SCMP reported that Hong Kong’s only steel-rolling mill 65 year-old Shiu Wing Steel will go back to its roots to produce recycled steel to meet growing demand created by China’s green ambitions in Hong Kong and other cities in the Greater Bay Area development zone. The steelmaker plans to build an electric-arc furnace at its plant in Tuen Mun to produce 700,000 tonnes of recycled steel a year by 2025 and expand its presence in the GBA.Shiu Wing, which was founded in 1958, is a major supplier of reinforced bars in Hong Kong, with a market share of more than 30%. Currently, it imports steel billets from abroad and turns them into various steel products for the city’s construction industry. The company used to produce recycled steel at a plant in Tseung Kwan O. But it stopped doing so when it moved the plant to Tuen Mun, which became operational in 1996, as it was uncertain about sourcing scrap metal.The construction steel market in the development zone, which comprises Hong Kong, Macau and nine mainland Chinese cities in Guangzhou province, is estimated at 20 to 25 million tonnes a year, which is huge compared with Hong Kong’s market of 1.2 million tonnes to 1.5 million tonnes a year. Currently, local governments in the GBA are importing steel from neighbouring cities, but their routes will be shorter if they ship recycled steel from Hong KongShiu Wing’s investment plan follows China’s decarbonisation goals set out at the 2020 United Nations General Assembly, where it pledged to peak carbon emissions before 2030 and reach carbon neutrality by 2060.