Radius Recycling

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(Redirected from Schnitzer Steel)
Schnitzer Steel Industries, Inc.
Company typePublic company
Nasdaq: RDUS (Class A)
Russell 2000 Index component
IndustrySteel
Founded1906; 118 years ago (1906)
FounderSam Schnitzer
HeadquartersPortland, Oregon
Key people
Tamara L. Lundgren (CEO, Chairman, President)
ProductsSteel
Rebar
RevenueDecrease $1.712 billion (FY 2020)
Decrease -$4 million (FY 2020)
Total assetsIncrease $1.229 billion (FY 2020)
Total equityDecrease $680 million (FY 2020)
Number of employees
3,032 (2020)
SubsidiariesPick-n-Pull
Cascade Steel
Websiteradiusrecycling.com
Footnotes / references
[1][2][3]
Cascade Steel mill in McMinnville, Oregon

Radius Recycling, previously known as Schnitzer Steel Industries, Inc., is a steel manufacturing and scrap metal recycling company headquartered in Portland, Oregon. Founded in 1906, the publicly traded company is a component Russell 2000 Index with approximately 3,500 employees. In 2023, the company adopted its current name and a new NASDAQ symbol of RDUS.

History

Schnitzer Steel was founded by Russian immigrant Sam Schnitzer in 1906 as a one-person scrap metal recycler.[4] Between 1947 and 1950, his son, Harold Schnitzer, worked at the company.[5] Harold left the company to create Harsch Investment Properties, and his charitable contributions led to the family name being adorned to numerous buildings and institutions in Oregon.[6] Olympic champion Mark Spitz's father Arnold worked for the company in Oakland, California.[7] In 1984, the company bought Cascade Steel Rolling Mills, who operated a steel mill in McMinnville, Oregon.[8] Schnitzer purchased eight service centers from U.S. Steel in 1986 for its Metra Steel subsidiary.[9]

In 1993, Schnitzer Steel became a public company via an initial public offering.[10] In January 2003, the company acquired Pick-n-Pull, a chain of automobile scrape yards where consumers can obtain autoparts from scrapped vehicles.[11] In October 2005, it acquired GreenLeaf Auto Recyclers,[12] which was sold in 2009,[13] and Regional Recycling, a metals recycling business with 10 locations in the Southeastern United States.[14] In 2006, the company acquired Advanced Recycling.[15][16]

In December 2007, the U.S. Securities and Exchange Commission charged former chairman and CEO Robert Philip for violating bribery laws as part of the Foreign Corrupt Practices Act in relation to dealings with Chinese steel mills.[17][18]

Tamara Lundgren became the chief executive officer, and John Carter became chairman in November 2008.[19]

In January 2010, the Schnitzer family sold their shares such that their ownership in the company fell below 20%.[4] In April 2010, the company acquired Golden Recycling & Salvage, a recycling company in Billings, Montana.[20]

In 2011, the company acquired State Line Scrap Co., a recycling company in Attleboro, Massachusetts,[21][22] and Ferrill's Auto Parts of Seattle.[23][24]

In 2013, the company moved its headquarters to downtown Portland, Oregon, to the KOIN Tower.[25][26] The company changed its name to Radius Recycling in 2023, including a new stock ticker symbol on the NASDAQ of RDUS.[26] At that time the company had approximately 3,500 employees.[26]

Operations

The company operates auto parts recycling, metal recycling, and steel manufacturing with locations in 26 states and two Canadian provinces, plus Puerto Rico.[27] This includes the Pick-n-Pull auto parts recycling chain with 51 locations.[27] Steel manufacturing is through the Cascade Steel Rolling Mills plant in McMinnville, Oregon.[26][27]

See also

References

  1. ^ "Schnitzer Steel Industries, Inc. 2020 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ "Management". www.radiusrecycling.com. Retrieved 28 September 2023.
  3. ^ "Careers". www.radiusrecycling.com. Retrieved 28 September 2023.
  4. ^ a b Hunsberger, Brent (January 27, 2010). "Schnitzer family sells stock, loses control of steel company". The Oregonian.
  5. ^ "Harold J. Schnitzer Obituary". The Oregonian. April 27, 2011.
  6. ^ Paul Haist, "Harold Schnitzer Passes from Scene," Jewish Review, vol. 53, no. 20 (May 1, 2011), pp. 1, 30.
  7. ^ Lydon, Susan (11 March 1973). "A second look ... at Mark Spitz". The New York Times. Retrieved 27 July 2023.
  8. ^ "Cascade Steel". The New York Times. 18 September 1984. Retrieved 27 July 2023.
  9. ^ "USX sold eight of its service centers in the West". Los Angeles Times. 27 October 1986. Retrieved 27 July 2023.
  10. ^ BURI, SHERRI (May 30, 1996). "Heaps of Junk Metal Bringing Piles of Cash to Company". Los Angeles Times. Associated Press.
  11. ^ "Schnitzer to Acquire 100% of an Industry Leading Auto Dismantler" (PDF) (Press release). Business Wire. January 10, 2003.
  12. ^ "Schnitzer Steel Subsidiary Pick-N-Pull Acquires GreenLeaf Auto Recyclers" (Press release). Business Wire. October 3, 2005.
  13. ^ "Schnitzer Steel Subsidiary Pick-N-Pull Acquires GreenLeaf Auto Recyclers" (Press release). GlobeNewswire. October 2, 2009.
  14. ^ "Schnitzer Steel Completes its Acquisition of Regional Recycling" (Press release). Business Wire. October 31, 2005.
  15. ^ "Schnitzer Steel Industries, Inc. Announces Acquisition of Advanced Recycling" (Press release). Business Wire. December 15, 2006.
  16. ^ "Schnitzer Steel acquires Advanced Recycling". American City Business Journals. August 16, 2006.
  17. ^ "SEC Charges Former Chairman/CEO of Schnitzer Steel for Authorizing Cash Bribes to Foreign Officials" (Press release). U.S. Securities and Exchange Commission. December 13, 2007.
  18. ^ Kenney, Brad (Mar 5, 2008). "Scrapping With the Chinese: Schnitzer Steel Industries". IndustryWeek.
  19. ^ Saker, Anne (November 4, 2008). "Schnitzer Steel names new CEO". American City Business Journals.
  20. ^ "Schnitzer Steel Acquires Golden Steel & Recycling" (Press release). Business Wire. April 19, 2010.
  21. ^ "Schnitzer Acquires State Line Scrap Co. of Attleboro, Massachusetts" (Press release). Business Wire. January 4, 2011.
  22. ^ Goldfield, Robert (January 4, 2011). "Schnitzer Steel buys State Line Scrap". American City Business Journals.
  23. ^ "Schnitzer's "Pick-n-Pull" Acquires Ferrill's Auto Parts of Seattle" (Press release). Business Wire. February 1, 2011.
  24. ^ "Schnitzer Steel buys Seattle firm". American City Business Journals. February 1, 2011.
  25. ^ Giegerich, Andy (February 6, 2013). "Schnitzer Steel moving HQ to downtown Portland". American City Business Journals.
  26. ^ a b c d Njus, Elliot (26 July 2023). "Schnitzer Steel scraps name in rebranding". The Oregonian/OregonLive. Retrieved 26 July 2023.
  27. ^ a b c "Locations". www.radiusrecycling.com. Retrieved 27 July 2023.

External links

  • Business data for Schnitzer Steel Industries, Inc.:
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