One of the first questions Tamara Lundgren often heard when she introduced herself as the CEO of Schnitzer Steel is, “What kind of steel do you make?'”
Founded in 1906 by Russian immigrant Sam Schnitzer, the company started as a one-person scrap metal recycler. Over 117 years later, a series of acquisitions and organic growth has made it one of the largest manufacturers and exporters of recycled metal products in North America, and a global leader in the collection, processing and sale of steel.
And while yes, Lundgren told CNBC, the company does make steel – some of the lowest-carbon emissions steel made in the world, she noted – it’s now the smallest part of its business.
“The name Schnitzer Steel just no longer really reflects our work,” said Lundgren, who joined the company in 2005 and was elevated to CEO in 2008. “We finally got to the point where if you’re introducing yourself by explaining what you do a little bit of, but not the most, it’s probably time to rebrand.”
Under Lundgren’s leadership, the company is now right in the middle of the growing circular economy, operating metals recycling facilities, auto dismantling and retail stores that sell used auto parts, and a third-party recycling service for manufacturers, industrials and retailers.
“In today’s environment, the importance of recycling and the importance of recycling metals has reached a level that didn’t exist 10 years ago,” Lundgren said. “With the transition to low-carbon technologies like electric vehicles, solar, wind, and the like, all of those technologies require more metal than the technologies that they’re replacing.”
An example of the recycling challenges in the climate transition is the wind turbine, which is recyclable, from the steel tower to the composite blades, typically 170 feet long, but most ends up being thrown away, a waste total that will reach a cumulative mass of 2.2 million metric tons by 2050, according to a 2021 study.
As this energy shift was happening in the broader economy, so too were conversations within the company and at the board level about a potential rebrand, Lundgren said.
That came to a head in January, while Lundgren was at Davos. Schnitzer Steel was named the “Most sustainable company in the world” by the sustainable economy magazine Corporate Knights, but Lundgren said most of the headlines she saw were focused on it being a steel company.
“I’m glad we were getting that attention, but fundamentally what drove it was all of our recycling activity,” Lundgren said. That quickly sparked a call to her communications team to bounce the idea of exploring a rebrand, which then led to larger discussions with experts to brainstorm and then formal discussions with the board and an internal team for feedback.
A few ideas were kicked around, including some bespoke names. But Lundgren said the name Radius Recycling resonated with everyone they mentioned it to, which called back to what kicked off the whole process. “The catalyst was having a name where people understood what you did from the name,” she said.
The process was closely guarded due to being a public company, so Lundgren said that there were employees and stakeholders who would only learn of the name change when it was publicly announced on July 26. But she was confident that it would resonate across the board.
In fact, she said she expected it to particularly resonate among the ESG investor community. While the company has backing from that sector of investors already, Lundgren said the new name will “open up doors more easily to people who might otherwise put us in a category that wasn’t in their scope of interest.”
Could it also bring negative feedback due to those ESG ties? Lundgren said she doesn’t believe it will, as the company has been “about sustainability before sustainability was a word. We are about recycling, and there’s no fluff there.”
The rollout of the change to Radius Recycling will take some time, Lundgren noted. While the company doesn’t necessarily have a product on a shelf or packaging it needs to redesign, it does have plenty of heavy machinery that will be repainted or rebranded when that equipment rolls over, she said. Most of the effort will come on the digital side of things, so that will not require the company to accelerate any capital spend towards it. Its Nasdaq ticker symbol will switch in September.
Reflecting on the process, Lundgren said that one thing she would highlight for other companies in the middle of a massive economic and market transition is just how much of it focused on listening: listening to what people’s first reactions to the company were, what questions they asked, and where stakeholders felt the company’s future was headed.
“It was connecting all of those dots and communicating,” she said. “And to make this successful, that communication has to continue.”
Some of that communication will be speaking to fellow CEOs about the services the company can offer in helping to lower carbon footprints and environmental impact, which Lundgren hopes becomes easier by just hearing the name of the company she leads.
“I think it’s great to be able to take an old economy company and an old economy industry and really position it to the point where we are an essential business and we are critical to the success of the circular economy and we are critical to this transition to a low-carbon world,” she said.
Packing up to 852 hp and a cutting-edge technology stack developed by Huawei, Chinese luxury brand Maextro just revealed its latest entry into the Mercedes-Maybach EQS and Rolls-Royce Spectre segment of ultra-luxe EVs. Meet the all-new Maextro S800.
Despite a somewhat steady stream of new Chinese EVs that defy expectations and threaten to re-set the global order of performance cars, semi trucks, and just about everything in between, brands like Maybach, Rolls-Royce, and even Bentley have seemed relatively “safe,” in the sense that their value is based on something a bit less objective than lap times or kW/mile.
The shimmering, sparkly, fiber-optic headliner was pioneered by Rolls-Royce over a decade ago, pushing back against the more open and accessible glass-roofs that were becoming popular in the higher end market. Huawei goes a step further, adding similar, Swarovski-like shimmer to not just the headliner – but the door handles, the headlights, projections dancing around the car as you approach it in the street.
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It looks and feels special, in other words. And these cars are all about making their owners feel special. Different.
When Henry Rolls began work on his first US factory in Springfield, Massachusetts way back in 1919, there was supposedly a mantra that management repeated to the workers. It went, “every time you touch the car, you add cost. Make sure you add value.”
