Radius Recycling (RDUS) 10-Q 6 Apr 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Feb. 28, 2022	Apr. 04, 2022
Entity Information [Line Items]
Document Type	10-Q
Document Period End Date	Feb. 28, 2022
Entity Registrant Name	SCHNITZER STEEL INDUSTRIES, INC.
Amendment Flag	false
Document Fiscal Year Focus	2022
Trading Symbol	SCHN
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000912603
Current Fiscal Year End Date	--08-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	000-22496
Entity Tax Identification Number	93-0341923
Entity Address, Address Line One	299 SW Clay Street
Entity Address, Address Line Two	Suite 350
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
Entity Incorporation, State or Country Code	OR
Title of 12(b) Security	Class A Common Stock, $1.00 par value
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		27,433,470
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		200,000

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 28, 2022	Aug. 31, 2021
Current assets:
Cash and cash equivalents	$ 17,823	$ 27,818
Accounts receivable, net of allowance for credit losses of $1,579 and $1,566	280,254	214,098
Inventories	323,931	256,427
Refundable income taxes	1,193	837
Prepaid expenses and other current assets	36,104	43,934
Total current assets	659,305	543,114
Property, plant and equipment, net of accumulated depreciation of $841,296 and $837,293	597,262	562,674
Operating lease right-of-use assets	126,155	131,221
Investments in joint ventures	13,009	12,844
Goodwill	232,537	170,304
Intangibles, net of accumulated amortization of $5,323 and $3,846	23,220	3,980
Deferred income taxes	25,982	27,561
Other assets	46,859	42,665
Total assets	1,724,329	1,494,363
Current liabilities:
Short-term borrowings	7,451	3,654
Accounts payable	191,418	179,917
Accrued payroll and related liabilities	33,693	69,622
Environmental liabilities	12,987	24,743
Operating lease liabilities	21,869	21,417
Accrued income taxes	2,436	3,521
Other accrued liabilities	59,317	49,976
Total current liabilities	329,171	352,850
Deferred income taxes	53,291	40,593
Long-term debt, net of current maturities	254,126	71,299
Environmental liabilities, net of current portion	54,844	52,385
Operating lease liabilities, net of current maturities	106,803	113,165
Other long-term liabilities	21,445	24,292
Total liabilities	819,680	654,584
Commitments and contingencies (Note 5)
Schnitzer Steel Industries, Inc. (“SSI”) shareholders’ equity:
Preferred stock – 20,000 shares $1.00 par value authorized, none issued	0	0
Additional paid-in capital	40,821	49,074
Retained earnings	866,776	793,712
Accumulated other comprehensive loss	(34,438)	(34,554)
Total SSI shareholders’ equity	900,792	835,764
Noncontrolling interests	3,857	4,015
Total equity	904,649	839,779
Total liabilities and equity	1,724,329	1,494,363
Class A Common Stock
Schnitzer Steel Industries, Inc. (“SSI”) shareholders’ equity:
Common stock, value	27,433	27,332
Class B Common Stock
Schnitzer Steel Industries, Inc. (“SSI”) shareholders’ equity:
Common stock, value	$ 200	$ 200

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Feb. 28, 2022	Aug. 31, 2021
Current assets:
Accounts receivable, allowance for credit loss	$ 1,579	$ 1,566
Property, plant and equipment, accumulated depreciation	841,296	837,293
Intangibles, accumulated amortization	$ 5,323	$ 3,846
Schnitzer Steel Industries, Inc. (“SSI”) shareholders’ equity:
Preferred stock, par value (in dollars per share)	$ 1	$ 1
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Class A Common Stock
Schnitzer Steel Industries, Inc. (“SSI”) shareholders’ equity:
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	75,000,000	75,000,000
Common stock, shares issued	27,433,000	27,332,000
Common stock, shares outstanding	27,433,000	27,332,000
Class B Common Stock
Schnitzer Steel Industries, Inc. (“SSI”) shareholders’ equity:
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	200,000	200,000
Common stock, shares outstanding	200,000	200,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Income Statement [Abstract]
Revenues	$ 783,198	$ 600,111	$ 1,581,316	$ 1,092,218
Operating expense:
Cost of goods sold	670,539	487,025	1,353,783	907,119
Selling, general and administrative	61,081	54,142	116,348	104,048
(Income) from joint ventures	(591)	(454)	(827)	(1,181)
Restructuring charges and other exit-related activities	4	814	26	878
Operating income	52,165	58,584	111,986	81,354
Interest expense	(1,901)	(1,224)	(3,273)	(3,004)
Other loss, net	(55)	(242)	(102)	(407)
Income from continuing operations before income taxes	50,209	57,118	108,611	77,943
Income tax expense	(12,073)	(11,469)	(23,170)	(17,188)
Income from continuing operations	38,136	45,649	85,441	60,755
Income (loss) from discontinued operations, net of tax	29	30		(12)
Net income	38,165	45,679	85,441	60,743
Net income attributable to noncontrolling interests	(550)	(1,091)	(1,627)	(2,051)
Net income attributable to SSI shareholders	$ 37,615	$ 44,588	$ 83,814	$ 58,692
Net income per share attributable to SSI shareholders Basic:
Income per share from continuing operations	$ 1.33	$ 1.59	$ 2.97	$ 2.10
Net income per share	1.33	1.59	2.97	2.10
Net income per share attributable to SSI shareholders Diluted:
Income per share from continuing operations	1.27	1.54	2.81	2.05
Net income per share	$ 1.27	$ 1.54	$ 2.81	$ 2.05
Weighted average number of common shares:
Basic	28,231	27,991	28,195	27,899
Diluted	29,712	28,862	29,798	28,673

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net income	$ 38,165	$ 45,679	$ 85,441	$ 60,743
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	722	1,572	(393)	1,811
Pension obligations, net	119	38	509	(222)
Total other comprehensive income, net of tax	841	1,610	116	1,589
Comprehensive income	39,006	47,289	85,557	62,332
Less comprehensive income attributable to noncontrolling interests	(550)	(1,091)	(1,627)	(2,051)
Comprehensive income attributable to SSI shareholders	$ 38,456	$ 46,198	$ 83,930	$ 60,281

