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.
 | |
| Company type | Public company |
|---|---|
| Nasdaq: RDUS (Class A) Russell 2000 Index component | |
| Industry | Steel |
| Founded | 1906 |
| Founder | Sam Schnitzer |
| Headquarters | Portland, Oregon |
Key people | Tamara L. Lundgren (CEO, Chairman, President) |
| Products | Steel Rebar |
| Revenue |  $1.712 billion (FY 2020) |
| -$4 million (FY 2020) | |
| Total assets |  $1.229 billion (FY 2020) |
| Total equity | $680 million (FY 2020) |
Number of employees | 3,032 (2020) |
| Subsidiaries | Pick-n-Pull Cascade Steel |
| Website | radiusrecycling |
| Footnotes / references [1][2][3] | |
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
External links
- Business data for Schnitzer Steel Industries, Inc.: