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Life Cycle Costing Of Stainless Steel
Costing a project can be a daunting task under the current economic conditions where price is a major factor. Finding the balance between cost effectiveness and product efficiency is an art as well as a science. This is where life cycle costing needs to be taken into consideration. Below we discuss Life Cycle Costing in conjunction with Stainless Steel.
Are Stainless Steels the Cheapest Material Solution Option?
Stainless Steel is an extremely versatile product known for its corrosion resistance and hygienic properties. Stainless steel might not always be the first choice for all applications due to its cost factor, however if one has to consider life cycle costing for that application, stainless steel generally becomes a very viable option.
Stainless steels are durable and have low maintenance costs due to their corrosion resistance. There is no coating or painting requirement and normal maintenance would simply be occasional cleaning to remove contaminants. The CSIR conducted research over a period of 20 years to establish the effects of atmospheric corrosion on various metals and measured the resultant degradation. In highly corrosive environments such as Durban harbour Stainless Steel outperformed by a factor of over several hundred times to nearly a thousand times the extrapolated lifecycle when compared to products of aluminium and galvanised steel.
Stainless steel may not always be the cheapest candidate material for an application when considering upfront costs per kilogram. However, its durability and ease of maintenance compensate for the sometimes-higher initial purchasing costs and it is often the least expensive choice in a life cycle costing comparison. The ability to provide long-term performance with a minimum of downtime and cost associated with maintenance is determined by calculating the material’s life cycle cost (LCC). Life cycle costing (LCC) is a technique developed for identifying and quantifying all costs, initial and ongoing, associated with a project or installation over a given period.
In general terms, the total LCC can be broken down into components:
LCC = Acquisition Cost + Fabrication and Installation Cost + Maintenance Costs (periodic) + Replacement Costs (periodic) + Cost of Lost Production (periodic) – Residual (Scrap) Value.
Life Cycle Costing Software
The Southern Africa Stainless Steel Development Association – SASSDA developed an App that one can use to calculate life cycle costings and compare different metals and even different grades of Stainless Steel to help one make a proper analysis from a cost perspective. Here is the link to their website to download the various formats.
Contact Euro Steel
Euro Steel is a proudly South African Company and subsidiary of the Afmetco group and is South Africa’s premier stockist and supplier of Stainless Steel, Aluminium and Special Steels. Contact us for further information.
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