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Schnitzer Steel Highlights Achievements on People, Planet, and Profit Goals in Its Fiscal Year 2022 Sustainability Report

By: Schnitzer Steel Industries, Inc. via Business Wire

December 15, 2022 at 08:30 AM EST

Recognized globally as a responsible leader, Schnitzer executed its long-term Sustainability strategy by engaging its employees and communities, working to safeguard the environment, and delivering value to all its stakeholders.

Schnitzer Steel Industries, Inc. (NASDAQ: SCHN), one of North America’s largest manufacturers and exporters of recycled metals, today announced the release of the Company’s Fiscal 2022 Sustainability Report, Recycled Metals for a Low-Carbon Future. The report, available on Schnitzer’s website, highlights the Company’s role in the transition to a low-carbon future by supplying recycled metals that are critical to the production of more sustainable products, including those associated with global decarbonization efforts.

“Almost 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. “Our work and our purpose have never been more relevant than they are today.”

“In fiscal 2022, we advanced our Sustainability goals by supporting our employees and communities, implementing best-in-class environmental processes and infrastructure, expanding our operating platform, and introducing new net zero carbon emissions product offerings,” said Lundgren.

Selected Highlights from Schnitzer Steel’s 2022 Sustainability Report:

People Highlights

90% of facilities free of any lost time injuries and the second-best safety performance in the Company’s history
Increased participation in the Company’s retirement benefits program by 15%
More than 50% female directors on the Company’s Board of Directors

Planet Highlights

Achieved 100% net carbon-free electricity use across the Company’s operations for the second consecutive year
Reduced Scope 1 and 2 greenhouse gas emissions from recycling operations by 24% against a 2019 baseline
Deployed an ISO Certified Environmental Management System
Launched GRN Steel™, the Company’s line of net zero carbon emissions steel products

Profit Highlights

Achieved the second-best fiscal year earnings in the Company’s history
Added 10 new operating locations through acquisitions in the southeastern U.S., including the Company’s first metals shredding operation in the region

“These achievements 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,” said Lundgren. “We are a Company built on a culture and by a workforce that has always been broad-based, and we understand that excellence defined by innovation, employee engagement, and productivity are not sustainable without a culture based on respect, fairness, and equal opportunity. I am immensely proud of what our team has accomplished.”

Executing Long-term Sustainability Strategy

As part of the execution of the Company’s long-term Sustainability strategy, Schnitzer updated its multi-year Sustainability goals. The Company’s Fiscal 2022 Sustainability Report details both progress toward achieving these multi-year goals as well as programs, projects, and initiatives that make this progress possible.

“Our Fiscal 2022 Sustainability Report underscores the deliberate steps we are taking to further integrate our Sustainability goals into the fabric of our operations,” commented Judodine Nichols, Chief Sustainability Officer. “This year’s achievements were made possible due to continuous improvement in employee engagement and management practices and significant capital investment in industry-leading emissions control technologies,” she added.

Recognized Globally as a Responsible Leader

In fiscal 2022, the Company was recognized by several organizations for leading performance in sustainability, including ethics, transparency, responsible operations, and employee engagement.

Ethisphere® Institute recognized Schnitzer as one of 2022 World’s Most Ethical Companies® for the eighth consecutive year.
Newsweek recognized Schnitzer as one of America’s Most Responsible Companies of 2022 for the third consecutive year.
Schnitzer was re-certified as a Great Place to Work® for the second consecutive year.
Schnitzer was ranked #15 by Corporate Knights in their 2022 Global 100 Index of the world’s most sustainable corporations.

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 operating 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 51 stores which sell serviceable used auto parts from salvaged vehicles and receive over 4.1 million annual retail visits. The Company’s steel manufacturing operations produce finished steel products, including rebar, wire rod and other specialty products. The Company began operations in 1906 in Portland, Oregon.