Schnitzer Steel Industries, Inc., a global leader in metals recycling, has been named the world’s most sustainable Company by Corporate Knights, a leading media and research firm specializing in corporate sustainability performance.
Corporate Knights’ 19th annual Global 100 List of the world’s most sustainable corporations is based on a comprehensive evaluation of 6,720 companies with more than $1 billion in yearly revenue, evaluating their performance across various sustainability metrics.
Schnitzer’s operations play a crucial role in reducing the environmental impact of industrial manufacturing operations, such as global steelmaking and copper smelting, by supplying customers with recycled metals as the primary input in their production processes. Schnitzer’s sustained revenue from approximately 4.5 million tonnes of recycled ferrous metals, 700 million pounds of recycled nonferrous metals, and 465,000 short tonnes of finished steel products made from recycled ferrous metals is a key factor in the company’s rise from 15th place on the Corporate Knights ranking in 2022 to the number one position in 2023. In addition, GRN SteelTM, a line of steel products with net zero carbon emissions, was introduced in 2022 to provide customers with sustainable steel solutions for
constructing tomorrow’s essential infrastructure.
The Company’s Sustainability framework, established nearly a decade ago and centred on People, Planet, and Profit is fundamental to Schnitzer’s success. Since launching Sustainability goals for 2019 in accordance with this framework, the company has met or surpassed a number of its targets and set new ones.
In the fiscal year 2022, the company reduced Scope 1 and 2 greenhouse gas emissions from recycling operations by 24% compared to its 2019 baseline and maintained carbon-free operations for the second consecutive year.
In addition to the Global 100 ranking by Corporate Knights, Schnitzer has been recognized by several organizations for its outstanding performance in sustainability, particularly in the areas of ethics, transparency, responsible operations, and employee engagement. Schnitzer has been recognized as one of the 2022 World’s Most Ethical Companies® by Ethisphere® Institute for the eighth consecutive year, as one of America’s Most Responsible Companies by Newsweek for the third consecutive year, and as a Great Place to Work® for the second consecutive year. Additionally, the company received the Sustainable Markets Initiative’s Terra Carta Seal, was recognized by the Carbon Disclosure Project for its performance on climate and water, and was rated by EcoVadis for its sustainable procurement performance.
Recycled Metals for a Low-Carbon Future, the company’s fiscal 2022 Sustainability Report, was published in December 2022. This report highlights the company’s role in transitioning to a low-carbon future by supplying recycled metals essential to producing more sustainable products, including those associated with global decarbonization efforts.
“We are rapidly moving towards a future where leading sustainability performers like Schnitzer Steel will drive more viable returns than their global corporate peers. This year’s index included continued growth in the overall portion of corporate revenues and investments aligned with the sustainable economy,” said Toby Heaps, CEO, Corporate Knights.