Schnitzer Steel Named Most Sustainable Company in the World by Corporate Knights
Schnitzer Steel Industries, Inc. (NASDAQ:SCHN), a global leader in metals recycling, has been named the most sustainable company in the world by Corporate Knights, a leading media and research organization focused on corporate sustainability performance.
The 19th annual Global 100 List of the world's most sustainable corporations by Corporate Knights is based on a detailed assessment of 6,720 companies, each with more than US$1 billion in revenue, where performance across a range of sustainability metrics is evaluated.
"Sustainability is at the core of what we do and how we operate, and it has been since our founding in 1906," said Tamara Lundgren, Chairman and Chief Executive Officer. "Our work and our purpose have never been more relevant than they are today. We are honored to be recognized by Corporate Knights for our contributions to the sustainable economy."
Earning the top spot on the Global 100 List reflects the key role of Schnitzer's operations in reducing the environmental footprint of industrial manufacturing operations, such as global steelmaking and copper smelting, by supplying customers with recycled metals to use as the primary input in their production processes. A central driver of Schnitzer's move from #15 on Corporate Knights' ranking in 2022 to the number one position in 2023 includes sustainable revenue from approximately 4.5 million tons of recycled ferrous metals, 700 million pounds of recycled nonferrous metals, and 465,000 short tons of finished steel products made from recycled ferrous metals. In 2022, the Company also introduced GRN Steel™, a line of net zero carbon emissions finished steel products to provide customers with sustainable steel solutions as they build tomorrow's essential infrastructure
"The use of recycled metals is recognized as an important strategic solution for companies, industries, and governments focused on carbon reduction," said Lundgren. "It is a differentiator for metal producers and fabricators and a critical part of every community's commitment to supporting a circular economy and decreasing material going to landfills."
"We are rapidly moving towards a future where leading sustainability performers like Schnitzer Steel will drive more viable returns than their global corporate peers. This year's index included continued growth in the overall portion of corporate revenues and investments aligned with the sustainable economy," said Toby Heaps, CEO, Corporate Knights.
Foundational to Schnitzer's success is the Company's Sustainability framework, established nearly a decade ago, which centers around People, Planet, and Profit. Since setting Sustainability goals in 2019 in accordance with this framework, the Company has met or exceeded many of its targets and established new goals.
"As a 117-year-old Company with roots in the "old economy," to be recognized as the leading force in sustainability is a great example of how sustainability principles can be successfully applied to industrial companies," said Lundgren.
In fiscal 2022, the Company reduced Scope 1 and 2 greenhouse gas emissions from recycling operations by 24% compared to the Company's 2019 baseline and maintained 100% net carbon free electricity at its operations for the second consecutive year.
"We continue to take deliberate steps to further integrate Sustainability into the fabric of our operations," commented Judodine Nichols, Chief Sustainability Officer. "Our achievements in fiscal 2022 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.
In addition to Corporate Knights' Global 100 ranking, Schnitzer has been recognized by several organizations for leading performance in sustainability, including on the topics of 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 named Schnitzer as one of America's Most Responsible Companies of 2022 for the third consecutive year, and Schnitzer was re-certified as a Great Place to Work® for the second consecutive year. The Company also received the Sustainable Markets Initiative's Terra Carta Seal, was recognized by the CDP for performance on climate and water and was rated by EcoVadis for performance in sustainable procurement.
In December 2022, the Company released its fiscal 2022 Sustainability Report, Recycled Metals for a Low-Carbon Future, which 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.
About Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc. is one of North America's largest manufacturers and exporters of recycled metal products 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.
About Corporate Knights
Corporate Knights Inc. Includes the sustainable-business magazine Corporate Knights and a research division that produces rankings and financial product ratings based on corporate sustainability performance.
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