PORTLAND, Ore.–(BUSINESS WIRE)–Schnitzer Steel Industries, Inc. dba Radius Recycling (NASDAQ: RDUS), a global leader in metals recycling, today announced the release of the Company’s Fiscal 2023 Sustainability Report, Where Change Begins.
The report details the Company’s work to advance the circular economy through the recovery, reuse, and recycling of the essential metals required to support global decarbonization efforts. Radius annually diverts millions of tons of metals from landfills, supplies recycled metals to domestic and international customers, and produces some of the lowest carbon emission finished steel products available. The report also showcases the Company’s progress towards its multi-year sustainability goals, including achieving its greenhouse gas emissions reduction target – two years ahead of schedule.
“Nearly 10 years ago, we created a sustainability framework based on three pillars: People, Planet, and Profit. This framework is the foundation of our sustainability strategy and continues to deliver meaningful impact to all our stakeholders,” said Tamara Lundgren, Chairman and Chief Executive Officer.
“In 2023, we also unveiled our new corporate name, Radius Recycling, to better reflect our work as we advance our sustainability goals by supporting our employees and communities, implementing best-in-class environmental infrastructure and processes, and expanding our operating platform,” continued Lundgren.
“Our achievements this year would not have been possible without all our employees living our Core Values of Safety, Sustainability, and Integrity and operating with the agility, resilience, and collaboration that have underpinned our success. I am immensely proud of what our team has accomplished.”
Selected Highlights from Radius Recycling’s 2023 Sustainability Report:
- Recycled 4.7 million tons of ferrous and nonferrous metals, sold 4 million recycled auto parts, and produced 521,000 tons of low carbon emission finished steel products
- Increased sales volumes of nonferrous material recovered from our shredding operations by 7%, supported by our advanced metals recovery technology systems which enable us to increase recycling and reduce waste, improve the efficiency of our processes to meet global metal content and quality requirements, and create products that can be marketed globally
- Surpassed our goal of reducing Scope 1 and 2 greenhouse gas emissions from our recycling operations by 25% against our 2019 baseline
- Maintained 100% net carbon free electricity across our operations for the third consecutive year
- 90% of our facilities were free of any lost time injuries and there were zero instances of serious injuries or fatalities
- Increased employee participation in the Company’s 401(k) matching benefit program to 66%
- Launched our integrated third-party recycling services activities under our 3PR™ brand to support the rapidly growing and important service and supply chain solution for our customers that enables greater recycling rates, reductions in material going to landfill, an improved carbon footprint, and enhanced sustainability reporting.
Recognized as a Global Leader
In fiscal 2023, the Company was recognized by several global organizations for leading performance in sustainability, ethics, responsible operations, and employee engagement.
- Radius was ranked #1 on Corporate Knights’ 2023 Most Sustainable Corporations in the World.
- TIME named the Company among the TIME100 Most Influential Companies in 2023.
- Ethisphere® Institute recognized Radius as one of 2023 World’s Most Ethical Companies® for the ninth consecutive year.
- Radius was re-certified as a Great Place to Work® for the third consecutive year.
“Our 2023 Sustainability Report underscores the steps we are taking to further integrate our sustainability goals into the fabric of our present and future operations as we seek to continually raise the bar,” commented Judodine Nichols, Chief Sustainability Officer. “Through a united vision, we are driving a culture of sustainability to ensure a brighter future for all.”
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 that sell serviceable used auto parts from salvaged vehicles and receive over 4 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.