Toyota Tsusho completes buy of Radius Recycling

Japan’s Toyota Tsusho Corp. has completed its previously announced acquisition of Radius Recycling.

The deal for Radius, formerly Schnitzer Steel, was first announced in March and valued at $1.34 billion.

The transaction by Toyota Tsusho America Inc., a wholly owned subsidiary of Toyota Tsusho, was completed on Thursday, July 10.

Toyota Tsusho noted in a statement, “The transaction will strengthen the supply of high-quality recycled materials in North America and promote decarbonization in global manufacturing industries with the addition of Radius’ innovative manufacturing processes.”

Radius will be delisted from the Nasdaq stock exchange in the US upon completion of designated procedures.

The Portland, Ore.-based recycler has over 100 locations, including automobile dismantling and metals recycling facilities throughout the US, Canada, and Puerto Rico, along with an EAF mill in Oregon.

Following the deal, its headquarters will remain in Portland.

Toyota Tsusho Corp. is an affiliate of the Japanese trading company Toyota Group.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

Ethan Bernard

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