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.