German group ThyssenKrupp has announced that its subsidiary ThyssenKrupp Materials Services and Munich-based company builder Mantro founded a joint venture called mt industry recycling GmbH on June 2 with the aim of recycling steel. "The joint venture aims to achieve a more effective return of steel scrap to the production processes of the manufacturing industry and thus offer added value to customers," reads the ThyssenKrupp statement.
"Today, almost half of the steel production comes from recycled steel scrap. In Germany alone, this corresponds to over 20 million tons of scrap every year. We are convinced that coordinating and processing them offers enormous innovation potential," said Jan Crommelinck, managing director of mt industry recycling GmbH and Lead New Business Model at Thyssenkrupp Materials Services.
ThyssenKrupp added, "In future, customers such as steel mills and foundries will be able to purchase pure steel scrap directly from mt industry recycling GmbH. The intermediate step via the scrap dealer is no longer necessary. Thanks to the streamlined process, customers will benefit from significantly lower costs and thus lower purchase prices."