US metals recycler and steel manufacturer Schnitzer Steel Industries will now operate as Radius Recycling, the company announced at the end of July. The Oregon-based company described the change as part of a comprehensive rebranding effort that "reflects the company's vision, purpose, and impact on the circular economy".
"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 CEO Tamara Lundgren.
According to the company, the transition to Radius Recycling will better align with the company's role as one of the largest metal recyclers, more closely reflect its position in the circular economy and further its commitment to advancing the recovery, reuse, and recycling of essential metals that facilitate global carbon reduction.
Established as a scrap recycling business in 1906, the company bore the name of founder Sam Schnitzer for over a century, even as the involvement of the Schnitzer family declined. Sam Schnitzer's son, Leonard, was CEO until 2002 and chairman until his death the following year. The business became a publicly traded company in 1993 and the family ceded control when their share of the company's stock fell below 20 per cent in 2010.
The company formerly known as Schnitzer Steel Industries now operates across 25 states, Puerto Rico, and Western Canada, with deep water export facilities on both coasts and in Hawaii and Puerto Rico. Via its Pick-n-Pull division, the company also operates 50 stores selling serviceable used auto parts from salvaged vehicles. Radius also engages in steel manufacturing, producing finished steel products like rebar, wire rod, and other specialty items, stemming from the 1984 acquisition of Cascade Steel Rolling Mills. The company closed the past business ended 31 August 2022 with revenues of $3.48bn and consolidated net income of $170m.
The business's stock ticker will also be changing. With the start of its next financial year in September 2023, Radius Recycling will be trading under the NASDAQ ticker symbol "RDUS".