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 its Fiscal 2020 Sustainability Report, "Resourceful. Responsible. Resilient." The report is available on Schnitzer's website and highlights the Company's commitment to creating a lasting positive impact for our people, customers, suppliers and communities across all our operations while delivering long-term value to shareholders.
"There is no playbook for a year like this past one, but there is certainly a legacy at our Company of facing challenges head-on and successfully navigating through the toughest of times. Schnitzer and our stakeholders are meeting the challenges of our time because of several key strengths we have developed over the years. In our Fiscal 2020 Sustainability Report, we share the importance of each of these strengths?not only for today, but also for the future," commented Tamara Lundgren, Chairman and Chief Executive Officer.
Our Sustainable Business Model
By recycling scrap metal, the Company is diverting millions of tons of materials each year that might otherwise be destined for landfills. Schnitzer's metals recycling facilities process scrap metal, including 4 million tons of ferrous scrap and 551 million pounds of nonferrous scrap in fiscal 2020, which reduces the need for intensive mining of virgin materials. The Company's Pick-N-Pull facilities recycle end-of-life vehicles while also providing affordable, used auto parts to consumers. In addition, its Cascade Steel Mill uses scrap metal as its primary raw material to produce finished steel products that find new life in the construction of vital infrastructure and other projects to improve the quality of life for our communities.
"In countries around the world, the long-term demand for ferrous and nonferrous recycled metals is underpinned by several trends that are gaining increasing importance and relevance. Low-carbon economies are widely acknowledged as more metal-intensive economies," said Tamara Lundgren. "As countries transition to lower-carbon economies and as the number of electric arc furnace (EAF) steel mills operating in both the U.S. and globally continue to grow, the need for metals, especially recycled metals, is expected to increase for many years to come," she added.
Strong Progress on Multi-Year Sustainability Goals
As part of the execution of Schnitzer's long-term sustainability strategy, the Company established multi-year sustainability goals last year focused on remaining at the forefront of positive change in the industry. The Company's sustainability goals track progress in the areas of People, Planet and Profit and are aligned with Schnitzer's long-term business success. The Fiscal 2020 Sustainability Report provides a progress update on the Company's path to achievement of these multi-year goals.
"Despite the challenges of the past year, Schnitzer's progress against our ambitious sustainability goals remains strong," commented Brian Lewallen, Chief Sustainability Officer & Assistant General Counsel. "We have made significant progress this year in several areas, including a 15% reduction in greenhouse gas emissions at our recycling operations. We are proud that we also exceeded our 90 percent carbon-free electricity goal well before the end of fiscal 2025, which enables us to set an enhanced sustainability goal to achieve 100 percent net carbon-free electricity use by the end of fiscal 2022," he added.
"In addition to our sustainability goals focused on positively impacting our employees, communities and the environment, we are also focused on delivering growth in profitability. As our stakeholders continue to communicate their focus on sustainability, we are expanding our recycling products and services and proactively working with companies and communities to support their efforts to reduce their carbon footprint and improve the environmental impact of their activities," said Tamara Lundgren. "We are also pleased with the continued strong improvement in our safety performance. Our recordable incident rate in fiscal 2020 was the lowest and best rate recorded in our Company's history and follows fiscal 2019, which was our previous best," she added.
The report is cross-referenced against the Sustainability Accounting Standards Board (SASB) Index. This is the second year that Schnitzer is disclosing information under SASB's framework, which focuses on financially material, market-informed and industry-specific sustainability information.
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 23 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 which sell serviceable used auto parts from salvaged vehicles and receive approximately 5 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.
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