(Credit: Pixabay)Schnitzer Steel has a new name as the century-old metal manufacturer aims to better align with its vision and commitment to recycling.
Now known as Radius Recycling, the company’s rebrand reflects how it has developed robust networks to collect, process and deliver recycled metals. Radius Recycling is one of the largest metal recycling companies, the company said.
“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,” Chairman and CEO Tamara Lundgren said in a statement. “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.”
The rebrand comes as the company foresees the growing dependence on metals as demand for electric vehicles and renewable energy systems continues to rise. Demand for metals will continue to rise amid the shift to low carbon technologies, Radius Recycling stated.
The company has an integrated operating model that diverts millions of tons of materials annually from landfills, delivers recycled metals to domestic and international customers, while producing some of the lowest carbon emissions finished steel products. Its Company's 3PR Third Party Recycling services increase recycling rates.
“Our new identity clearly affirms our vision for a sustainable future,” Lundgren said. “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.”
The rebrand comes as the European Commission has set its sights –– and funding –– on two decarbonization plans of steel plants in France and Germany. With the two projects combined, the Commission recently approved more than $1.5 billion in direct grants to support the projects.
Schnitzer Steel began its operations in Portland, Oregon, in 1906 and now has operating facilities located in 25 states, Puerto Rico and Western Canada. The publicly-traded company will go under its new stock ticker, RDUS, starting in September 2023. The company noted its net-zero goal in a report of its low carbon operations late last year.
