Finland-based stainless steel producer Outokumpu has announced that it has expanded its partnership with Germany-based stainless steel scrap and ferroalloy producer CRONIMET to further secure supply of high-quality scrap within northeastern Europe, by signing an agreement to acquire a 10 percent interest in CRONIMET North-East GmbH.
Continuous supply of high-quality stainless steel scrap is important for Outokumpu to maintain and increase the recycled content rate of 94 percent. It will also support the company regarding its climate targets and will improve its process efficiency.
The parties have also agreed to jointly carry out research with the goal to improve technologies to further reduce carbon emissions, lower costs and drive waste reduction within the supply chain.
Outokumpu aims to reduce carbon emissions by 42 percent per metric ton of stainless steel by 2030 compared to 2016.