Tamara Lundgren, the CEO of Schnitzer Steel, often faces the question, “What kind of steel do you make?” The company, founded in 1906 by Sam Schnitzer, started as a one-person scrap metal recycler. Through acquisitions and organic growth, it has now become a leading manufacturer and exporter of recycled metal products in North America, with a focus on steel.
However, Lundgren explained that steel production is now the smallest part of their business. While they still produce steel, it’s important to note that they also operate in various aspects of the growing circular economy. This includes metals recycling facilities, auto dismantling and retail stores selling used auto parts, and a third-party recycling service for manufacturers, industrials, and retailers.
The importance of recycling metals has increased significantly in recent years, driven by the transition to low-carbon technologies like electric vehicles and renewable energy sources. Lundgren highlighted the recycling challenges in the climate transition, such as wind turbines, which generate a significant amount of recyclable waste.
The company’s journey towards rebranding began with discussions about their sustainability efforts and the need for a name that better reflects their recycling activities. After careful consideration and brainstorming sessions with experts, they settled on the name “Radius Recycling,” which resonated with everyone involved. The rebranding process, which was kept confidential due to their status as a public company, will be a gradual rollout.
Lundgren believes that the new name will particularly resonate with ESG (Environmental, Social, and Governance) investors and open up doors to a wider range of potential investors interested in sustainability. She anticipates a positive reception, as the company has long been committed to recycling and sustainability.
As for the practical implementation of the rebranding, Lundgren explained that most of the effort will be focused on the digital side of the business. Equipment and machinery will be repainted or rebranded over time. The company’s Nasdaq ticker symbol will also be updated in September.
Reflecting on the process, Lundgren emphasized the importance of listening to stakeholders and understanding their perceptions and concerns. Communication played a vital role in the successful rebranding, and she believes that ongoing communication is crucial for sustained success.
Moving forward, Lundgren aims to leverage the new name and brand to engage with other CEOs and promote the company’s services in reducing carbon footprints and environmental impact. She sees the opportunity to position Schnitzer Steel as an essential and critical player in the circular economy and the transition to a low-carbon world.
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