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Class A Common Stock	Class B Common Stock	Common StockClass A Common Stock	Common StockClass B Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Loss	Total SSI Shareholders' Equity	Noncontrolling Interests
Beginning balance at Aug. 31, 2020	$ 680,436			$ 26,899	$ 200	$ 36,616	$ 649,863	$ (36,871)	$ 676,707	$ 3,729
Beginning balance (in shares) at Aug. 31, 2020				26,899	200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	60,743						58,692		58,692	2,051
Other comprehensive income (loss), net of tax	1,589							1,589	1,589
Distributions to noncontrolling interests	(1,583)									(1,583)
Issuance of restricted stock				$ 553		(553)
Issuance of restricted stock (in shares)				553
Restricted stock withheld for taxes	(3,971)			$ (189)		(3,782)			(3,971)
Restricted stock withheld for taxes (in shares)				(189)
Share-based compensation cost	7,414					7,414			7,414
Dividends	(10,589)						(10,589)		(10,589)
Ending balance at Feb. 28, 2021	734,039			$ 27,263	$ 200	39,695	697,966	(35,282)	729,842	4,197
Ending balance (in shares) at Feb. 28, 2021				27,263	200
Beginning balance at Nov. 30, 2020	688,548			$ 27,254	$ 200	35,310	658,710	(36,892)	684,582	3,966
Beginning balance (in shares) at Nov. 30, 2020				27,254	200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	45,679						44,588		44,588	1,091
Other comprehensive income (loss), net of tax	1,610							1,610	1,610
Distributions to noncontrolling interests	(860)									(860)
Issuance of restricted stock				$ 10		(10)
Issuance of restricted stock (in shares)				10
Restricted stock withheld for taxes	(1)			$ (1)					(1)
Restricted stock withheld for taxes (in shares)				(1)
Share-based compensation cost	4,395					4,395			4,395
Dividends	(5,332)						(5,332)		(5,332)
Ending balance at Feb. 28, 2021	734,039			$ 27,263	$ 200	39,695	697,966	(35,282)	729,842	4,197
Ending balance (in shares) at Feb. 28, 2021				27,263	200
Beginning balance at Aug. 31, 2021	839,779			$ 27,332	$ 200	49,074	793,712	(34,554)	835,764	4,015
Beginning balance (in shares) at Aug. 31, 2021		27,332	200	27,332	200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	85,441						83,814		83,814	1,627
Other comprehensive income (loss), net of tax	116							116	116
Distributions to noncontrolling interests	(1,785)									(1,785)
Share repurchases	(7,865)			$ (200)		(7,665)			(7,865)
Share repurchase (in shares)				(200)
Issuance of restricted stock				$ 479		(479)
Issuance of restricted stock (in shares)				479
Restricted stock withheld for taxes	(9,577)			$ (178)		(9,399)			(9,577)
Restricted stock withheld for taxes (in shares)				(178)
Share-based compensation cost	9,290					9,290			9,290
Dividends	(10,750)						(10,750)		(10,750)
Ending balance at Feb. 28, 2022	904,649			$ 27,433	$ 200	40,821	866,776	(34,438)	900,792	3,857
Ending balance (in shares) at Feb. 28, 2022		27,433	200	27,433	200
Beginning balance at Nov. 30, 2021	874,756			$ 27,624	$ 200	43,641	834,504	(35,279)	870,690	4,066
Beginning balance (in shares) at Nov. 30, 2021				27,624	200
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	38,165						37,615		37,615	550
Other comprehensive income (loss), net of tax	841							841	841
Distributions to noncontrolling interests	(759)									(759)
Share repurchases	(7,865)			$ (200)		(7,665)			(7,865)
Share repurchase (in shares)				(200)
Issuance of restricted stock				$ 9		(9)
Issuance of restricted stock (in shares)				9
Share-based compensation cost	4,854					4,854			4,854
Dividends	(5,343)						(5,343)		(5,343)
Ending balance at Feb. 28, 2022	$ 904,649			$ 27,433	$ 200	$ 40,821	$ 866,776	$ (34,438)	$ 900,792	$ 3,857
Ending balance (in shares) at Feb. 28, 2022		27,433	200	27,433	200

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Statement Of Stockholders Equity [Abstract]
Dividends per common share	$ 0.1875	$ 0.1875	$ 0.375	$ 0.375

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021
Cash flows from operating activities:
Net income	$ 85,441	$ 60,743
Adjustments to reconcile net income to cash used in operating activities:
Depreciation and amortization	35,816	29,295
Inventory write-downs	304
Deferred income taxes	13,988	5,544
Undistributed equity in earnings of joint ventures	(827)	(1,181)
Share-based compensation expense	9,231	7,276
Loss (gain) on disposal of assets, net	1,345	(81)
Unrealized foreign exchange loss, net	121	93
Credit loss, net	16	66
Changes in assets and liabilities, net of acquisitions:
Accounts receivable	(47,762)	(75,961)
Inventories	(52,624)	(90,151)
Income taxes	(697)	16,097
Prepaid expenses and other current assets	1,309	1,266
Other long-term assets	(651)	(3,765)
Operating lease assets and liabilities	(903)	(430)
Accounts payable	11,762	45,050
Accrued payroll and related liabilities	(39,711)	(85)
Other accrued liabilities	7,583	(3,618)
Environmental liabilities	(12,482)	2,488
Other long-term liabilities	455	3,494
Distributed equity in earnings of joint ventures	1,000	1,250
Net cash provided by (used in) operating activities	12,714	(2,610)
Cash flows from investing activities:
Capital expenditures	(69,409)	(55,084)
Acquisitions, net of acquired cash	(113,939)
Proceeds from insurance and sale of assets	11,129	317
Deposit on land option	(80)	630
Net cash used in investing activities	(172,299)	(54,137)
Cash flows from financing activities:
Borrowings from long-term debt	405,094	265,645
Repayment of long-term debt	(225,395)	(199,229)
Payment of debt issuance costs		(23)
Repurchase of Class A common stock	(7,865)
Taxes paid related to net share settlement of share-based payment awards	(9,577)	(3,971)
Distributions to noncontrolling interests	(1,785)	(1,583)
Dividends paid	(10,841)	(10,828)
Net cash provided by financing activities	149,631	50,011
Effect of exchange rate changes on cash	(41)	175
Net decrease in cash and cash equivalents	(9,995)	(6,561)
Cash and cash equivalents as of beginning of period	27,818	17,887
Cash and cash equivalents as of end of period	17,823	11,326
Cash paid during the period for:
Interest	1,748	1,827
Income taxes paid (refunded), net	9,829	(4,525)
Schedule of noncash investing and financing transactions:
Purchases of property, plant and equipment included in liabilities	$ 21,828	$ 11,338

