Radius Recycling

{{short description|American scrap recycling and steel manufacturing company}}

{{Infobox company

| name = Radius Recycling, Inc.

| logo =

| former_name = Schnitzer Steel Industries, Inc.

| type = Public

| traded_as = {{nowrap|{{NASDAQ|RDUS}} (Class A)
Russell 2000 Index component}}

| founder = Sam Schnitzer

| foundation = {{Start date and age|1906}}

| hq_location = Portland, Oregon

| key_people = Tamara L. Lundgren (CEO, chairman, president)

| industry = Steel

| products = Steel
Rebar

| subsid = Pick-n-Pull
Cascade Steel

| revenue = {{decrease}} $2.738 billion (FY 2024)

| net_income = {{decrease}} -$266 million (FY 2024)

| assets = {{decrease}} $1.533 billion (FY 2024)

| equity = {{decrease}} $623 million (FY 2024)

| num_employees = 3,011 (2024)

| homepage = {{URL|radiusrecycling.com/}}

| footnotes = {{cite web | url=https://www.sec.gov/ix?doc=/Archives/edgar/data/912603/000095017024117007/rdus-20240831.htm | title=Radius Recycling, Inc. 2024 Form 10-K Annual Report | publisher=U.S. Securities and Exchange Commission | date=October 24, 2024}}

}}

File:Cascade Steel mill McMinnville Oregon.JPG]]

Radius Recycling, Inc., is a scrap recycling and steel manufacturing company headquartered in Portland, Oregon. The company operates auto parts recycling, metal recycling, and steel manufacturing with locations in 26 states and two Canadian provinces, as well as Puerto Rico. The company recycles vehicles, rail cars, home appliances, industrial machinery, and scrap. The company has 103 recycling facilities including the Pick-n-Pull auto parts recycling chain with 50 locations and 53 metals recycling facilities. Steel manufacturing is through the Cascade Steel Rolling Mills plant in McMinnville, Oregon.

History

File:Schnitzer Steel logo.svg

The company was founded as Schnitzer Steel by Russian immigrant Sam Schnitzer in 1906 as a one-person scrap metal recycler. Between 1947 and 1950, his son, Harold Schnitzer, worked at the company.{{cite news | url=https://archive.nytimes.com/query.nytimes.com/gst/fullpage-9A06E3DC143AF936A25756C0A9679D8B63.html | title=Paid Notice: Deaths SCHNITZER, HAROLD J. | work=The New York Times | date=May 15, 2011}} In 1984, the company bought Cascade Steel Rolling Mills, who operated a steel mill in McMinnville, Oregon.{{cite news | url=https://www.nytimes.com/1984/09/18/business/cascade-steel.html |title=Cascade Steel | agency=Reuters |work=The New York Times | date=September 18, 1984 | url-access=limited}} Schnitzer purchased eight service centers from U.S. Steel in 1986 for its Metra Steel subsidiary.{{cite news |url=https://www.latimes.com/archives/la-xpm-1986-10-27-fi-7572-story.html |title=USX sold eight of its service centers in the West. |work=Los Angeles Times |date=October 27, 1986 | url-access=limited}} In 1993, Schnitzer Steel became a public company via an initial public offering.{{cite news | url=https://www.latimes.com/archives/la-xpm-1996-05-30-fi-10158-story.html | title=Heaps of Junk Metal Bringing Piles of Cash to Company | first=SHERRI | last=BURI | agency=Associated Press | work=Los Angeles Times | date=May 30, 1996 | url-access=limited}}

In January 2003, the company acquired Pick-n-Pull, a chain of automobile scrape yards where consumers can obtain autoparts from scrapped vehicles.{{cite press release | url=http://media.corporate-ir.net/media_files/nsd/schn/reports/01_10_03.pdf | title=Schnitzer to Acquire 100% of an Industry Leading Auto Dismantler | publisher=Business Wire | date=January 10, 2003}} In October 2005, it acquired GreenLeaf Auto Recyclers,{{cite news | url=https://www.aist.org/schnitzer-steel-completes-separation-with-hugo-neu | title=Schnitzer Steel Completes Separation with Hugo Neu | work=Association for Iron and Steel Technology | date=October 4, 2005}} which was sold in 2009,{{cite press release | url=https://globenewswire.com/news-release/2009/10/02/405826/174614/en/LKQ-Corporation-Acquires-Greenleaf-Auto-Recyclers-LLC-From-Schnitzer-Steel-Industries-Inc-and-Sells-Some-of-Its-Retail-Oriented-Self-Service-Recycling-Businesses.html | title=LKQ Corporation Acquires Greenleaf Auto Recyclers, LLC From Schnitzer Steel Industries, Inc. and Sells Some of Its Retail Oriented Self-Service Recycling Businesses | publisher=GlobeNewswire | date=October 2, 2009}} and Regional Recycling, a metals recycling business with 10 locations in the Southeastern United States.{{cite news | url=https://www.steelorbis.com/steel-news/latest-news/schnitzer-steel-acquires-regional-recycling-153278.htm | title=Schnitzer Steel Completes its Acquisition of Regional Recycling | work=Steel Orbis | date=November 1, 2005}} In December 2006, the company acquired Advanced Recycling.{{cite news | url=https://www.aist.org/schnitzer-steel-completes-acquisition-of-advanced-recycling | title=Schnitzer Steel Completes Acquisition of Advanced Recycling | work=Association for Iron and Steel Technology | date=December 19, 2006}}{{cite news | url=https://www.bizjournals.com/portland/stories/2006/08/14/daily24.html | title=Schnitzer Steel acquires Advanced Recycling | work=American City Business Journals | date=August 16, 2006 | url-access=subscription}}

