Makes Strides in Sustainable Practices, Governance and Community
Engagement
PORTLAND, Ore. -- (Business Wire)
Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) today announced the
release of its fifth sustainability report, covering fiscal years 2017
and 2018. Now available [www.schnitzersteel.com/sustainability.aspx],
the report highlights the sustainability value that the Company delivers
as one of North America’s largest recyclers of ferrous and nonferrous
scrap metal, including end-of-life vehicles, and as a manufacturer of
finished steel products from recycled scrap metal.
By recycling scrap metal, Schnitzer diverts and processes for reuse
millions of tons of materials each year that might otherwise be destined
for landfills. The ferrous and non-ferrous scrap metal that the Company
processes is utilized to manufacture new metal-based products,
conserving natural resources and significantly reducing greenhouse gas
emissions. The Company estimates that, based on its ferrous scrap
volumes in fiscal 2018, over 4 million metric tons of CO2 emissions were
avoided compared to the use of new iron ore to manufacture steel. This
is the equivalent of taking more than 900,000 cars off the road for one
year.
This enhanced report provides additional details on the Company’s
environmental, social and governance (ESG) achievements over the
two-year period, including year-over-year improvements in the Company’s
normalized sustainability key performance indicators which have been
externally verified and assured for accuracy. In another enhancement,
the fiscal 2017-2018 report is tracked against the Global Reporting
Initiative (GRI) framework.
The Company’s sustainability report shares progress across five areas:
(1) integrity, ethics and compliance; (2) safety, health and wellness;
(3) diversity, inclusion and cultural awareness; (4) community
engagement and partnerships; and (5) environmental performance and
protection. Notable efforts by Schnitzer and our employees include
hosting community scrap drives and supporting communities and
organizations in emergency preparedness and disaster relief. Moreover,
almost 80% of the Company’s electricity consumption comes from renewable
sources, and the Company re-uses 80% of the water at its steel
manufacturing operations.
“As one of North America’s largest metals recyclers, sustainability is
at the core of what we do and how we operate,” said Tamara Lundgren,
President and Chief Executive Officer at Schnitzer Steel. “We are
pleased to present our fifth annual Sustainability Report which
describes the multi-year progress we have made in lowering our carbon
emissions, energy consumption, water usage, and process waste generated
on a per ton basis. We are building on this foundation to do even more
in these areas and others, including investing in environmental control
and advanced processing technologies and increasing the fuel efficiency
of our front-line equipment. Our commitment to sustainable business
practices and further integration of sustainability throughout our
operations are key components of our long-term strategy.”
The past two fiscal years have marked excellent progress for Schnitzer.
“Both fiscal year 2017 and 2018 were exciting years in our
sustainability journey,” said Andrew Naporano, Chief Sustainability
Officer. “As part of our multi-year corporate sustainability strategy,
we continue to decrease our carbon and process waste generated volumes
per ton, and are deploying capital with a keen focus on making our
operations even more environmentally efficient so we can consistently
deliver sustainable value in the future.”
The Company also established the Sustainability Leadership Group, which
serves as an internal strategic working group to collaborate on the
development and deployment of sustainable and socially responsible
business practices. This cross-functional group engages leadership
across business units, geographic regions, and job functions to design
practical and sustainable solutions and to engage our employees in the
Company’s sustainability efforts.
Schnitzer has long been recognized for its sustainability practices.
2018 marked the fourth consecutive year the Company was recognized by
the Ethisphere Institute as one of the World’s Most Ethical Companies.
The award honors those who operate with purpose and incorporate
integrity into their ecosystems.
About Schnitzer Steel
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 auto parts stores with
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181213005947/en/
Contacts:
Media Relations:
Colin Kelly, 781-873-1665
ckelly@schn.com
Investor Relations:
Michael Bennett, 503-232-2811
mcbennett@schn.com
Company Info:
www.schnitzersteel.com
ir@schn.com
Source: Schnitzer Steel Industries, Inc.
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