Toyota-Tsusho completes acquisition of Radius Recycling

Toyota Tsusho America Inc. (TAI), a United States subsidiary of Toyota Tsusho Corp. and the larger Toyota Group of Japan, has completed its acquisition of Radius Recycling Inc.

Radius is a Portland, Oregon-based company formerly known as Schnitzer Steel Industries Inc. that operates a recycled-content electric arc furnace steel mill in Oregon, more than 50 metals recycling facilities and about 50 Pick-N-Pull auto dismantling locations.

Operating as an independent company for the past two years, Radius has struggled to attain profitability, having recorded eight straight financial quarters with a net loss. The company has cited tight scrap flows and “the dampening effect from elevated levels of Chinese steel exports” during that stretch.

TAI says Radius will continue to operate from its current headquarters in Portland“with its management, employees, operating facilities, strategy and brand retained.

“We are delighted to welcome Radius into the Toyota Tsusho family,” TAI President and CEO Naoyuki Hata says. “Radius’ proven track record and strong presence in the North American recycling industry closely reflect our shared mission to create ‘Better Solutions for a Better Future.’

"Building on our longstanding relationship, this acquisition will help expand our circular economy initiatives, enhance the supply of high-quality recycled resources and deliver better solutions for our customers and our planet.”

Toyota Tsusho says the acquisition advances what it calls key strategic goals, including a commitment to building a circular economy focused on recycling throughout the automobile life cycle and “accelerating progress toward carbon neutrality.”

With the completion of the transaction, Radius common shares will be delisted from the Nasdaq stock market.

Radius joins a TAI portfolio that includes the Kentucky-based Green Metals Inc. network of more than a dozen metal, cardboard and plastic recycling facilities, a partnership stake in a shredded metals sorting plant in Arkansas and several downstream steel and metal service centers in the United States and Mexico, all staffed by more than 9,300 people.

“Joining forces with Toyota Tsusho opens new doors for Radius, our employees and our valued customers and suppliers," Radius CEO Tamara Lundgren says. "Drawing from the combined strengths of both organizations, this is an opportunity to accelerate Radius’ strategic priorities, access new growth opportunities and further solidify our position as a leader in North American recycling."