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Feb. 28, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 1 - Summary of Significant Accounting Policies Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements of Schnitzer Steel Industries, Inc. and its majority-owned and wholly-owned subsidiaries (the “Company”) have been prepared pursuant to generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for Form 10-Q, including Article 10 of Regulation S-X. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all normal, recurring adjustments considered necessary for a fair statement have been included. Management suggests that these Unaudited Condensed Consolidated Financial Statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2021. The results for the three and six months ended February 28, 2022 and 2021 are not necessarily indicative of the results of operations for the entire fiscal year. Segment Reporting The Company acquires and recycles ferrous and nonferrous scrap metal for sale to foreign and domestic metal producers, processors, and brokers, and it procures salvaged vehicles and sells serviceable used auto parts from these vehicles through a network of self-service auto parts stores. Most of these auto parts stores supply the Company’s shredding facilities with auto bodies that are processed into saleable recycled metal products. In addition to the sale of recycled metal products processed at its facilities, the Company provides a variety of recycling and related services. . The accounting standards for reporting information about operating segments define an operating segment as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses for which discrete financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. The Company’s internal organizational and reporting structure includes a single operating and reportable segment . Cash and Cash Equivalents Cash and cash equivalents include short-term securities that are not restricted by third parties and have an original maturity date of 90 days or less. Included in accounts payable are book overdrafts representing outstanding checks in excess of funds on deposit of $45 million and $47 million as of February 28, 2022 Accounts Receivable, net Accounts receivable represent amounts primarily due from customers on product and other sales. These accounts receivable, which are reduced by an allowance for credit losses, are recorded at the invoiced amount and do not bear interest. The Company extends credit to customers under contracts containing customary and explicit payment terms, and payment is generally required within 30 to 60 days of The Company evaluates the collectibility of its accounts receivable based on a combination of factors, including whether sales were made pursuant to letters of credit or required deposits prior to shipment , the aging of customer receivable balances, the financial condition of the Company’s customers, historical collection rates, and economic trends. Management uses this evaluation to estimate the amount of customer receivables that may not be collected in the future and records a provision for expected credit losses. Accounts are written off when all efforts to collect have been exhausted. Also included in accounts receivable are short-term advances to scrap metal suppliers used as a mechanism to acquire unprocessed scrap metal. The advances are generally repaid with scrap metal, as opposed to cash. Repayments of advances with scrap metal are treated as noncash operating activities in the Unaudited Condensed Consolidated Statements of Cash Flows and totaled $6 million and $5 million for Prepaid Expenses The Company’s prepaid expenses, reported within prepaid expenses and other current assets in the Unaudited Condensed Consolidated Balance Sheets, totaled $16 million and $22 million as of February 28, 2022 and August 31, 2021, respectively, and consisted primarily of deposits on capital projects, prepaid services, prepaid insurance, and prepaid property taxes. Other Assets The Company’s other assets, exclusive of prepaid expenses and assets relating to certain employee benefit plans, consisted primarily of receivables from insurers, capitalized implementation costs for cloud computing arrangements, major spare parts and equipment, cash held in a client trust account relating to a legal settlement, an equity investment, debt issuance costs, and notes and other contractual receivables. Other assets are reported within either prepaid expenses and other current assets or other assets in the Unaudited Condensed Consolidated Balance Sheets based on their expected use either during or beyond the current operating cycle of one year from the reporting date. Receivables from insurers represent the portion of insured losses expected to be recovered from the Company’s insurers. The receivable is recorded at an amount not to exceed the recorded loss and only if the terms of legally enforceable insurance contracts support that the insurance recovery will not be disputed and is deemed collectible. Receivables from insurers totaled $20 million and $21 million as of February 28, 2022 and August 31, 2021, respectively. Receivables from insurers as of February 28, 2022 comprised primarily $10 million relating to property loss and damage and other claims in connection with the December 2021 fire at the Company’s shredder facility in Everett, Massachusetts, $6 million relating to environmental claims, and $4 million relating to workers’ compensation claims. Receivables from insurers as of August 31, 2021 comprised primarily $10 million relating to property loss and damage and other claims in connection with the May 2021 fire at the Company’s melt shop operations in McMinnville, Oregon, $6 million relating to environmental claims, and $4 million relating to workers’ compensation claims. See “Accounting for Impacts of Involuntary Events” below in this Note for further discussion of receivables and advance payments from insurers relating to property damage and business interruption claims. Other assets as of both February 28, 2022 and August 31, 2021 also included approximately $8 million in connection with cash deposited into a client trust account in the second quarter of fiscal 2021 to fund the remediation of a site, a portion of which was previously leased to and operated by an indirect, wholly-owned subsidiary. The cash was deposited into the client trust account by other potentially liable parties in connection with settlement of a lawsuit relating to allocation of the remediation costs, including agreement by the Company’s subsidiary to perform certain remedial actions. See “Other Legacy Environmental Loss Contingencies” within “Contingencies – Environmental” in Note 5 - Commitments and Contingencies for further discussion of this matter. The Company invested $6 million in the equity of a privately-held waste and recycling entity in fiscal 2017. The equity investment does not have a readily determinable fair value and, therefore, is carried at cost and adjusted for impairments and observable price changes. The investment is reported within other assets in the Unaudited Condensed Consolidated Balance Sheets. T he carrying value of the investment was $6 million as of February 28, 2022 Company has not recorded any impairments Accounting for Impacts of Involuntary Events Assets destroyed or damaged as a result of involuntary events are written off or reduced in carrying value to their salvage value. When recovery of all or a portion of the amount of property damage loss or other covered expenses through insurance proceeds is demonstrated to be probable, a receivable is recorded and offsets the loss or expense up to the amount of the total loss or expense. No gain is recorded until all contingencies related to the insurance claim have been resolved. On May 22, 2021, the Company experienced a fire at its steel mill in McMinnville, Oregon. Direct physical loss or damage to property from the incident was limited to the mill’s melt shop, with no bodily injuries and no physical loss or damage to other buildings or equipment. As a result of the fire, the rolling mill production ceased in early June 2021. In August 2021, the steel mill began ramping up operations following the substantial completion of replacement and repairs of property and equipment in the melt shop that had been lost or damaged by the fire. The Company experienced the loss of business income during the shutdown of the steel mill and the subsequent ramp-up phase which was substantially completed during the second quarter of fiscal 2022. The Company filed initial insurance claims for the physical loss and damage experienced at the mill’s melt shop and business income losses resulting from the matter. As of August 31, 2021, prepaid expenses and other current assets in the Unaudited Condensed Consolidated Balance Sheets included an initial $10 million insurance receivable recognized in the fourth quarter of fiscal 2021, primarily offsetting applicable losses including capital purchases of $10 million that had been incurred by the Company as of August 31, 2021. In the first half of fiscal 2022, the Company increased the amount of this insurance receivable to $25 million and recognized a related $15 million insurance recovery gain, $3 million recorded in the first quarter and $12 million recorded in the second quarter, within cost of goods sold in the Unaudited Condensed Consolidated Statements of Income, reflecting recovery of applicable losses incurred as a result of the fire to date. In addition, during the first half of fiscal 2022, the Company received advance payments from insurers totaling approximately $30 million towards the Company’s claims, and not reflecting any final or full settlement of claims with the insurers, which amount reduced the $25 million insurance receivable to zero with the remaining amount of advance payments of $5 million reported within other accrued liabilities in the Unaudited Condensed Consolidated Balance Sheets as of February 28, 2022. On December 8, 2021, the Company experienced a fire at its metals recycling facility in Everett, Massachusetts. Direct physical loss or damage to property from the incident was limited to the facility’s shredder building and equipment, with no bodily injuries and no physical loss or damage to property reported at other buildings or equipment. As a result of the fire, shredding operations ceased, while all non-shredding operations at the facility continued, including torching, shearing, separating, and sorting purchased non-shreddable recycled ferrous metals. Completion of the remainder of repair and replacement of property that Business Acquisitions The Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date, measured at their fair values as of that date. Contingent purchase consideration is recorded at fair value at the date of acquisition. Any excess purchase price over the fair value of the net assets acquired is recorded as goodwill. Within one year from the date of acquisition, the Company may update the value allocated to the assets acquired and liabilities assumed, and the resulting goodwill balance, based on information received regarding the valuation of such assets and liabilities that was not available at the time of purchase. Measuring assets and liabilities at fair value requires the Company to determine the price that would be paid by a third-party market participant based on the highest and best use of the assets or interests acquired. Acquisition costs are expensed as incurred. Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The majority of cash and cash equivalents is maintained with major financial institutions. Balances with these and certain other institutions exceeded the Federal Deposit Insurance Corporation insured amount o f $250 thousand Recent Accounting Pronouncements The Company does not expect that its adoption in the future of any recently issued accounting pronouncements will have a material impact on its consolidated financial statements.

