Hungarian start-up CycloSteel plans to build an electric-arc furnace (EAF) and rolling complex, with a 320,000 t/yr steel bar production capacity, at the site of a former power plant in Berente, Hungary.
"The new plant will produce steel using electric-arc furnace technology, mainly by recycling melting scrap iron and steel scrap," according to an environmental licence application obtained by Argus.
CycloSteel's low-CO2 product portfolio will mainly consist of alloyed billets and special bar quality rolled bars and billets.
The project recently received a preliminary environmental licence.
The EAF and rolling complex are to be powered solely by electricity, with machinery provided by Germany's SMS.
The facility will use 67 GWh/yr of power, with 47pc coming from a solar park and wind farm that will be built next to the plant. The source of the other 53pc was not specified.
