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July 26, 2023
PORTLAND, Ore.--(BUSINESS WIRE)--Jul. 26, 2023-- Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) today unveiled its new corporate name and identity, Radius Recycling, as part of a rebranding initiative to reflect the Company’s vision, purpose, and impact on the global economy.
For more than a century, the Company has developed robust networks to collect, process, and deliver recycled metals to customers around the world. As the global economy accelerates its shift toward low carbon technologies, the demand for these metals has grown significantly. Electric vehicles and renewable energy systems, widely acknowledged as crucial components of a sustainable future, require more metals compared to the technologies they are replacing.
As Radius Recycling, the Company’s new identity will better align with its role as one of the largest metal recyclers, more closely reflect its position in the circular economy, and further its commitment to advance the recovery, reuse, and recycling of the essential metals required to support global carbon reduction.
“While metals recycling and steel manufacturing have been the foundation of our global business for many decades, our Company's reach now extends far beyond what the name Schnitzer Steel implies,” explained Chairman and CEO, Tamara Lundgren. “Our growth has been marked by expansion in both scope and scale, and we now operate in over 100 communities across North America. Our work and our purpose have never been more relevant than they are today,” she continued.
Through its integrated operating model, the Company annually diverts millions of tons of materials from landfills, delivers recycled metals to domestic and international customers, and produces some of the lowest carbon emissions finished steel products. In addition, the Company's 3PR™ Third Party Recycling services increase recycling rates and support the sustainability efforts of hundreds of domestic retailers and manufacturers.
“Our new identity clearly affirms our vision for a sustainable future,” Lundgren remarked. “Radius Recycling is a name that represents our 3,500 employees, thousands of stakeholders, and a future in which recycled metals sit at the center of progress, seamlessly connecting all points within the circular economy.”
"This is an exciting next step in our Company’s history, with an identity that reflects the essential services we provide to the communities in which we operate and the positive global impact of our products,” said Eric Potashner, Chief Public Affairs and Communications Officer. “While our name will be changing, our Core Values of Safety, Sustainability, and Integrity will continue to serve as the foundation of our culture and will guide us for the next hundred years.”
The Company was listed as one of TIME’s 100 Most Influential Companies of 2023, recognized as the Most Sustainable Company in the World by Corporate Knights in 2023, and has been honored by Ethisphere as one of the World’s Most Ethical Companies® for nine consecutive years.
The Company will change its NASDAQ ticker symbol to RDUS at the start of its next fiscal year in September 2023.
About Schnitzer Steel Industries, Inc. dba Radius Recycling
Schnitzer Steel Industries, Inc. dba Radius Recycling is one of the largest manufacturers and exporters of recycled metal products in North America with operating facilities located in 25 states, Puerto Rico, and Western Canada. Radius has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s integrated operating platform also includes 50 stores which sell serviceable used auto parts from salvaged vehicles and receive over 4.1 million annual retail visits. The Company’s steel manufacturing operations produce finished steel products, including rebar, wire rod and other specialty products. Radius began operations in 1906 in Portland, Oregon.