- Oops!Something went wrong.Please try again later.
Strong Progress on Multi-Year Sustainability Goals
Safest Year Recorded in Company’s 116-Year History
Achieved Goal of 100% Net Carbon-Free Electricity Use
PORTLAND, Ore., December 14, 2021--(BUSINESS WIRE)--Schnitzer Steel Industries, Inc. (NASDAQ: SCHN), one of the largest manufacturers and exporters of recycled metal products in North America, today announced the release of the Company’s Fiscal 2021 Sustainability Report, Essential Recycling, Sustainable Products, Successful Communities. The report, available on Schnitzer’s website, highlights the Company’s commitment to creating a more sustainable future by supplying recycled metals that are critical to the production of more sustainable products, including those associated with low-carbon technologies.
"As I look back over the past year I am reminded of our shared commitment to People, Planet, and Profit. This framework is the foundation of our sustainability strategy and continues to deliver meaningful impact to all our stakeholders. Our fiscal 2021 Sustainability Report showcases the many ways we delivered on this commitment by providing quality recycled metals, affordable recovered auto parts, and low-carbon finished steel products to customers around the world," commented Tamara Lundgren, Chairman and Chief Executive Officer.
"In fiscal 2021 we delivered our best operating results in a decade, recorded our safest year in our Company’s 116-year history, and achieved a key environmental performance goal ahead of schedule. These achievements are a direct result of employee dedication to our core values of safety, sustainability, and integrity. From our teams of frontline workers to those working remotely, our performance reflects the collaboration, innovation, and resilience that define our culture and our Company. I am immensely proud of what our team has accomplished during these most challenging times," said Lundgren.
Sustainable Business Model
By recycling metal, the Company diverts millions of tons of materials each year that might otherwise be destined for landfills. Schnitzer’s metals recycling facilities, located across North America, process ferrous and nonferrous metals, which reduce the need for intensive mining of virgin materials. The Company’s Pick-N-Pull facilities recycle end-of-life vehicles while providing affordable, used auto parts to customers. In addition, the Company’s steel mill, which is principally powered by carbon-free hydroelectricity, uses recycled metal as its primary raw material to produce finished steel products that are used in the construction of essential infrastructure such as bridges, highways, and new buildings.
"Sustainability is at the core of what we do and how we operate at Schnitzer and has been since our founding in 1906. As one of North America’s largest metal recyclers, our story is marked by the essential role we play in the national and global economy," said Lundgren. "The material we recover and recycle represents an increasingly critical feedstock for industries and infrastructure that need high-quality, low-carbon metal solutions to support the transition to a sustainable future," she added.
Strong Progress on Multi-Year Sustainability Goals
In fiscal 2021 the Company conducted a materiality assessment to identify the issues that matter most to the business and its stakeholders. As part of the execution of the Company’s long-term sustainability strategy, Schnitzer updated its multi-year sustainability goals. The Company’s Fiscal 2021 Sustainability Report provides both a progress update and roadmap to achievement of these multi-year goals.
"Our Fiscal 2021 Sustainability Report tells the story of our people working toward shared sustainability success by putting our core values into action. The past year’s progress underscores our collective commitment to making the most of operational opportunities and persevering amid unprecedented challenges," commented Brian Lewallen, Chief Sustainability Officer & Assistant General Counsel. "This year we achieved our goal of 100% net carbon-free electricity use at our facilities ahead of our original 2022 schedule. We also made significant progress in achieving our goal of reducing greenhouse gas emissions from recycling operations by 25% by the end of fiscal 2025 by reducing greenhouse gas emissions from metal shredding processes by 25%. These successes were made possible in large part due to significant capital investment in industry-leading control technologies, as well as continuous improvement in employee engagement and management practices," he added.
Recognition as a Responsible Global Leader
In fiscal 2021, the Company was recognized by several organizations for leading performance in sustainability, including ethics, transparency, responsible operations, and employee engagement.
Ethisphere® Institute’s 2021 World’s Most Ethical Companies®
S&P Global Sustainability Award Industry Mover 2021
S&P Global Platts 2021 Global Metals Awards Industry Leadership Award for Scrap & Recycling
Newsweek’s America’s Most Responsible Companies 2021
Certified as a Great Place to Work®
The Company's Sustainability Report is cross-referenced against the Sustainability Accounting Standards Board (SASB) Index. This is the third year that Schnitzer is disclosing information under SASB’s framework, which focuses on financially material, market-informed, and industry-specific sustainability information. In addition, the Report references relevant standards developed by the Global Reporting Initiative (GRI), a global framework for sustainability reporting, providing a clear and transparent way for organizations to report their environmental, social, and economic impacts.
About Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled metal products in North America with more than 50 recycling facilities located in 25 states, Puerto Rico, and Western Canada. Schnitzer 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, operating under the brand name of Pick-N-Pull, which sell serviceable used auto parts from salvaged vehicles and receive approximately 5 million annual retail visits. The Company’s steel manufacturing operations, Cascade Steel Rolling Mills, produce finished steel products, including rebar, wire rod and other specialty products. The Company began operations in 1906 in Portland, Oregon.
View source version on businesswire.com: https://www.businesswire.com/news/home/20211214005408/en/
Public Affairs & Communications