The Netherland-based recycled stainless steel raw materials provider, Oryx Stainless Group held an opening ceremony that it will build a new facility in the state of Johor in Malaysia as a new strategic site for sustainable industrial and contribution to the circular economy.

The company also said that in stainless steel recycling, Oryx could strengthen both its industrial capacities and Malaysia's position in the global circular economy. It is believed that the new facility will help the national goal to cut 45% of carbon intensity per GDP by 2030 and attract US$70 billion in green investment. Oryx also announced that the new facility could process 150,000 tons of stainless steel every year during the Phase 1 operation.