By domestic I mean in a smaller scale not including only very big industrial scale. Some way to recycle iron and alloys containing iron as major constituent. Eg., Steel.
Answer:
The simplest way is to re-use it. That's the good thing about iron and steel and metals in general; you can melt it and make it into something else.
Is it cost effective? You'd have to be able to easily separate the different kinds of metal. Or melt it all together, and then work with whatever you get in the end.
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