Towards Green Steel Circular Business Models : Exploring Barriers and Business Model configurations

Abstract: Purpose - The aim of the study is to further bridge the gap regarding adoption of Circular Business Models (CBM) more specifically in this case, the barriers to the adoption of Green Steel CBMs, and how Business Models (BM) can be configured for the adoption of Green Steel CBMs. Method - The research questions in the study were answered through a thematic analysis based on a three-phase data collection consisting of two informal meetings with industry specialists and 25 semi-structured interviews, followed by eleven additional interviews from a Green Steel conference to validate the findings of the semi-structured interviews. Findings - The analysis of the interviews resulted in eight identified barriers towards Green Steel CBM adoption, and eight enabling factors for the configuration of BM components specified for Green Steel CBM adoption. Furthermore, the findings present a framework showcasing how to utilize the enabling factors to overcome the barriers for the facilitation of CBMs in the steel industry.  Theoretical contribution – The study contributes to existing literature by providing a steel industry perspective on the barriers for the adoption of CBMs and presenting a framework for the configuration of BMs to overcome the barriers. The study further contributes with managerial insights to the literature towards the Green Steel transition, in contrast to the existing technical perspectives that previously has been conducted. Practical contribution - The study offers practical guidance for decision-makers in the steel industry and other industries undergoing similar transitions. The framework work as guidance for the configuration and adoption of Green Steel CBMs, highlighting the role of collaborations between stakeholders to enable new revenue streams and economic opportunities. Limitation and future research – The study was conducted with a restricted number of interviews and geographical reach, making the generalizability of the study limited. Future research could broaden the scope to include perspectives from additional regions, industry segments and stakeholders.