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Mitsui & Co., a Japanese trading corporation, plans to start recycling steel in India for use in automobiles and other industrial products. Mitsui will invest $127 million in the Indian recycling company MTC Group, one of the largest in South Asian countries, to acquire a more than 20% stake and convert MTC into an equity associate.
After surpassing Japan, India is now the third-largest global market for new automobiles sold, behind the US and China. Mitsui intends to capitalise on the rising demand by participating in a decarbonisation-friendly supply chain. Since recycling steel produces less carbon dioxide than creating it from the start, it makes sense to invest in MTC.
MTC gathers and processes scrap metal, which it sells to steel manufacturers and auto parts processing companies as material for steel products used in automobiles. Its annual sales are about $1 billion. Mitsui will utilise its sales network to gather more scrap metal from automakers in Japan, the US and Europe.
Auto sales in India grew 7% in 2023 from the year before, reaching 5.07 million cars. According to a research company, the steel demand will reach 230 million tonnes in fiscal 2030, a 70% rise from 2022.
When scrap metal and an electric arc furnace are used to make steel, carbon emissions are reduced to about a quarter of what is emitted when using a blast furnace and iron ore. The Indian government is tightening environmental regulations regarding automobiles. One policy under consideration is requiring automakers to use some recycled steel in manufacturing, which is expected to boost demand for recycled steel.
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