India’s Tata Steel will set up a steel scrap recycling unit in the northern state of Haryana, a company statement said on Wednesday, June 26.
According to the company, the scrap recycling unit will be implemented on a build-own-operate (BOO) basis under agreement with Haryana-based Aarti Steels Limited.
The unit will have an annual capacity of 500,000 mt per year.
“In preparing for the future, Tata Steel will set up a steel recycling business to meet the growing demand for steel in a sustainable manner in the long run, Tata Steel chief executive officer (CEO) T V Narendra said in the statement.
“The steel recycling business will help formalize the scrap market in India and help the country transition to a scrap-based steelmaking route in the long term,” he added.