Global Shift to Electric Arc Furnaces Revolutionizes Steelmaking
Electric arc furnaces (EAFs), which heat materials using an electric arc, are becoming increasingly significant in global steel production. Valued at $800 million in 2022, the global EAF industry is projected to grow to $1.3 billion by 2031. Historically, EAFs accounted for around 25% of global steel production until 2012. This share grew significantly in
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