A study reveals the economic benefits of producing in Ireland
A new study by Dublin-based technology company Iron &Steel shows that direct reduction iron making is a viable alternative to traditional steelmaking for iron products.
The study, which examines the economic effects of employing ironmakers in Ireland, found that direct-reduction ironmaking accounted for $6.5 billion in total economic output in 2017.
This is a significant improvement on the $7.5bn figure the company calculated for the previous year, and also more than double the $2.5billion it calculated for 2016.
The research found that indirect-reducing, or indirect production, accounted for another $1.4 billion of the total in 2017, while indirect production accounted for an additional $1 billion.
It is the first analysis to examine the economic impact of direct reduction and the economic benefit of producing from a direct-based process.
The study also identified significant potential to increase the production of iron.
In addition, direct reduction was found to be more cost-effective for iron, with an estimated value of $2,000 per tonne produced.
This was achieved by employing more people, employing fewer machines and using less steel.
The report found that the average cost of direct-cutting iron is $11 per ton, while the average value of indirect-cutting steel is $5 per ton.
The cost of using direct-cut iron is lower than that of using a steel-to-iron conversion.
The cost of indirect production is higher, but lower than direct-grade iron.
It also found that a significant portion of the economic cost of producing iron comes from the loss of the benefits of indirect labour.
The majority of indirect costs of direct production come from the cost of the labour that must be used in the process of reducing iron, such as the price of the machinery and the cost associated with the transport of the steel.
This means that the cost for direct reduction could be more than offset by the cost savings from using a process that is less labour intensive.
The economic benefits were significant.
The total economic benefit was estimated at $2 billion for direct- reduction iron production, $1,800 for indirect-grade production, and $2 million for indirect manufacturing.
The paper also looked at how the economic impacts of direct reductions and indirect manufacturing could be improved.
It was found that an additional 1,300 jobs were created as a result of the new direct-production process, while an additional 4,500 jobs were made by the indirect process.
The results showed that direct reductions resulted in $2bn of additional direct economic activity.
Direct reduction is a cheaper process than the process that would normally be used to produce iron, which is also less labour-intensive.
This process is more environmentally friendly than steel, and therefore more cost effective.
It could also help reduce the cost per ton of iron products that is required by ironmakers, as the process involves more direct labour and therefore higher costs per ton produced.
The authors also found the economic advantage of direct reducing iron was significant for those with an existing ironmaking business, which can provide an additional income stream in the future.