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Circular Economy of Steel Recycling Companies in Thailand

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  • Amirhossein Taghipour

    (King Mongkut’s Institute of Technology Ladkrabang)

  • Wareerath Akkalatham

    (Kasetsart University)

Abstract

The new “circular economy” model would revolutionize the economy. It should also be noted that several business models will be needed to optimize their efficiency and overlap as the system evolves over its lifetime. The business model of the circular economy is based on the principle of “value creation” of the conventional economy. In this study, we interviewed 67 managers from the steel industry in Thailand. Statistically, 71.2% of respondents felt that steel consumers would be able to pay a higher price for clean goods. Also, 87% believe that governments must contribute to the development of the circular economy. They said that their group also organizes training activities for educating the workforce. Moreover, 80.1% indicated that their organization must inform management and workers of the value of the circular economy. Accordingly, 64.7% of respondents stated that there is no government funding for scrap metal recycling. Overall, 36.3% of people felt there was a shortage of scrap metal work.

Suggested Citation

  • Amirhossein Taghipour & Wareerath Akkalatham, 2021. "Circular Economy of Steel Recycling Companies in Thailand," Circular Economy and Sustainability, Springer, vol. 1(3), pages 907-913, November.
    • Handle: RePEc:spr:circec:v:1:y:2021:i:3:d:10.1007_s43615-021-00058-5
    DOI: 10.1007/s43615-021-00058-5
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    References listed on IDEAS

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    1. Wen-Hsien Tsai & Shu-Hui Lan & Cheng-Tsu Huang, 2019. "Activity-Based Standard Costing Product-Mix Decision in the Future Digital Era: Green Recycling Steel-Scrap Material for Steel Industry," Sustainability, MDPI, vol. 11(3), pages 1-30, February.
    2. van Eijck, Janske & Romijn, Henny & Balkema, Annelies & Faaij, André, 2014. "Global experience with jatropha cultivation for bioenergy: An assessment of socio-economic and environmental aspects," Renewable and Sustainable Energy Reviews, Elsevier, vol. 32(C), pages 869-889.
    3. Marcus Linder & Mats Williander, 2017. "Circular Business Model Innovation: Inherent Uncertainties," Business Strategy and the Environment, Wiley Blackwell, vol. 26(2), pages 182-196, February.
    4. Mateusz Lewandowski, 2016. "Designing the Business Models for Circular Economy—Towards the Conceptual Framework," Sustainability, MDPI, vol. 8(1), pages 1-28, January.
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    Cited by:

    1. Taghipour, Amirhossein & Akkalatham, Wareerath & Eaknarajindawat, Natnaporn & Stefanakis, Alexandros I., 2022. "The impact of government policies and steel recycling companies' performance on sustainable management in a circular economy," Resources Policy, Elsevier, vol. 77(C).

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