American metal manufacturing and recycling company
Radius Recycling, Inc., 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]
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]
^"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.
^Kenney, Brad (Mar 5, 2008). "Scrapping With the Chinese: Schnitzer Steel Industries". IndustryWeek.