Inventories

Inventories	6 Months Ended
	Feb. 28, 2022
Inventory Net [Abstract]
Inventories	Note 2 - Inventories Inventories consisted of the following (in thousands): February 28, 2022 August 31, 2021 Processed and unprocessed scrap metal $ 198,058 $ 164,960 Semi-finished goods 18,449 7,671 Finished goods 60,680 39,368 Supplies 46,744 44,428 Inventories $ 323,931 $ 256,427

Business Acquisition

Business Acquisition	6 Months Ended
	Feb. 28, 2022
Business Combination And Asset Acquisition [Abstract]
Business Acquisition	Note 3 - Business Acquisition On October 1, 2021, the Company used cash on hand and borrowings under existing credit facilities to acquire eight metals recycling facilities across Mississippi, Tennessee, and Kentucky from Columbus Recycling, a provider of recycled ferrous and nonferrous metal products and recycling services. The transaction qualified as a business combination for accounting purposes, which involves application of the acquisition method described in Accounting Standards Codification Topic 805, Business Combinations The following table summarizes the provisional fair values of the assets acquired and liabilities assumed by the Company as of the October 1, 2021 acquisition date (in thousands): Cash $ 325 Accounts receivable 22,763 Inventories 10,060 Other current assets 255 Property, plant and equipment 13,570 Operating lease right-of-use assets 254 Goodwill ( 1) 62,325 Intangibles and other assets 19,741 Total assets acquired 129,293 Current liabilities 11,680 Other liabilities 3,350 Total liabilities assumed 15,030 Net assets acquired $ 114,263 (1) Approximately $59 million of the provisional amount of acquired goodwill is tax deductible. The following table summarizes the provisional purchase price allocation to the identifiable intangible assets and their estimated useful lives as of the October 1, 2021 acquisition date (in thousands): Useful Life Supplier relationships $ 17,245 7 Customer relationships 2,496 7 $ 19,741 The results of operations for the acquired Columbus Recycling business beginning as of the October 1, 2021 acquisition date are included in the accompanying financial statements. For each of the three and six months ended February 28, 2022 and 2021, the unaudited amount of revenues of the acquired Columbus Recycling business equaled 6% or less of the Company’s consolidated revenues reported in the Unaudited Condensed Consolidated Statements of Income, and the unaudited amount of net income of the acquired Columbus Recycling business was not material to the financial statements taken as a whole. Because the pro forma results of operations of the Company for the periods presented in this report would not be materially different as a result of the acquisition, this information is not presented.

Goodwill

Goodwill	6 Months Ended
	Feb. 28, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill	Note 4 - Goodwill The Company evaluates goodwill for impairment annually on July 1 and upon the occurrence of certain triggering events or substantive changes in circumstances that indicate that the fair value of goodwill may be impaired. Impairment of goodwill is tested at the reporting unit level. A reporting unit is an operating segment or one level below an operating segment (referred to as a “component”). A component of an operating segment is required to be identified as a reporting unit if the component is a business for which discrete financial information is available and segment management regularly reviews its operating results. There were no triggering events identified during the first half of fiscal 2022 requiring an interim goodwill impairment test, and the Company did not record a goodwill impairment charge in any of the periods presented. The gross change in the carrying amount of goodwill for the six months ended February 28, 2022 was as follows (in thousands): Goodwill August 31, 2021 $ 170,304 Additions ( 1) 62,325 Foreign currency translation adjustment (92 ) February 28, 2022 $ 232,537 (1) Additions relate entirely to the acquired Columbus Recycling business, and the amount of acquired goodwill is provisional as of February 28, 2022. See Note 3 – Business Acquisitions. Accumulated goodwill impairment charges were $471 million as of both

