The European metal recycling industry has the potential to be a major contributor to a sustainable future for the European Union. Almost all metals are 100% recyclable, and can be recycled continuously without any alteration of the properties of the recycled material. Recycling steel, for example, requires 56% less energy than producing it from iron ore and reduces CO2 emissions by up to 58%. Similarly, recycling aluminium results in up to 95% energy savings and recycling copper provides energy savings of up to 75%. However, the industry is outdated and inefficient, with low recycling rates and an offline, opaque, and largely impenetrable marketplace which does nothing to encourage sustainability on an international scale. Schrott24 is revolutionizing the industry through a managed B2B marketplace for scrap metal, making it transparent and efficient. The platform delivers the best possible experience for all parties in the value chain and truly encourages EU-wide participation in the vital economy of scrap metal trading. Our platform is scalable, with its only true limit being internet access. It uses proprietary algorithms and data analytics to maximise returns for the buyer and seller by monitoring and predicting pricing in scrap metal, preventing unfavourable last-minute changes. It also adds much needed transparency to the system, further reducing price volatility and giving a better picture of what materials are available to buyers.The innovation project will enable the platform to deliver the full Schrott24 value proposition by introducing end-to-end usage and predictive analytics capability to the already functioning first-generation system. The project will enable Schrott24 to scale beyond regional transactions to facilitating large buyers and internationalisation to support cross-border trades for the benefit of the European economy and environment.
