Actually i am pro-recycling. Steel is one of those few resources that can be recycled without much losses. It is exactly this reason which has made the steel industry into a renewable resource. In steel recycling, the steel is melted into and the purified at high temp even more than its melting point. This reduces the impurities, that is most of the impurities would change into its gaseous oxide form, escaping, leaving a purified iron. The are then casted into ingots. One thing to remember is that iron in its ore form is filled with impurities and have to go through a long line of processing to be what can be consumed as even raw material for finished products.
TMT bars made from Recycled Iron is in no way inferior to one made from pig iron.