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Feb. 28, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 5 - Commitments and Contingencies Contingencies - Environmental The Company evaluates the adequacy of its environmental liabilities on a quarterly basis. Adjustments to the liabilities are made when additional information becomes available that affects the estimated costs to study or remediate any environmental issues or expenditures are made for which liabilities were established. Changes in the Company’s environmental liabilities for the six months ended February 28, 2022 were as follows (in thousands): Balance as of September 1, 2021 Liabilities Established (Released), Net Payments and Other Balance as of February 28, 2022 Short-Term Long-Term $ 77,128 $ 6,986 $ (16,283 ) $ 67,831 $ 12,987 $ 54,844 The Company had environmental liabilities of $68 million Portland Harbor In December 2000, the Company was notified by the United States Environmental Protection Agency (“EPA”) under the Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”) that it is one of the potentially responsible parties (“PRPs”) that own or operate or formerly owned or operated sites which are part of or adjacent to the Portland Harbor Superfund site (the “Site”). The precise nature and extent of cleanup of any specific areas within the Site, the parties to be involved, the timing of any specific remedial action and the allocation of the costs for any cleanup among responsible parties have not yet been determined. The process of site investigation, remedy selection, identification of additional PRPs and allocation of costs has been underway for a number of years, but significant uncertainties remain. It is unclear to what extent the Company will be liable for environmental costs or third-party contribution or damage claims with respect to the Site. From 2000 to 2017, the EPA oversaw a remedial investigation/feasibility study (“RI/FS”) at the Site. The Company was not among the parties that performed the RI/FS, but it contributed to the costs through an interim settlement with the performing parties. The performing parties have indicated that they incurred more than $155 million in that effort. In January 2017, the EPA issued a Record of Decision (“ROD”) that identified the selected remedy for the Site. The EPA has estimated the total cost of the selected remedy at $1.7 billion with a net present value cost of $1.05 billion (at a 7% discount rate) and an estimated construction period of 13 years following completion of the remedial designs. In the ROD, the EPA stated that the cost estimate is an order-of-magnitude engineering estimate that is expected to be within +50% to -30% of the actual project cost and that changes in the cost elements are likely to occur as a result of new information and data collected during the engineering design. The Company has identified a number of concerns regarding the remedy described in the ROD, which is based on data that is more than 15 years old, and the EPA’s estimates for the costs and time required to implement the selected remedy. Moreover, the ROD provided only Site-wide cost estimates and did not provide sufficient detail to estimate costs for specific sediment management areas within the Site. In addition, the ROD did not determine or allocate the responsibility for remediation costs among the PRPs. In the ROD, the EPA acknowledged that much of the data was more than a decade old at that time and would need to be updated with a new round of “baseline” sampling to be conducted prior to the remedial design phase. The remedial design phase is an engineering phase during which additional technical information and data are collected, identified, and incorporated into technical drawings and specifications developed for the subsequent remedial action. Following issuance of the ROD, the EPA proposed that the PRPs, or a subgroup of PRPs, perform the additional investigative work in advance of remedial design. In December 2017, the Company and three other PRPs entered into an Administrative Settlement Agreement and Order on Consent with the EPA to perform such pre-remedial design investigation and baseline sampling over a two-year The EPA encouraged PRPs to step forward (individually or in groups) to enter into consent agreements to perform remedial design in various project areas covering the entire Site. While certain PRPs executed consent agreements for remedial design work, because of the EPA’s refusal to date to modify the remedy to reflect the most current data on Site conditions and because of concerns with the terms of the consent agreement, the Company elected not to enter into a consent agreement. In April 2020, the EPA issued a unilateral administrative order (“UAO”) to the Company and MMGL, LLC (“MMGL”), an unaffiliated company, for the remedial design work in a portion of the Site designated as the River Mile 3.5 East Project Area. As required by the UAO, the Company notified the EPA of its intent to comply while reserving all of its sufficient cause defenses. Failure to comply with a UAO, without sufficient cause, could subject the Company to significant penalties or treble damages. Pursuant to the optimized remedial design timeline set forth in the UAO, the EPA’s expected schedule for completion of the remedial design work is four years. The EPA has estimated the cost of the work at approximately $4 million. The Company has agreed with the other respondent to the UAO, MMGL, that the Company will lead the performance and be responsible for a portion of the costs of the work for remedial design under the UAO and also entered into an agreement with another PRP pursuant to which such other PRP has agreed to fund a portion of the costs of such work. These agreements are not an allocation of liability or claims associated with the Site as between the respondents or with respect to any third party. The Company estimated that its share of the costs of performing such work under the UAO would be approximately $3 million, which it recorded to environmental liabilities and selling, general, and administrative expense in the consolidated financial statements in the third quarter of fiscal 2020. The Company has insurance policies pursuant to which the Company is being reimbursed for the costs it has incurred for remedial design. In the second quarter of fiscal 2021, the Company recorded an insurance receivable and a related insurance recovery to selling, general, and administrative expense for approximately $3 million. See “Other Assets” in Note 1 – Summary of Significant Accounting Policies for further discussion of receivables from insurers. The Company also expects to pursue in the future allocation or contribution from other PRPs for a portion of such remedial design costs. In February 2021, the EPA announced that 100 percent of the Site’s areas requiring active cleanup are in the remedial design phase of the process. Except for certain early action projects in which the Company is not involved, remediation activities at the Site are not expected to commence for a number of years. Moreover, those activities are expected to be sequenced, and the order and timing of such sequencing has not been determined. In addition, as noted above, the ROD does not determine the allocation of costs among PRPs. The Company has joined with approximately 100 other PRPs, including the RI/FS performing parties, in a voluntary process to establish an allocation of costs at the Site, including the costs incurred in the RI/FS, ongoing remedial design costs, and future remedial action costs. The Company expects the next major stage of the allocation process to proceed in parallel with the remedial design process. In addition to the remedial action process overseen by the EPA, the Portland Harbor Natural Resource Trustee Council (“Trustee Council”) is assessing natural resource damages at the Site. In 2008, the Trustee Council invited the Company and other PRPs to participate in funding and implementing the Natural Resource Injury Assessment for the Site. The Company and other participating PRPs ultimately agreed to fund the first two phases of the three-phase assessment, which included the development of the Natural Resource Damage Assessment Plan (“AP”) and implementation of the AP to develop information sufficient to facilitate early settlements between the Trustee Council and Phase 2 participants and the identification of restoration projects to be funded by the settlements. In late May 2018, the Trustee Council published notice of its intent to proceed with Phase 3, which will involve the full implementation of the AP and the final injury and damage determination. The Company is proceeding with the process established by the Trustee Council regarding early settlements under Phase 2. The Company has established an environmental reserve of approximately $2.3 million for this alleged natural resource damages liability as it continues to work with the Trustee Council to finalize an early settlement. The Company has insurance policies that it believes will provide reimbursement for costs related to this matter. As of February 28, 2022 and August 31, 2021, the Company had an insurance receivable in the same amount as the environmental reserve. See On January 30, 2017, one of the Trustees, the Confederated Tribes and Bands of the Yakama Nation, which withdrew from the council in 2009, filed a suit against approximately 30 parties, including the Company, seeking reimbursement of certain past and future response costs in connection with remedial action at the Site and recovery of assessment costs related to natural resources damages from releases at and from the Site to the Multnomah Channel and the Lower Columbia River. The parties filed various motions to dismiss or stay this suit, and in August 2019, the court issued an order denying the motions to dismiss and staying the action. The Company intends to defend against the claims in this suit and does not have sufficient information to determine the likelihood of a loss in this matter or to estimate the amount of damages being sought or the amount of such damages that could be allocated to the Company. The Company’s environmental liabilities as of February 28, 2022 August 31, 2021 Because the final remedial actions have not yet been designed and there has not been a determination of the allocation among the PRPs of costs of the investigations or remedial action costs, the Company believes it is not possible to reasonably estimate the amount or range of costs which it is likely to or which it is reasonably possible that it will incur in connection with the Site, although such costs could be material to the Company’s financial position, results of operations, cash flows, and liquidity. Among the facts being evaluated are detailed information on the history of ownership of and the nature of the uses of and activities and operations performed on each property within the Site, which are factors that will play a substantial role in determining the allocation of investigation and remedy costs among the PRPs. The Company has insurance policies that it believes will provide reimbursement for costs it incurs for defense, remedial design, remedial action, and mitigation for or settlement of natural resource damages claims in connection with the Site. Most of these policies jointly insure the Company and MMGL, as the successor to a former subsidiary of the Company. The Company and MMGL have negotiated the settlement with certain insurers of claims against them related to the Site, continue to seek settlements with other insurers, and formed a Qualified Settlement Fund (“QSF”) which became operative in fiscal 2020 to hold such settlement amounts until funds are needed to pay or reimburse costs incurred by the Company and MMGL in connection with the Site. These insurance policies and the funds in the QSF may not cover all of the costs which the Company may incur. The QSF is an unconsolidated variable interest entity (“VIE”) with no primary beneficiary. Two parties unrelated to each other, one appointed by the Company and one appointed by MMGL, share equally the power to direct the activities of the VIE that most significantly impact its economic performance. The Company’s appointee to co-manage the VIE is an executive officer of the Company. Neither MMGL nor its appointee to co-manage the VIE is a related party of the Company for the purpose of the primary beneficiary assessment or otherwise. The Oregon Department of Environmental Quality is separately providing oversight of investigations and source control activities by the Company at various sites adjacent to Portland Harbor that are focused on controlling any current “uplands” releases of contaminants into the Willamette River. No liabilities have been established in connection with these investigations beyond the costs of investigation and design, which costs have not been material to date, because the extent of contamination, required source control work, and the Company’s responsibility for the contamination and source control work, in each case if any, have not yet been determined. In addition, pursuant to its insurance policies, the Company is being reimbursed for the costs it incurs for required source control evaluation and remediation work. Other Legacy Environmental Loss Contingencies The Company’s environmental loss contingencies as of February 28, 2022 August 31, 2021 In fiscal 2018, the Company accrued an initial $4 million for the estimated costs related to remediation of shredder residue disposed of in or around the 1970s at third-party sites located near each other. Investigation activities have been conducted under oversight of the applicable state regulatory agency. As of both February 28, 2022 August 31, 2021 In addition, the Company’s loss contingencies as of February 28, 2022 August 31, 2021 In addition, the Company’s loss contingencies as of both February 28, 2022 August 31, 2021 Summary - Environmental Contingencies With respect to environmental contingencies other than the Portland Harbor Superfund site and the Other Legacy Environmental Loss Contingencies, which are discussed separately above, management currently believes that adequate provision has been made for the potential impact of its environmental contingencies. Historically, the amounts the Company has ultimately paid for such remediation activities have not been material in any given period, but there can be no assurance that such amounts paid will not be material in the future. Contingencies – Other In addition to legal proceedings relating to the contingencies described above, the Company is a party to various legal proceedings arising in the normal course of business. The Company recognizes a liability for such matters when the loss is probable and can be reasonably estimated. The Company does not anticipate that the liabilities arising from such legal proceedings in the normal course of business, after taking into consideration expected insurance recoveries, will have a material adverse effect on its results of operations, financial condition, or cash flows.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Feb. 28, 2022
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Accumulated Other Comprehensive Loss	Note 6 - Accumulated Other Comprehensive Loss Changes in accumulated other comprehensive loss, net of tax, comprise the following (in thousands): Three Months Ended February 28, 2022 Three Months Ended February 28, 2021 Foreign Currency Translation Adjustments Pension Obligations, Net Total Foreign Currency Translation Adjustments Pension Obligations, Net Total Balances - December 1 (Beginning of period) $ (32,724 ) $ (2,555 ) $ (35,279 ) $ (33,945 ) $ (2,947 ) $ (36,892 ) Other comprehensive income before reclassifications 722 — 722 1,572 — 1,572 Income tax (expense) — — — — — — Other comprehensive income before reclassifications, net of tax 722 — 722 1,572 — 1,572 Amounts reclassified from accumulated other comprehensive loss — 154 154 — 49 49 Income tax (benefit) — (35 ) (35 ) — (11 ) (11 ) Amounts reclassified from accumulated other comprehensive loss, net of tax — 119 119 — 38 38 Net periodic other comprehensive income 722 119 841 1,572 38 1,610 Balances - February 28 (End of period) $ (32,002 ) $ (2,436 ) $ (34,438 ) $ (32,373 ) $ (2,909 ) $ (35,282 ) Six Months Ended February 28, 2022 Six Months Ended February 28, 2021 Foreign Currency Translation Adjustments Pension Obligations, Net Total Foreign Currency Translation Adjustments Pension Obligations, Net Total Balances - September 1 (Beginning of period) $ (31,609 ) $ (2,945 ) $ (34,554 ) $ (34,184 ) $ (2,687 ) $ (36,871 ) Other comprehensive (loss) income before reclassifications (393 ) 451 58 1,811 (385 ) 1,426 Income tax (expense) benefit — (101 ) (101 ) — 87 87 Other comprehensive (loss) income before reclassifications, net of tax (393 ) 350 (43 ) 1,811 (298 ) 1,513 Amounts reclassified from accumulated other comprehensive loss — 205 205 — 98 98 Income tax (benefit) — (46 ) (46 ) — (22 ) (22 ) Amounts reclassified from accumulated other comprehensive loss, net of tax — 159 159 — 76 76 Net periodic other comprehensive (loss) income (393 ) 509 116 1,811 (222 ) 1,589 Balances - February 28 (End of period) $ (32,002 ) $ (2,436 ) $ (34,438 ) $ (32,373 ) $ (2,909 ) $ (35,282 ) Reclassifications from accumulated other comprehensive loss to earnings, both individually and in the aggregate, were not material to the impacted captions in the Unaudited Condensed Consolidated Statements of Income in all periods presented.

