facility will process 150,000 mt of stainless steel per year, cutting emissions by about 1 million mt per year. As a result, it will contribute to Malaysia’s aim of reducing carbon intensity per gross domestic product by 45 percent by 2030 and will help attract RM 300 billion ($69.75 billion) in green investments.
“Only in very few industries is the recycling rate as high as in stainless steel. New stainless steel - with no loss in quality - can be produced from up to 90 percent of the materials processed on this site,” Michael Pawlowski, co-founder and chairman of Oryx Stainless, commented.