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With around **** million metric tons exported, the European Union was the leading exporter of steel scraps in 2023. Its exports increased by some **** percent compared to 2022. The United States, which came second in the ranking, recorded an export volume of **** million metric tons of steel scrap in that period.

Benefits of steel use

Steel is one of the most extensively applied materials in the construction sector and in the manufacture of transportation equipment. Increased demand from companies in these industries continues to drive prices higher. Therefore, steel is simply too lucrative to be allowed to go to waste. As with many metals, the commodity can be recycled and reused. In order to cut costs, the steel industry has taken to collecting scrap from waste streams, wrecked automobiles, dismantled buildings, or other industrial sources, after which it is melted into new products. The use of recycled materials also provides environmental benefits such as energy savings and a reduced amount of materials in the municipal solid waste stream. In the United States, more than ** percent of recycled metals are, in fact, steel.

The United States market

The United States was ranked as the second largest steel scrap exporter in 2022. The country had a steel scrap consumption of around **** million metric tons that year, with its crude steel production reaching just under **** million metric tons. The largest share of U.S. steel exports went to Turkey, amounting to approximately *** million metric tons. With steel scrap imports of about ** million metric tons, Turkey was the leading steel scrap importing country worldwide.