Revenue

Revenue	6 Months Ended
	Feb. 28, 2022
Revenue From Contract With Customer [Abstract]
Revenue	Note 7 - Revenue Disaggregation of Revenues The table below illustrates the Company’s revenues disaggregated by major product and sales destination (in thousands): Three Months Ended February 28, Six Months Ended February 28, 2022 2021 2022 2021 Major product information: Ferrous revenues $ 438,314 $ 322,679 $ 904,170 $ 574,885 Nonferrous revenues 196,142 147,322 390,571 267,031 Steel revenues ( 1) 116,196 99,191 219,434 187,605 Retail and other revenues 32,546 30,919 67,141 62,697 Total revenues $ 783,198 $ 600,111 $ 1,581,316 $ 1,092,218 Revenues based on sales destination: Foreign $ 435,471 $ 332,197 $ 906,644 $ 600,596 Domestic 347,727 267,914 674,672 491,622 Total revenues $ 783,198 $ 600,111 $ 1,581,316 $ 1,092,218 (1) Steel revenues include predominantly sales of finished steel products, in addition to sales of semi-finished goods (billets) and steel manufacturing scrap. Receivables from Contracts with Customers The revenue accounting standard defines a receivable as an entity’s right to consideration that is unconditional, meaning that only the passage of time is required before payment is due. As of February 28, 2022 and August 31, 2021, receivables from contracts with customers, net of an allowance for credit losses, totaled $276 and $210 million, respectively, representing % of total accounts receivable reported on the Unaudited Condensed Consolidated Balance Sheets at each reporting date. Contract Liabilities Contract consideration received from a customer prior to revenue recognition is recorded as a contract liability and is recognized as revenue when the Company satisfies the related performance obligation under the terms of the contract. The Company’s contract liabilities, which consist almost entirely of customer deposits for recycled metal and finished steel sales contracts, are reported within accounts payable in the Unaudited Condensed Consolidated Balance Sheets and totaled $11 million and $8 million as of February 28, 2022 and August 31, 2021, respectively. Unsatisfied performance obligations reflected in these contract liabilities relate to contracts with original expected durations of one year or less and, therefore, are not disclosed. During the three and six months ended February 28, 2022, the Company reclassified less than $1 million and $7 million, respectively, in contract liabilities as of August 31, 2021 to revenues as a result of satisfying performance obligations during the period. During the three and six months ended February 28, 2021, the Company reclassified $1 million and $6 million, respectively, in contract liabilities as of August 31, 2020 to revenues as a result of satisfying performance obligations during the period.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Feb. 28, 2022
Share Based Compensation [Abstract]
Share-based Compensation	Note 8 - Share-Based Compensation In the first quarter of fiscal 2022, as part of the annual awards under the Company’s Long-Term Incentive Plan, the Compensation Committee of the Company’s Board of Directors granted 158,656 restricted stock units (“RSUs”) and 153,080 performance share awards to the Company’s key employees and officers under the Company’s 1993 Amended and Restated Stock Incentive Plan. The RSUs have a five-year five-year The performance share awards comprise two separate and distinct awards with different vesting conditions. Awards vest if the three-year For awards granted in the first quarter of fiscal 2022, the performance metrics are the Company’s recycled metal volume growth and its return on capital employed (“ROCE”). Award share payouts depend on the extent to which the performance goals have been achieved, which performance-based payout factors are adjusted by a total shareholder return (“TSR”) modifier based on the Company’s average TSR percentile rank relative to a designated peer group. The number of shares that a participant receives is equal to the number of performance shares granted multiplied by an initial payout factor based on recycled metal volume growth and ROCE, which ranges from a threshold of 50% to a maximum of 200%. %. The Company granted 76,540 performance share awards based on its recycled metal volume growth metric with TSR modifier and 76,540 performance share awards based on its ROCE metric with TSR modifier over a three-year Percentage Expected share price volatility (SSI) 51.6 % Expected share price volatility (Peer group) 58.5 % Expected correlation to peer group companies 46.0 % Risk-free rate of return 0.61 % The estimated aggregate fair value of these performance share awards at the date of grant was $8 million. The Company accrues compensation cost for these performance share awards based on the probable outcome of achieving specified performance conditions, net of estimated forfeitures, over the requisite service period (or to the date a qualifying employment termination event entitles the recipient to a prorated award, if before the end of the service period). The Company reassesses whether achievement of the performance conditions is probable at each reporting date. If it is probable that the actual performance results will exceed the stated target performance conditions, the Company accrues additional compensation cost for the additional performance shares to be awarded irrespective of the TSR modifier, the effects of which are incorporated in the grant-date fair value of the awards. If, upon reassessment, it is no longer probable that the actual performance results will exceed the stated target performance conditions, or that it is no longer probable that the target performance conditions will be achieved, the Company reverses any recognized compensation cost for shares no longer probable of being issued. If the performance conditions are not achieved at In the second quarter of fiscal 2022, the Company granted deferred stock units (“DSUs”) to each of its non-employee directors under the Company’s 1993 Stock Incentive Plan, as amended. Each DSU gives the director the right to receive one share of Class A common stock at a future date. The grant included an aggregate of 18,924 shares that will vest in full on the day before the Company’s 2023 annual meeting of shareholders, subject to continued Board service. The total fair value of these awards at the grant date was $1 million.

