Ouyeel Blockchain Finance and Metal Recycling Resources (Ouyeel), the recycling arm of China Baowu is partnering with Yichang Yimei to build a metal recycling system in the Hubei province.
According to media reports, the plant in Southwest Hubei will process 50,000mt of steel scrap annually by integrating metal recycling, examination, storage processing and delivery. The company has already imported around 3,000mt of ferrous scrap after China allowed its imports under its new classifications late last year. The material processed by Ouyeel will likely be used by Baowu as feedstock for steelmaking.
Ouyeel has also launched a second facility with an annual capacity to process 2.8mn mt of scrap in the Anhui province, reports indicated.