Company Announces First Set of Multi-Year Sustainability Goals for 2025 on Emissions, Electricity Use and Other Key Areas
Report Discloses Sustainability Information Under SASB Framework for the First Time to Enhance Transparency of Material ESG Factors
PORTLAND, Ore.–(BUSINESS WIRE)–Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) today announced the release of its fiscal year 2019 Sustainability Report, “Recycling Today for a Sustainable Tomorrow.” The report contains the Company’s first set of multi-year sustainability goals and highlights the positive impact that the Company delivers to all stakeholders across its business, operations, workplace and communities. The report is now available at http://sustainability.schnitzersteel.com/ and is cross-referenced against both the Global Reporting Initiative (GRI) Index and the Sustainability Accounting Standards Board (SASB) framework. Importantly, this is the first year that Schnitzer is disclosing information under SASB’s framework, which focuses on financially material, market-informed and industry-specific sustainability information.
Our Sustainable Business Model
By recycling scrap metal, Schnitzer is diverting and recycling millions of tons of materials each year that might otherwise be destined for landfills. The Company’s metals recycling facilities process ferrous and nonferrous scrap metal, which reduces the need for intensive mining of virgin materials for use in steel manufacturing. Schnitzer’s Pick-N-Pull facilities extract the maximum use out of end-of-use vehicles by providing affordable, used auto parts to consumers. In addition, the Company’s Cascade Steel Mill uses scrap metal to produce finished steel products that find new life in the construction of vital infrastructure to improve the quality of life for our communities.
“Schnitzer’s sustainable business model has never been more important than it is today. As global trends continue to support the growth of lower carbon-based economies, the demand for metal-based products, especially those produced by recycled materials, will increase significantly in the years ahead,” commented Tamara Lundgren, President and Chief Executive Officer. “As other stakeholders continue to communicate their focus on sustainability, Schnitzer is proactively working with companies and communities in their efforts to reduce their carbon footprint and improve the environmental impact of their activities.”
Fiscal Year 2025 Sustainability Goals
As part of the execution of our long-term sustainability strategy, Schnitzer established its first set of multi-year sustainability goals focused on remaining at the forefront of positive change in our industry. The development of the 2025 goals was guided by the Company’s fiscal year 2018 Sustainability Materiality Assessment that identified several environmental, social and economic issues that may have significant impacts on Schnitzer and its stakeholders. Schnitzer plans to provide regular progress updates toward these goals in the publication of future annual sustainability reports. These goals include:
- Safety: Achieve a Total Case Incident Rate of 1.00 by the end of fiscal year 2025
- Volunteerism: Donate at least 10,000 hours of paid volunteer time off by the end of fiscal year 2025
- Air Emissions: Reduce absolute greenhouse gas emissions from Auto and Metals Recycling operations by 25% by the end of fiscal year 2025 (using fiscal year 2019 as a baseline)
- Electricity Use: Achieve and maintain at least 90% carbon-free electricity use by the end of fiscal year 2025
- Growth: Achieve a profitability improvement target of $15/ton using sustainability-based initiatives by the end of fiscal year 2021
Improving the Company’s sustainability performance also requires important contributions from every Schnitzer employee. The Company is making its core value of Sustainability tangible and actionable for its workforce with a new set of sustainability principles, including eliminating waste, continuous improvement, technology and innovation.
“Our sustainability strategy is focused on empowering our employees to make a meaningful difference through their daily work. By applying our sustainability principles, our employees, individually and collectively, will help us achieve our ambitious and long-term sustainability goals,” said Brian Lewallen, Chief Sustainability Officer.
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 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.
Colin Kelly, 781-873-1665
Michael Bennett, 503-232-2811