Schnitzer Steel Industries, Inc. Named as a 2015 World’s Most Ethical Company by the Ethisphere Institute
By Business Wire News
By Business Wire News
Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) announced today that it has been recognized by the Ethisphere Institute, the global leader in defining and advancing the standards of ethical business practices, as a 2015 World’s Most Ethical Company®.
The World’s Most Ethical Companies designation recognizes those organizations that have had a material impact on the way business is conducted by fostering a culture of ethics and transparency at every level of the company.
Being an honoree underscores Schnitzer’s commitment to leading ethical business standards and practices designed to ensure long-term value to key stakeholders including customers, employees, suppliers, regulators and investors.
“We are honored to receive this award for our culture of integrity, safety and sustainability,” said Tamara Lundgren, Schnitzer President and Chief Executive Officer. “Being named a 2015 World’s Most Ethical Company reinforces our commitment to maintaining the highest level of ethical standards, which is essential to building and maintaining trust among our employees, within our communities and with all of our stakeholders as we continue to build a leading global metals recycling business. I am proud of my colleagues and the Company.”
“We are very pleased to be included among an elite group of companies that serve as leaders in ethics and corporate citizenship and responsibility,” said Callie Pappas, Vice President and Chief Compliance Officer. “We are committed to maintaining best-in-class compliance programs with the underlying core value of doing the right thing every time. We consider this formal recognition to be a truly great achievement.”
“The World’s Most Ethical Companies embrace the correlation between ethical business practice and improved company performance. These companies use ethics as a means to further define their industry leadership and understand that creating an ethical culture and earning the World’s Most Ethical Companies recognition involves more than just an outward facing message or a handful of senior executives saying the right thing,” said Ethisphere’s Chief Executive Officer Timothy Erblich. “Earning this recognition involves the collective action of a global workforce from the top down. We congratulate everyone at Schnitzer for this extraordinary achievement.”
The World’s Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient™ (EQ) framework developed over years of research to provide a means to assess an organization’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. The EQ framework and methodology is determined, vetted and refined by the expert advice and insights gleaned from Ethisphere’s network of thought leaders and from the World’s Most Ethical Company Methodology Advisory Panel.
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%).
The full list of the 2015 World’s Most Ethical Companies can be found at http://ethisphere.com/worlds-most-ethical/wme-honorees/.
About Schnitzer Steel
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with operating facilities located in 14 states, Puerto Rico and Western Canada. The business 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 its auto parts and steel manufacturing businesses. The Company’s auto parts business sells used auto parts through its self-service facilities located in 16 states and Western Canada. 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 commenced its 110th year of operations in 2015.
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 and The World’s Most Ethical Companies Executive Briefing. Ethisphere is also the leading provider of independent verification of corporate ethics and compliance programs. More information about Ethisphere can be found at: http://ethisphere.com.
Schnitzer Steel Industries, Inc.
Investor Relations: Alexandra Deignan, 646-278-9711
Media Relations: Colin Kelly, 781-873-1665