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Schnitzer Announces the Launch of GRN SteelTM Products
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Rhea-AI Summary
Schnitzer Steel Industries (NASDAQ: SCHN) has launched GRN Steel, a line of net zero carbon products from its Cascade Steel operations in McMinnville, Oregon. This initiative supports Schnitzer's sustainability goal of achieving Net Zero Emissions by 2050. GRN Steel utilizes electric arc furnace technology powered by carbon-free hydroelectricity, further reducing carbon emissions through a carbon offset and renewable energy credit program. This launch positions Schnitzer as a leader in providing sustainable steel solutions in alignment with the Paris Climate Agreement.
Positive
Introduction of GRN Steel line offers net zero carbon solutions.
Utilizes electric arc furnace technology with carbon-free hydroelectricity.
Supports sustainability goal of Net Zero Emissions by 2050.
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None.
Net Zero Carbon Emission Rebar, Wire Rod and Merchant Bar
PORTLAND, Ore.--(BUSINESS WIRE)--
Schnitzer Steel Industries, Inc. (NASDAQ: SCHN), one of North America’s largest manufacturers and exporters of recycled metal products, today announced the launch of GRN SteelTM, a line of net zero carbon products from its Cascade Steel manufacturing operations located in McMinnville, Oregon.
“The launch of our GRN SteelTM product line provides our customers with net zero carbon steel solutions as they build tomorrow’s essential infrastructure,” said Tamara Lundgren, Chairman and Chief Executive Officer. “The introduction of this new product line illustrates Cascade’s longstanding reputation for delivering exceptional service and innovative products over the last 50 years. GRN SteelTM represents a critical next step for our Company as we offer sustainable solutions to meet the needs of an increasingly metal-intensive economy.”
“Cascade has created some of the lowest carbon emission steel products in the world through electric arc furnace technology powered by primarily carbon-free hydroelectricity,” said Matt Ruckwardt, Chief of Steel Operations. “GRN SteelTM further reduces the limited Scope 1 and 2 emissions generated during our manufacturing process through a carbon offset and renewable energy credit purchase program.”
In partnership with ACT Commodities, a carbon offset broker, Cascade will source carbon offset projects to address Scope 1 emissions from the manufacturing of GRN SteelTM. Upon the sale of GRN SteelTM products, Cascade will retire credits on behalf of a customer in an amount commensurate with the carbon footprint of steel ordered. Scope 2 emissions from Cascade steel manufacturing are minimal because most electricity used to operate the facility is carbon-free hydropower. Cascade addresses Scope 2 emissions by purchasing and retiring Renewable Energy Credits each year that allow the facility to achieve net carbon-free electricity.
The launch of GRN SteelTM also represents an important step toward achieving Schnitzer’s sustainability goal of Net Zero Emissions by 2050.
“We believe that steel is an essential building block of the low-carbon future in the United States and around the world,” said Judodine Nichols, Chief Sustainability Officer. “By offering a net zero carbon solution, we are working to further our Sustainability goals which are aligned with the Paris Climate Agreement and the United Nations Sustainable Development Goals and support our customers as they advance climate commitments across multiple industries.”
GRN SteelTM products are available across the entirety of Cascade’s product offerings. Learn more at grn-steel.com.
About Schnitzer Steel
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled metal products in North America with operating facilities located in 25 states, Puerto Rico, and Western Canada. Schnitzer has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s integrated operating platform also includes 50 stores which sell serviceable used auto parts from salvaged vehicles and receive over 4.3 million annual retail visits. The Company’s steel manufacturing operations, Cascade Steel Rolling Mills, produce finished steel products, including rebar, wire rod and other specialty products. The Company began operations in 1906 in Portland, Oregon.
GRN Steel is a line of net zero carbon products launched by Schnitzer Steel, aimed at providing sustainable steel solutions.
How does GRN Steel contribute to sustainability?
GRN Steel reduces carbon emissions through electric arc furnace technology powered primarily by carbon-free hydroelectricity and utilizes a carbon offset program.
What are Schnitzer Steel's sustainability goals?
Schnitzer Steel aims to achieve Net Zero Emissions by 2050, aligning its efforts with the Paris Climate Agreement.
Where is the GRN Steel product line manufactured?
The GRN Steel product line is manufactured at Schnitzer Steel's Cascade Steel operations located in McMinnville, Oregon.
What technology does Schnitzer Steel use in GRN Steel production?
Schnitzer Steel uses electric arc furnace technology to produce GRN Steel, which is powered mainly by carbon-free hydroelectricity.
