Nae Hee Han, Director of the Economic Research and Statistics Department of the World Iron and Steel Association, said that the World Iron and Steel Association would hold a meeting in Brussels on September 10th on the topic of "The impact of circular economy on the steel industry", aimed at raising the awareness of the steel industry about circular economy.

Han Laixi pointed out that the idea of circular economy is the mainstream of economic development in the world today, involving all aspects of society. If early circular economy ideas focused mainly on waste management and recycling, the new generation of circular economy ideas covered energy efficiency issues from production to consumption.

What does promoting a circular economy mean for the steel industry? Han Laixi said that if existing construction materials can be reused in new construction projects, the market demand for newly produced construction steel will be greatly reduced. Due to the infinite recyclability of steel, circular economy may promote the emergence of new ways of using steel.

Han Laixi pointed out that currently, some enterprises have realized the reuse of materials. Maersk Group, the world's shipping company, can reuse 95% of its 3E class ship materials through a material access system. However, she also pointed out that considering the complexity, diversity, and related cost effectiveness of the product itself, material reuse faces many challenges. It is estimated that the amount of products produced through material reuse currently accounts for only 2% of the total production of European manufacturing.

Han Laixi believes that in order to promote the development of circular economy, it is necessary not only to enhance social awareness, but also to explore feasible and effective management models of circular economy. She further pointed out that digitization can be an important driving force for promoting the development of a circular economy. For example, big data can improve the traceability of materials, thereby promoting better product lifecycle management for enterprises.

Han Laixi pointed out that currently, globally, the construction of a circular economy management model is still in its infancy, and is at different stages of development in different regions. The "EU Circular Economy Action Plan" actively promoted by the EU in recent years has clarified the concept of circular economy and laid a solid foundation for promoting circular economy and sustainable development globally. In China, the idea of circular economy has become an important component of the legislative agenda for at least 10 years. In countries such as Brazil, Japan, and South Korea, the circular economy is also gaining increasing attention, helping to promote changes in business regulations in these countries.