If You Invested in Radius Health (RDUS)

Radius Recycling, Inc. (NASDAQ: RDUS), formerly Schnitzer Steel Industries, Inc., is a North American company focused on recycling and steel manufacturing within the nonferrous and ferrous metals value chain. The company operates in the manufacturing sector and is associated with secondary smelting, refining, and alloying of nonferrous metals. According to company disclosures, Radius began operations in 1906 in Portland, Oregon, where it remains headquartered.

Radius describes itself as one of the largest manufacturers and exporters of recycled metal products in North America. Its operating facilities are located in 25 U.S. states, Puerto Rico, and Western Canada. The company sells recycled metal products to U.S. and export customers from locations on both the East and West Coasts of the United States, the Southeast, Hawaii, and Puerto Rico. This geographic footprint supports a business model centered on sourcing, processing, and selling ferrous and nonferrous recycled metals to domestic and international buyers.

Integrated Recycling and Auto Parts Platform

Radius operates an integrated platform that combines metals recycling, auto recycling and used parts retail, and steel manufacturing. The company’s network includes 50 stores across the U.S. and Western Canada operating under the Pick-N-Pull brand. These stores sell serviceable used auto parts from salvaged vehicles and receive over 4 million annual retail visits, based on company statements. The auto recycling operations also generate scrap metal that can be processed within Radius’ metals recycling business.

In addition to retail auto parts, Radius’ metals recycling operations handle ferrous and nonferrous materials. Company reports highlight annual recycled ferrous volumes of over four million tons and nonferrous volumes of over 700 million pounds across more than 100 operating facilities. These volumes reflect the scale of its recycling activities and its role in supplying recycled inputs to steel producers and other metal consumers.

Steel Manufacturing Operations

Radius’ manufacturing operations include an electric arc furnace and rolling mill located in McMinnville, Oregon. The company states that this facility is vertically integrated with its Pacific Northwest metals recycling operations. The mill produces finished steel products such as rebar, wire rod, and other specialty products. These finished steel products are sold primarily to customers in the Western U.S. and Western Canada. Radius also refers to low carbon and net zero carbon emission GRN finished steel products within its broader steel offering.

The company’s rolling mill utilization rates, as disclosed in its operating statistics, illustrate how it uses its installed capacity over time. Utilization has varied by quarter, reflecting changes in construction activity, maintenance outages, and broader market conditions for long steel products.

Business Model and Industry Context

Radius’ business model links scrap collection, processing, and steel manufacturing. Ferrous and nonferrous volumes sold externally and delivered to its steel mill are key operating metrics reported in its financial and operating statistics. The company’s results are influenced by metal spreads, which reflect the relationship between input scrap costs and selling prices for recycled metals and finished steel products. Company commentary in earnings releases notes that factors such as global ferrous and finished steel prices, nonferrous demand, and scrap availability affect margins and profitability.

Radius’ disclosures also reference structural demand drivers for recycled metals, including investments in infrastructure, industrial activity, and the transition to low-carbon technologies. The company has discussed productivity initiatives, cost reduction programs, and investments in advanced metal recovery technologies and recycling services as part of its effort to manage cyclicality and improve operating performance.

Corporate History and Transformation

Radius traces its origins to a one-man scrap metal operation founded in 1906 in Portland, Oregon. Historical descriptions under its prior name, Schnitzer Steel Industries, Inc., describe the company as having grown into one of the nation’s largest recyclers of scrap metal, a provider of used and recycled auto parts, and a manufacturer of finished steel products. Over time, the company organized its activities into metals recycling, auto parts, and steel manufacturing businesses.

The company went public in November 1993 and, according to its press releases, has paid a cash dividend every quarter since its initial public offering. Dividend declarations in recent quarters have continued this pattern, with the board of directors approving quarterly cash dividends per common share.

Acquisition by Toyota Tsusho America, Inc. and Delisting

Radius entered into an Agreement and Plan of Merger dated March 13, 2025 with Toyota Tsusho America, Inc. ("Parent") and TAI Merger Corporation, a wholly owned subsidiary of Parent. Under this agreement, Merger Sub merged with and into Radius, with Radius continuing as the surviving corporation and becoming a wholly owned subsidiary of Parent. An 8-K filed on July 10, 2025 reports that the merger closed on that date and that each share of Radius common stock issued and outstanding immediately prior to the effective time was converted into the right to receive cash consideration per share, subject to applicable withholding taxes.

In connection with the completion of the merger, Radius notified the Nasdaq Global Market and requested suspension of trading of its Class A common stock and the filing of Form 25 to remove the securities from listing and registration under Section 12(b) of the Securities Exchange Act of 1934. A Form 25 filed on July 10, 2025 by Nasdaq Stock Market LLC relates to the removal of Radius Recycling, Inc. Class A Common Stock from listing and/or registration. Subsequently, Radius filed a Form 15 on July 21, 2025 to terminate registration of its Class A common stock under Section 12(g) of the Exchange Act and to suspend its duty to file periodic reports under Sections 13 and 15(d). The Form 15 notes that the approximate number of holders of record as of the certification date was one.

As a result of these transactions and filings, Radius Recycling, Inc. no longer has publicly traded common stock on Nasdaq and is a wholly owned subsidiary of Toyota Tsusho America, Inc. The company’s SEC reporting obligations with respect to its common stock have been terminated or suspended in accordance with the cited rules.

Key Operating Metrics Highlighted by the Company

Radius’ periodic financial reports and press releases emphasize several recurring operating metrics:

• Ferrous sales volumes (in long tons) and average net ferrous sales prices, segmented between domestic and export markets.
• Nonferrous sales volumes (in pounds) and average nonferrous prices, excluding platinum group metals in catalytic converters.
• Finished steel sales volumes (in short tons) and average net sales prices for rebar, coiled products, and other merchant bar and specialty products.
• Rolling mill utilization, based on an effective annual production capacity of 580 thousand tons of finished steel products under current conditions.
• Adjusted EBITDA and adjusted earnings measures, which exclude items such as restructuring charges, asset impairments, certain environmental charges or recoveries, and specific business development costs, as reconciled in the company’s non-GAAP financial measures.

Status as a Defunct Public Company

Following the July 10, 2025 merger and subsequent delisting and deregistration, Radius Recycling, Inc. no longer trades as an independent public company under the symbol RDUS. For investors and researchers, RDUS now represents the historical public listing of a metals recycling and steel manufacturing business that has become part of Toyota Tsusho America, Inc.