China consumed around 240 million tons of steel scrap last year, ranking the first in the world. However, this figure might double over the next 30 years, said Dr. Steven Vercammen, a Senior Knowledge Expert of global management consulting company McKinsey & Company.

At the latest webinar of the Bureau of International Recycling (BIR) on November 3, Steven Vercammen said that the effort to cut carbon emissions will create a large opportunity to increase scrap’s share in current steelmaking raw materials and make the figure above its current average of 30%.

The latest World Steel Recycling in Figures update showed that about 630 million tons of steel scrap are recycled worldwide every year, which reduced nearly 950 million tons of CO2 emissions.