PORTLAND, Ore. - Radius Recycling, Inc. (NASDAQ:RDUS), a major North American recycled metal products manufacturer, has announced the appointment of Mauro Gregorio as a new independent director to its Board of Directors, starting November 1, 2024. Gregorio, the former President of the Performance Materials & Coatings Division at Dow Inc. (NYSE:DOW), brings extensive experience from a nearly 40-year tenure at Dow.
During his time at Dow, Gregorio held various leadership roles including overseeing the integration of Dow Corning (NYSE:GLW) and managing the company's feedstock and energy business unit. He also served as the global Vice President for the Hygiene and Medical Performance Plastics division and had executive oversight of Dow's operations in Latin America. His educational background includes a BS in Chemical Engineering and an MBA.
In his new role at Radius Recycling, Gregorio will contribute to the Audit Committee and the Compensation and Human Resources Committee. His appointment expands the Radius Board to eight members. Radius Recycling's Chairman and CEO, Tamara L. Lundgren, expressed confidence in Gregorio's capabilities, citing his global commodities market knowledge and performance optimization expertise as valuable assets for the company's strategic growth and the increasing demand for recycled metal products.
Gregorio also serves on the board of Eagle Materials, Inc. (NYSE:NYSE:EXP), a manufacturer of construction products and building materials.
Radius Recycling, formerly known as Schnitzer Steel Industries (NASDAQ:RDUS), Inc., operates across 25 states, Puerto Rico, and Western Canada. The company's portfolio includes seven deep water export facilities and 50 stores selling used auto parts. It also has steel manufacturing operations producing a variety of finished steel products.
The information in this article is based on a press release statement from Radius Recycling.
In other recent news, Dow, the prominent chemical company, reported third-quarter earnings that met analyst expectations and revenue that surpassed estimates, primarily driven by higher sales in the U.S and Canada. The company announced an adjusted earnings per share of $0.47, in line with analyst estimates, and revenue at $10.9 billion, beating the consensus estimate of $10.68 billion. Dow's packaging and specialty plastics segment reported a 1% increase in net sales to $5.5 billion year-over-year.
Furthermore, Dow has initiated a strategic review of specific European assets due to sustained weak demand and challenging regulatory conditions. The review process, predominantly focusing on the Polyurethanes business, is expected to conclude by mid-2025. These recent developments come amidst a complex economic landscape, particularly in the European market where Dow is reassessing its asset portfolio.
CEO Jim Fitterling highlighted the company's efforts to innovate alongside its customers, which paid off during the quarter with increased demand in sectors such as packaging, electronics, and home & personal care. Fitterling stated, "As cycle dynamics improve, we remain well-positioned to enable higher returns to shareholders."
InvestingPro Insights
To complement the news of Mauro Gregorio's appointment to Radius Recycling's board, it's worth examining some key financial metrics of his former employer, Dow Inc. (NYSE:DOW). According to InvestingPro data, Dow has a market capitalization of $35.81 billion and generates substantial revenue, with $43.03 billion reported in the last twelve months as of Q2 2024. This indicates the scale of operations Gregorio was involved with, which could prove valuable for Radius Recycling's growth strategies.
An InvestingPro Tip highlights that Dow "pays a significant dividend to shareholders," with a current dividend yield of 5.44%. This focus on shareholder returns might be an area where Gregorio's experience could benefit Radius Recycling's financial strategies.
Another relevant InvestingPro Tip notes that Dow is a "prominent player in the Chemicals industry." This industry leadership, combined with Gregorio's extensive experience, could provide Radius Recycling with valuable insights into managing large-scale operations and navigating commodity markets.
For investors interested in a deeper analysis, InvestingPro offers 7 additional tips for Dow, providing a more comprehensive view of the company's financial health and market position.
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