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.{{cite press release | url=https://www.sec.gov/news/press/2007/2007-262.htm | title=SEC Charges Former Chairman/CEO of Schnitzer Steel for Authorizing Cash Bribes to Foreign Officials | publisher=U.S. Securities and Exchange Commission | date=December 13, 2007}}{{cite news | url=https://www.industryweek.com/leadership/companies-executives/article/22007838/scrapping-with-the-chinese-schnitzer-steel-industries | title=Scrapping With the Chinese: Schnitzer Steel Industries | first=Brad | last=Kenney | work=IndustryWeek | date=March 5, 2008}} Tamara Lundgren became the chief executive officer, and John Carter became chairman in November 2008.{{cite news | url=https://www.bizjournals.com/portland/stories/2008/11/03/daily11.html | title=Schnitzer Steel names new CEO | last=Saker | first=Anne | work=American City Business Journals | date=November 4, 2008 | url-access=subscription}} In January 2010, the Schnitzer family sold their shares such that their ownership in the company fell below 20%.{{cite news | url=https://www.oregonlive.com/business/2010/01/schnitzer_family_sells_stock_l.html | title=Schnitzer family sells stock, loses control of steel company | first=Brent | last=Hunsberger | work=The Oregonian | date=January 27, 2010}} In April 2010, the company acquired Golden Recycling & Salvage, a recycling company in Billings, Montana.{{cite news | url=https://www.sandiegouniontribune.com/2010/04/19/schnitzer-buys-golden-recycling-terms-undisclosed/ | title=Schnitzer buys Golden Recycling, terms undisclosed | work=The San Diego Union-Tribune | date=April 19, 2010}}

In 2011, the company acquired State Line Scrap Co., a recycling company in Attleboro, Massachusetts,{{cite news | url=https://www.aist.org/schnitzer-acquires-state-line-scrap | title=Schnitzer Acquires State Line Scrap | work=Association for Iron and Steel Technology | date=January 5, 2011}}{{cite news | url=https://www.bizjournals.com/portland/news/2011/01/04/schnitzer-steel-buys-state-line-scrap.html | title=Schnitzer Steel buys State Line Scrap | first=Robert | last=Goldfield | work=American City Business Journals | date=January 4, 2011 | url-access=subscription}} and Ferrill's Auto Parts of Seattle.{{cite press release | url=https://www.businesswire.com/news/home/20110201007006/en/Schnitzer%E2%80%99s-%E2%80%9CPick-n-Pull%E2%80%9D-Acquires-Ferrill%E2%80%99s-Auto-Parts-Seattle | title=Schnitzer's "Pick-n-Pull" Acquires Ferrill's Auto Parts of Seattle | publisher=Business Wire | date=February 1, 2011}}{{cite news | url=https://www.bizjournals.com/portland/news/2011/02/01/schnitzter-steel-buys-seattle-firm.html | title=Schnitzer Steel buys Seattle firm | work=American City Business Journals | date=February 1, 2011 | url-access=subscription}} In 2013, the company moved its headquarters to downtown Portland, Oregon, to the KOIN Tower.{{cite news | url=https://www.bizjournals.com/portland/news/2013/02/06/schnitzer-moving-headquarters-to-do.html | title=Schnitzer Steel moving HQ to downtown Portland | first=Andy | last=Giegerich | work=American City Business Journals | date=February 6, 2013 | url-access=subscription}} The company changed its name to Radius Recycling in July 2023.{{cite news |url=https://www.oregonlive.com/business/2023/07/schnitzer-steel-rebrands-as-radius-recycling.html |last=Njus |first=Elliot |title=Schnitzer Steel scraps name in rebranding | work=The Oregonian |date=July 26, 2023}} Toyota Tsusho Corporation, a Japanese company, bought the company for $1.3 billion in March 2025.{{cite news |last1=Rogoway |first1=Mike |title=Portland company founded in 1906 sells for $1.3 billion |url=https://www.oregonlive.com/business/2025/03/portland-company-founded-in-1906-sells-for-13-billion.html |access-date=15 March 2025 |work=The Oregonian/OregonLive |date=14 March 2025 |language=en}}