Income Taxes

Income Taxes	6 Months Ended
	Feb. 28, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 9 - Income Taxes Effective Tax Rate The Company’s effective tax rate from continuing operations for the second quarter and first six months of fiscal 202 2 was an expense on pre-tax income of 24.0% and 21.3% , respectively , compared to 20.1% and 22.1 %, respectively, for the comparable prior year period s . The Company’s effective tax rate from continuing operations for the second quarter of fiscal 2022 was higher than the U.S. federal statutory rate of 21 % primarily due to the aggregate impact of state taxes and permanent differences from non-deductible expenses on the projected annual effective tax rate applied to the quarterly results . Valuation Allowances The Company assesses the realizability of its deferred tax assets on a quarterly basis through an analysis of potential sources of future taxable income, including prior year taxable income available to absorb a carryback of tax losses, reversals of existing taxable temporary differences, tax planning strategies, and forecasts of taxable income. The Company considers all negative and positive evidence, including the weight of the evidence, to determine if valuation allowances against deferred tax assets are required. The Company continues to maintain valuation allowances against certain state and Canadian deferred tax assets. Canadian deferred tax assets against which the Company continues to maintain a valuation allowance relate to indefinite-lived assets. The Company files federal and state income tax returns in the U.S. and foreign tax returns in Puerto Rico and Canada. For U.S. federal income tax returns, fiscal years 2014 to 2021 remain subject to examination under the statute of limitations.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Feb. 28, 2022
Earnings Per Share [Abstract]
Net Income Per Share	Note 10 - Net Income Per Share The following table sets forth the information used to compute basic and diluted net income per share attributable to SSI shareholders (in thousands): Three Months Ended February 28, Six Months Ended February 28, 2022 2021 2022 2021 Income from continuing operations $ 38,136 $ 45,649 $ 85,441 $ 60,755 Net income attributable to noncontrolling interests (550 ) (1,091 ) (1,627 ) (2,051 ) Income from continuing operations attributable to SSI shareholders 37,586 44,558 83,814 58,704 Income (loss) from discontinued operations, net of tax 29 30 — (12 ) Net income attributable to SSI shareholders $ 37,615 $ 44,588 $ 83,814 $ 58,692 Computation of shares: Weighted average common shares outstanding, basic 28,231 27,991 28,195 27,899 Incremental common shares attributable to dilutive performance share awards, restricted stock units and deferred stock units 1,481 871 1,603 774 Weighted average common shares outstanding, diluted 29,712 28,862 29,798 28,673 Common stock equivalent shares of 311,736 and 199,786 were considered

Related Party Transactions

Related Party Transactions	6 Months Ended
	Feb. 28, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 11 - Related Party Transactions The Company purchases recycled metal from one of its joint venture operations at prices that approximate fair market value. These purchases totaled $5 million 11

