By Paul Ploumis
SEATTLE (Scrap Monster): Schnitzer Steel Industries, Inc. has been named as one among the 2017 World’s Most Ethical Company by the Ethisphere Institute. This is the third consecutive year that the company has been recognized for its commitment to highest ethical business standards and practices. Ethisphere has honored 124 companies from five continents, 19 countries and 52 industries. Schnitzer is the only US metals recycling company to be honored with the prestigious award. The only other company to be honored from the Metals, Minerals and Mining Industry is the India-based Tata Steel.
Tamara Lundgren, President and Chief Executive Officer, Schnitzer Steel stated that the company is once again honored to be selected by Ethisphere as a World’s Most Ethical Company. The award recognizes the company’s unrelenting commitment to act with integrity and respect in all its business activities around the world, the highest standards maintained in service to its customers and the level of integrity maintained in its valued relationships with suppliers, partners, employees and shareholders.
Callie Pappas, Schnitzer’s Vice President and Chief Compliance Officer reiterated the company’s commitment in maintaining best-in-class ethics and compliance program. The company is proud to be included as one among an elite group of companies who serve as leaders in ethics and corporate citizenship and responsibility, Pappas noted. To be named World’s Most Ethical Company for the third consecutive year is a great achievement, he added.
Timothy Erblich, Ethisphere’s Chief Executive Officer congratulated everyone at Schnitzer for achieving the recognition. He noted that Schnitzer Steel Industries, Inc., along with other past recipients has made significant investment in their local communities and also switched to state-of-the-art techniques to boost sustainability efforts.
The pillar of the evaluation and selection process is Ethisphere’s proprietary rating system, the corporate Ethics Quotient (EQ). The framework of the EQ is comprised of a series of multiple-choice questions that capture a company’s performance in an objective, consistent and standardized way. The winners are determined based on scores generated in five categories. The different categories along with their weighting factor are: ethics and compliance program (35%), corporate citizenship and responsibility (20%), culture of ethics (20%), governance (15%) and leadership, innovation and reputation (10%).
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 23 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 with approximately 5 million annual retail visits. 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.
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. In addition to honoring World’s Most Ethical Companies, it also 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.