Schnitzer Named as a World's Most Ethical Company by the Ethisphere Institute for the 2nd Year
Recognition demonstrates Schnitzer’s commitment to ethical leadership
PORTLAND, Ore.--(BUSINESS WIRE)--Mar. 7, 2016--
Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) has been recognized by
the Ethisphere Institute, a global leader in defining and advancing the
standards of ethical business practices, as a 2016
World’s Most Ethical Company®.
This year marks the tenth anniversary of Ethisphere and the World’s Most
Ethical Companies designation which recognizes those companies who align
principle with action, work tirelessly to make trust part of their
corporate DNA, and in doing so, shape future industry standards by
introducing tomorrow’s best practices today.
Being designated a World’s Most Ethical Company for the second time
underscores Schnitzer’s commitment to leading ethical business standards
and practices. Schnitzer is one of only two companies in the metals and
mining industry recognized this year. Schnitzer remains the first and
only U.S. metals recycling company to be among the honorees.
“Our core values of integrity, safety and sustainability begin with a
foundation of ethical behavior and responsible practices at every
level,” said Tamara Lundgren, Schnitzer’s President and Chief Executive
Officer. “We are honored to earn this recognition again as it is a
reflection of the outstanding work of every individual on our team.”
“We are proud to be formally recognized for the second consecutive year
as a leader in ethics and corporate citizenship and responsibility,”
said Meghan Erickson, Chief Compliance Officer. “This award reaffirms
our belief that doing the right thing—not sometimes, but always—is the
only way to do business.”
“Companies rely on Ethisphere to continually raise and measure the
standards of corporate behavior. Those that demonstrate leadership in
areas like citizenship, integrity and transparency create more value for
their investors, communities, customers and employees, thus solidifying
a sustainable business advantage,” explained Ethisphere’s Chief
Executive Officer, Timothy Erblich. “Congratulations to everyone at
Schnitzer for being recognized as a World's Most Ethical Company.”
Methodology & Scoring
The World's Most Ethical Company assessment is based upon the Ethisphere
Institute’s Ethics
Quotient™ (EQ) framework developed over years of research and vetted
and refined by the expert advice from Ethisphere’s World’s Most Ethical
Company Methodology
Advisory Panel. The EQ offers a quantitative way to assess a
company’s performance in an objective, consistent and standardized way.
The information collected provides a comprehensive sampling of
definitive criteria of core competencies, rather than all aspects of
corporate governance, risk, sustainability, compliance and ethics.
Scores are generated in five key categories: ethics and compliance
program (35%), corporate citizenship and responsibility (20%), culture
of ethics (20%), governance (15%) and leadership, innovation and
reputation (10%) and provided to all companies who participate in the
process.
Honorees
The full list of the 2016 World's Most Ethical Companies can be found at http://worldsmostethicalcompanies.ethisphere.com/honorees/.
Best practices and insights from the 2016 honorees will be released in
the form of a whitepaper and infographics over the next few months (download
the 2015 insights). Organizations interested in how they compare to
the World’s Most Ethical Companies are invited to participate in the Ethics
Quotient.
About Schnitzer Steel
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and
exporters of recycled metal products in the United States with operating
facilities located in 24 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 auto parts stores and steel
manufacturing. With an effective annual production capacity of
approximately 800,000 tons, the Company's steel manufacturing business
produces finished steel products, including rebar, wire rod and other
specialty products. The Company began operations in 1906 in Portland,
Oregon.
About the Ethisphere Institute
The Ethisphere® Institute is the global leader in defining and advancing
the standards of ethical business practices that fuel corporate
character, marketplace trust and business success. Ethisphere has deep
expertise in measuring and defining core ethics standards using
data-driven insights that help companies enhance corporate character.
Ethisphere honors superior achievement through its World’s Most Ethical
Companies® recognition program, provides a community of
industry experts with the Business Ethics Leadership Alliance (BELA) and
showcases trends and best practices in ethics with the publication of Ethisphere
magazine. More information about Ethisphere can be found at: http://ethisphere.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160307005248/en/
Source: Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc.
Investor Relations:
Alexandra
Deignan, 646-278-9711
or
Media Relations:
Colin Kelly,
781-873-1665
or
[email protected]
www.schnitzersteel.com
or
Ethisphere
Media Contact
Clea Nabozny, 480-397-2658
[email protected]