Combining artificial intelligence with physics to solve the most important control problems in electrical steel production, Dr. Thomas Kirk, CEO of Foresight Data Machines, highlighted that the most important decision to be made in the global scrap market is which scrap to buy. This crucial decision has a direct impact on the future of the steel industry.
During the conference, it was stated that the UK, which is one of the major players in the steel industry, preferred to produce steel from scrap instead of selling scrap. This decision reflected the strategic transformation of the steel industry in the country and underlined the importance of alternative approaches to scrap supply.
The prediction that India will surpass Türkiye as a scrap importer in the future was one of the important topics discussed at the conference. It was a panel discussion that emphasized that the balances in the global scrap trade have changed and that countries need to develop new strategies for scrap supply. Relatedly, the shift to Electric Arc Furnaces (EAF) in China has limited the gap between scrap and rebar prices.
Dr. Thomas Kirk underscored the importance of scrap procurement strategies in the steel industry, noting that the most important decision is what quality of scrap to buy, whether it is worth its weight in gold or not, and that the steel industry needs to have a strategic approach to this issue.
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