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
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/
Company Contact:
Investor Relations Michael Bennett (503) 323-2811
mbennett@schn.com
Public Affairs & Communications Eric Potashner
(415)624-9885 epotashner@schn.com
Company Info: www.schnitzer.com ir@schn.com
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