Radius Recycling Acquisition Finalized in $1.34 Billion Toyota Deal

The acquisition of Radius Recycling, formerly known as Schnitzer Steel Industries, by Toyota Tsusho America Inc. has been formally completed. The transaction, valued at a total enterprise value of $1.34 billion, including assumed debt, sees the US-based metals recycler being purchased for $30 per share.

This deal, initially announced in March, provided a massive windfall for Radius Recycling shareholders. The $30 per share offer price represented a substantial 115% premium over the stock’s closing price from the day before the deal’s announcement. Shareholders gave their approval for the transaction in June, making the recent closing a formality.

For Radius Recycling, the acquisition arrives at a pivotal moment. The company had been navigating a period of significant financial difficulty. In its most recent first quarter for fiscal 2025 (ended November 2024), the company reported a net loss of $37 million on revenues of $656 million. This followed a challenging fiscal 2024, which concluded with a net loss of $266 million on annual revenues of $2.7 billion. The third quarter of 2025 did show some signs of a tentative recovery, with a net loss of $16 million, or $0.59 per share, and an improvement in adjusted EBITDA to $22 million, up from approximately zero in the preceding quarter.

Should investors sell immediately? Or is it worth buying Schnitzer Steel Industries?

Looking ahead, Toyota Tsusho has indicated plans for continuity rather than immediate, sweeping changes. Radius Recycling will maintain its headquarters in Portland, and its existing operational teams, facilities, and brand identities are expected to remain intact. The strategic direction of the recycling firm is also set to continue unchanged. The primary objective for the Japanese conglomerate is to seamlessly integrate Radius’s extensive infrastructure and deep industry expertise into its global supply chain for sustainable metal production.

The integration into the Toyota Tsusho group is anticipated to provide Radius Recycling with not only greater financial stability but also strategic backing for its future growth ambitions. For Toyota, the move significantly bolsters its presence in the North American recycling market and strengthens its sustainable metals supply chain—a perfect alignment with Radius Recycling’s core operational strengths.

The long-term trajectory of the newly integrated entity will ultimately be determined by the synergies realized from this significant merger and acquisition. Investors and market observers are now awaiting initial operational updates and future guidance on the performance of the combined organization in upcoming quarterly reports.