UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM
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CURRENT REPORT
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Emerging growth company
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On November 8, 2024, Radius Recycling, Inc. (the “Company”) announced the appointment of Marc E. Hathhorn to serve as the Company’s Executive Vice President and Chief Operating Officer, effective November 1, 2024. Prior to his appointment, Mr. Hathhorn, 54, served in various roles of increasing responsibility with Peabody Energy Corporation (NYSE: BTU) (“Peabody”), since 2011, including most recently as President – Global Operations since June 2024. Prior to that, Mr. Hathhorn served as Peabody’s President – U.S. Operations from 2021 until June 2024, President – Australian Operations from 2019 until 2021, and Group Executive – Americas Operations from 2016 to 2019.
In connection with his appointment, the Company entered into an offer letter with Mr. Hathhorn, pursuant to which Mr. Hathhorn will receive a base salary of $700,000 per annum, will be eligible to participate in the Company’s Annual Incentive Compensation Plan (“AICP”), with a target AICP bonus equal to 100% of his annual base salary, and will be recommended to participate in the Company’s Long-Term Incentive Plan (“LTIP”). In consideration of the compensation from his previous employer forfeited as a result of resigning his position to join the Company, pursuant to the offer letter, Mr. Hathhorn received an equity award in the form of restricted stock units under the LTIP with a grant date value of $2.25 million that will ratably vest annually over three years; in addition, Mr. Hathhorn is entitled to receive a signing bonus of $550,000, payable March 1, 2025, subject to Mr. Hathhorn’s continued employment with the Company. In the event that Mr. Hathhorn voluntarily terminates his employment before November 1, 2025, he is required to repay the signing bonus to the Company on a pro-rated basis. Mr. Hathhorn is also eligible to participate in the Company’s health, welfare, deferred compensation, and retirement employee benefit plans.
Mr. Hathhorn has entered into the Company’s standard form of indemnification and change in control agreements, in substantially the same forms filed as Exhibits 10.30 and 10.25, respectively, to the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2024.
The selection of Mr. Hathhorn to serve as Executive Vice President and Chief Operating Officer was not pursuant to any arrangement or understanding with respect to any other person. There are no family relationships between Mr. Hathhorn and any director or executive officer of the Company, and there are no transactions between Mr. Hathhorn and the Company that would be required to be reported under Item 404(a) of Regulation S-K.
On November 8, 2024, the Company issued a press release announcing the appointment of Mr. Hathhorn, a copy of which is attached hereto as Exhibit 99.1, and is incorporated by reference herein.
(d) Exhibits
99.1 | Press Release of Radius Recycling, Inc. issued on November 8, 2024 | |
104 | The cover page of this Current Report on Form 8-K, formatted in InLine XBRL |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
RADIUS RECYCLING, INC. | ||
Date: November 8, 2024 | By: | /s/ James Matthew Vaughn |
James Matthew Vaughn | ||
Senior Vice President, General Counsel, Chief Compliance Officer and Secretary | ||
EXHIBIT 99.1
Radius Recycling, Inc. Appoints Marc Hathhorn as Chief Operating Officer
PORTLAND, Ore., Nov. 08, 2024 (GLOBE NEWSWIRE) -- Radius Recycling, Inc. (NASDAQ: RDUS) today announced the appointment of Marc Hathhorn as Executive Vice President and Chief Operating Officer, effective November 1, 2024. Hathhorn joins Radius from Peabody Energy Corporation (NYSE: BTU) and brings more than 30 years of leadership experience in the mining industry.
Most recently, Hathhorn held the position of President--Global Operations at Peabody Energy Corporation (NYSE: BTU), overseeing 5,000 employees and 17 coal mines across the U.S. and Australia. Under Hathhorn’s leadership, Peabody achieved multiple safety performance awards, exceeded environmental management and compliance goals, and implemented operating plans that resulted in industry-leading unit costs. Hathhorn will report to Tamara L. Lundgren, Chairman and Chief Executive Officer of Radius Recycling, Inc.
“I am delighted to welcome Marc to the Radius team,” said Lundgren. “Marc is an experienced global leader with a track record of success in achieving operational excellence and executing growth strategies in commodity-based businesses. In this newly created role, he will help advance our progress on our operating and financial goals, and our strategic objectives, including investments in advanced metal recovery technologies, expansion of our recycling services platform, volume growth, and productivity improvements.”
Lundgren added, “With our 100+ operating facilities producing annual recycled ferrous volumes of over four million tons, nonferrous volumes of over 700 million pounds, low carbon and net zero carbon emission GRN finished steel products of more than 500 thousand tons, and our 3PR service and supply chain solution that enables our customers to increase their recycling rates, we are well-positioned to benefit from demand associated with stronger global manufacturing activity supported by the anticipated decline in interest rates and infrastructure investment.”
About Radius Recycling, Inc.
Radius Recycling, Inc. (formerly Schnitzer Steel Industries, Inc.) is one of the largest manufacturers and exporters of recycled metal products in North America with operating facilities located in 25 states, Puerto Rico, and Western Canada. Radius has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s integrated operating platform also includes 50 stores which sell serviceable used auto parts from salvaged vehicles and receive over 4 million annual retail visits. The Company’s steel manufacturing operations produce finished steel products, including rebar, wire rod and other specialty products. Radius began operations in 1906 in Portland, Oregon.
Radius Recycling:
Public Affairs & Communications:
Eric Potashner
415-624-9885
epotashner@rdus.com
Investor Relations:
Michael Bennett
503-323-2811
mcbennett@rdus.com
Company Info:
radiusrecycling.com
ir@rdus.com
Cover |
Nov. 08, 2024 |
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Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 08, 2024 |
Entity File Number | 000-22496 |
Entity Registrant Name | RADIUS RECYCLING, INC. |
Entity Central Index Key | 0000912603 |
Entity Tax Identification Number | 93-0341923 |
Entity Incorporation, State or Country Code | OR |
Entity Address, Address Line One | 299 SW Clay Street, Suite 400 |
Entity Address, City or Town | Portland |
Entity Address, State or Province | OR |
Entity Address, Postal Zip Code | 97201 |
City Area Code | 503 |
Local Phone Number | 224-9900 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, $1.00 par value |
Trading Symbol | RDUS |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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