I’m not here to argue that Huawei is living up to the same maxim with the Maextro, but I am here to argue that this car’s bespoke, purpose-built platform doesn’t share any parts with a lesser offering from the Mercedes or BMW or Volkswagen lineup in the way that a Maybach, Rolls-Royce, or Bentley does. That may not mean much to you and me, but the people shopping six- and seven-figure cars, it might.
Those well-heeled buyers will get a choice of EREV or “pure” battery electric powertrains good for between 480 and 852 all-electric horsepower. 32 ADAS sensors including both radar and lidar compliment a suite of cameras analyze the road ahead and feed data to Huawei’s ADS road perception system, which is constantly adjusting torque distribution, suspension compression and rebound, and front and rear steering to deliver a tech-driven chauffeur experience that Huawei insists is second to none.
That digital chauffeur is also pretty handy when the weather goes sideways, too. Huawei says the Maextro’s sensor array can help it to increase the detection distance in rain, fog, and dust by 60% compared to the benchmark, while delay was reduced by 40%.
In the event a collision is unavoidable, the car can adjust its stance, seating position, raise the windows, and unlock the central control lock to enable outside help to open the doors. Following the collision, the Maextro S800 switches the redundant power supply and calls for help, as well.
Finally, reports indicate that the Maextro S800 supports the 800V high-voltage system in some trims, suitable for 6C charging, which means it can be energized with up to 390 kW of charging power, taking just 10.5 minutes to charge the 66 kWh battery in the EREV version (523 hp) from 10% to 80%.
The Maextro S800 will enter the Chinese in May this year with a price range of 1 – 1.5 million yuan (about $135–205,000 US).
Volvo Penta will debut its latest modular and scalable battery energy storage system (BESS) platform for the off-grid construction and mining industries at the bauma equipment show – here’s what you can expect.
Best-known for its marine engines and gensets, Volvo Penta is the power production arm of the Volvo Group, specializing in putting energy to work. Operating under the tagline, ‘Made to Move You’, Volvo Penta is headed to bauma 2025 with a plan to keep construction, port shipping, and mining operations moving productively and competitively throughout their transitions to battery and (in theory, at least) hydrogen power.
To that end, the company will show off a job site ready version of the scalable and modular BESS subsystem concept shown last year.
Volvo says its new, modular BESS subsystem will enable other OEMs and third party system integrators to seamlessly deploy electric power to meet the ever-exceeding energy needs in construction and mining.
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“Our modular and scalable battery-electric platform is designed to support the electrification ecosystem—combining high-performance drivelines with the crucial energy storage subsystems for efficient charging and operation in construction and mining,” says Hannes Norrgren, President of Volvo Penta Industrial. “We want to meaningfully collaborate with our customers on value-added customization that will enable them to stay productive, efficient, and future-ready.”
The Penta substation at bauma will be built around the company’s “Cube” battery pack, an energy-dense solution with a favorable C-rate designed to make it easy for BESS manufacturers to offer more compact job site solutions capable of charging and discharging energy with high levels of speed and efficiency, enabling both stationary and mobile BESS configurations that can change and grow to meet the evolving needs of a given asset fleet or project.
A Volvo Penta-developed DC/DC unit converts the voltage from the Cube battery packs (600 V) into lower voltage (24 V) for powering auxiliaries and portable offices.
Electrek’s Take
BESS concept packed with Penta Cube batteries; via Volvo.
Volvo Penta has always provided power. Historically that’s been from combustion, but the company is looking ahead, developing products that will bring energy to job sites, tractors, and more long after the last ICE engine shuts down.
Just days after Rivian announced that it would be making its iconic electric delivery vans available to anyone willing to pay for one, the company launched the new Rivian Upfit Program, offering a “one-stop shop” to help fleet managers put its EVs to work.
Launched in partnership with commercial vehicle heavyweights Ranger Design, Sortimo of North America, Bush Specialty Vehicles, Holman, LEGEND, and EV Sportline, the Rivian Upfit Program helps fleet buyers make the switch to electric by simplifying the ordering process and delivering an experience that more closely reflects the experience fleet managers get at dealerships.
Despite partnering with leading brands and launching into a well-establish market, however, the program’s web page seems largely aimed at people outside the space – even kicking off with an explanation of what upfitting is:
Upfitting is the process of customizing a vehicle in order to meet fleet, business, or individual consumer needs to tackle the job at hand. This work is done after the vehicle has been built and released from the factory, and can include everything from shelving modifications, flooring options, to sirens and flashers and much more.
The program was announced on LinkedIn with a number of photos indicating upfit options for Rivian’s R1T and R1S vehicles focused on lifeguard and roadside assistance duty, and Rivian’s van upfit with a HVAC/telecom style toolbox arrangement.
That same competitiveness has led to talented fleet managers at those franchise dealers putting in the effort to get to know the needs of the businesses and buyers in their regions, to understand what upfit options makes sense for their local markets, and – crucially – what to stock for quick turnaround when their customers need it.
Rivian is hoping its upfit partners will do a lot of that heavy lifting for them, but my two cents is that if building cars is hard, building relationships is harder, and Rivian isn’t going to make a good first impression by talking down to its customers. If you think differently, let me know how I got it wrong in the comments.