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Feb. 28, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Unaudited Condensed Consolidated Financial Statements of Schnitzer Steel Industries, Inc. and its majority-owned and wholly-owned subsidiaries (the “Company”) have been prepared pursuant to generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) for Form 10-Q, including Article 10 of Regulation S-X. The year-end condensed consolidated balance sheet data was derived from audited financial statements but does not include all disclosures required by U.S. GAAP. Certain information and note disclosures normally included in annual financial statements have been condensed or omitted pursuant to the rules and regulations of the SEC. In the opinion of management, all normal, recurring adjustments considered necessary for a fair statement have been included. Management suggests that these Unaudited Condensed Consolidated Financial Statements be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2021. The results for the three and six months ended February 28, 2022 and 2021 are not necessarily indicative of the results of operations for the entire fiscal year.
Segment Reporting	Segment Reporting The Company acquires and recycles ferrous and nonferrous scrap metal for sale to foreign and domestic metal producers, processors, and brokers, and it procures salvaged vehicles and sells serviceable used auto parts from these vehicles through a network of self-service auto parts stores. Most of these auto parts stores supply the Company’s shredding facilities with auto bodies that are processed into saleable recycled metal products. In addition to the sale of recycled metal products processed at its facilities, the Company provides a variety of recycling and related services. . The accounting standards for reporting information about operating segments define an operating segment as a component of an enterprise that engages in business activities from which it may earn revenues and incur expenses for which discrete financial information is available that is evaluated regularly by the chief operating decision-maker in deciding how to allocate resources and in assessing performance. The Company’s internal organizational and reporting structure includes a single operating and reportable segment .
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include short-term securities that are not restricted by third parties and have an original maturity date of 90 days or less. Included in accounts payable are book overdrafts representing outstanding checks in excess of funds on deposit of $45 million and $47 million as of February 28, 2022
Accounts Receivable, net	Accounts Receivable, net Accounts receivable represent amounts primarily due from customers on product and other sales. These accounts receivable, which are reduced by an allowance for credit losses, are recorded at the invoiced amount and do not bear interest. The Company extends credit to customers under contracts containing customary and explicit payment terms, and payment is generally required within 30 to 60 days of The Company evaluates the collectibility of its accounts receivable based on a combination of factors, including whether sales were made pursuant to letters of credit or required deposits prior to shipment , the aging of customer receivable balances, the financial condition of the Company’s customers, historical collection rates, and economic trends. Management uses this evaluation to estimate the amount of customer receivables that may not be collected in the future and records a provision for expected credit losses. Accounts are written off when all efforts to collect have been exhausted. Also included in accounts receivable are short-term advances to scrap metal suppliers used as a mechanism to acquire unprocessed scrap metal. The advances are generally repaid with scrap metal, as opposed to cash. Repayments of advances with scrap metal are treated as noncash operating activities in the Unaudited Condensed Consolidated Statements of Cash Flows and totaled $6 million and $5 million for
Other Assets	Prepaid Expenses The Company’s prepaid expenses, reported within prepaid expenses and other current assets in the Unaudited Condensed Consolidated Balance Sheets, totaled $16 million and $22 million as of February 28, 2022 and August 31, 2021, respectively, and consisted primarily of deposits on capital projects, prepaid services, prepaid insurance, and prepaid property taxes. Other Assets The Company’s other assets, exclusive of prepaid expenses and assets relating to certain employee benefit plans, consisted primarily of receivables from insurers, capitalized implementation costs for cloud computing arrangements, major spare parts and equipment, cash held in a client trust account relating to a legal settlement, an equity investment, debt issuance costs, and notes and other contractual receivables. Other assets are reported within either prepaid expenses and other current assets or other assets in the Unaudited Condensed Consolidated Balance Sheets based on their expected use either during or beyond the current operating cycle of one year from the reporting date. Receivables from insurers represent the portion of insured losses expected to be recovered from the Company’s insurers. The receivable is recorded at an amount not to exceed the recorded loss and only if the terms of legally enforceable insurance contracts support that the insurance recovery will not be disputed and is deemed collectible. Receivables from insurers totaled $20 million and $21 million as of February 28, 2022 and August 31, 2021, respectively. Receivables from insurers as of February 28, 2022 comprised primarily $10 million relating to property loss and damage and other claims in connection with the December 2021 fire at the Company’s shredder facility in Everett, Massachusetts, $6 million relating to environmental claims, and $4 million relating to workers’ compensation claims. Receivables from insurers as of August 31, 2021 comprised primarily $10 million relating to property loss and damage and other claims in connection with the May 2021 fire at the Company’s melt shop operations in McMinnville, Oregon, $6 million relating to environmental claims, and $4 million relating to workers’ compensation claims. See “Accounting for Impacts of Involuntary Events” below in this Note for further discussion of receivables and advance payments from insurers relating to property damage and business interruption claims. Other assets as of both February 28, 2022 and August 31, 2021 also included approximately $8 million in connection with cash deposited into a client trust account in the second quarter of fiscal 2021 to fund the remediation of a site, a portion of which was previously leased to and operated by an indirect, wholly-owned subsidiary. The cash was deposited into the client trust account by other potentially liable parties in connection with settlement of a lawsuit relating to allocation of the remediation costs, including agreement by the Company’s subsidiary to perform certain remedial actions. See “Other Legacy Environmental Loss Contingencies” within “Contingencies – Environmental” in Note 5 - Commitments and Contingencies for further discussion of this matter. The Company invested $6 million in the equity of a privately-held waste and recycling entity in fiscal 2017. The equity investment does not have a readily determinable fair value and, therefore, is carried at cost and adjusted for impairments and observable price changes. The investment is reported within other assets in the Unaudited Condensed Consolidated Balance Sheets. T he carrying value of the investment was $6 million as of February 28, 2022 Company has not recorded any impairments
Accounting for Impacts of Involuntary Events	Accounting for Impacts of Involuntary Events Assets destroyed or damaged as a result of involuntary events are written off or reduced in carrying value to their salvage value. When recovery of all or a portion of the amount of property damage loss or other covered expenses through insurance proceeds is demonstrated to be probable, a receivable is recorded and offsets the loss or expense up to the amount of the total loss or expense. No gain is recorded until all contingencies related to the insurance claim have been resolved. On May 22, 2021, the Company experienced a fire at its steel mill in McMinnville, Oregon. Direct physical loss or damage to property from the incident was limited to the mill’s melt shop, with no bodily injuries and no physical loss or damage to other buildings or equipment. As a result of the fire, the rolling mill production ceased in early June 2021. In August 2021, the steel mill began ramping up operations following the substantial completion of replacement and repairs of property and equipment in the melt shop that had been lost or damaged by the fire. The Company experienced the loss of business income during the shutdown of the steel mill and the subsequent ramp-up phase which was substantially completed during the second quarter of fiscal 2022. The Company filed initial insurance claims for the physical loss and damage experienced at the mill’s melt shop and business income losses resulting from the matter. As of August 31, 2021, prepaid expenses and other current assets in the Unaudited Condensed Consolidated Balance Sheets included an initial $10 million insurance receivable recognized in the fourth quarter of fiscal 2021, primarily offsetting applicable losses including capital purchases of $10 million that had been incurred by the Company as of August 31, 2021. In the first half of fiscal 2022, the Company increased the amount of this insurance receivable to $25 million and recognized a related $15 million insurance recovery gain, $3 million recorded in the first quarter and $12 million recorded in the second quarter, within cost of goods sold in the Unaudited Condensed Consolidated Statements of Income, reflecting recovery of applicable losses incurred as a result of the fire to date. In addition, during the first half of fiscal 2022, the Company received advance payments from insurers totaling approximately $30 million towards the Company’s claims, and not reflecting any final or full settlement of claims with the insurers, which amount reduced the $25 million insurance receivable to zero with the remaining amount of advance payments of $5 million reported within other accrued liabilities in the Unaudited Condensed Consolidated Balance Sheets as of February 28, 2022. On December 8, 2021, the Company experienced a fire at its metals recycling facility in Everett, Massachusetts. Direct physical loss or damage to property from the incident was limited to the facility’s shredder building and equipment, with no bodily injuries and no physical loss or damage to property reported at other buildings or equipment. As a result of the fire, shredding operations ceased, while all non-shredding operations at the facility continued, including torching, shearing, separating, and sorting purchased non-shreddable recycled ferrous metals. Completion of the remainder of repair and replacement of property that
Business Acquisitions	Business Acquisitions The Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest in the acquiree at the acquisition date, measured at their fair values as of that date. Contingent purchase consideration is recorded at fair value at the date of acquisition. Any excess purchase price over the fair value of the net assets acquired is recorded as goodwill. Within one year from the date of acquisition, the Company may update the value allocated to the assets acquired and liabilities assumed, and the resulting goodwill balance, based on information received regarding the valuation of such assets and liabilities that was not available at the time of purchase. Measuring assets and liabilities at fair value requires the Company to determine the price that would be paid by a third-party market participant based on the highest and best use of the assets or interests acquired. Acquisition costs are expensed as incurred.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The majority of cash and cash equivalents is maintained with major financial institutions. Balances with these and certain other institutions exceeded the Federal Deposit Insurance Corporation insured amount o f $250 thousand
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company does not expect that its adoption in the future of any recently issued accounting pronouncements will have a material impact on its consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Feb. 28, 2022
Inventory Net [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): February 28, 2022 August 31, 2021 Processed and unprocessed scrap metal $ 198,058 $ 164,960 Semi-finished goods 18,449 7,671 Finished goods 60,680 39,368 Supplies 46,744 44,428 Inventories $ 323,931 $ 256,427

Business Acquisition (Tables)

Business Acquisition (Tables)	6 Months Ended
	Feb. 28, 2022
Business Combination And Asset Acquisition [Abstract]
Summary of Provisional Fair Values of Assets Acquired and Liabilities Assumed	The following table summarizes the provisional fair values of the assets acquired and liabilities assumed by the Company as of the October 1, 2021 acquisition date (in thousands): Cash $ 325 Accounts receivable 22,763 Inventories 10,060 Other current assets 255 Property, plant and equipment 13,570 Operating lease right-of-use assets 254 Goodwill ( 1) 62,325 Intangibles and other assets 19,741 Total assets acquired 129,293 Current liabilities 11,680 Other liabilities 3,350 Total liabilities assumed 15,030 Net assets acquired $ 114,263 (1) Approximately $59 million of the provisional amount of acquired goodwill is tax deductible.
Summary of Provisional Purchase Price Allocation to Identifiable Intangible Assets and Estimated Useful Lives	The following table summarizes the provisional purchase price allocation to the identifiable intangible assets and their estimated useful lives as of the October 1, 2021 acquisition date (in thousands): Useful Life Supplier relationships $ 17,245 7 Customer relationships 2,496 7 $ 19,741

Goodwill (Tables)

Goodwill (Tables)	6 Months Ended
	Feb. 28, 2022
Goodwill And Intangible Assets Disclosure [Abstract]
Schedule of Gross Change in Carrying Amount of Goodwill	The gross change in the carrying amount of goodwill for the six months ended February 28, 2022 was as follows (in thousands): Goodwill August 31, 2021 $ 170,304 Additions ( 1) 62,325 Foreign currency translation adjustment (92 ) February 28, 2022 $ 232,537 (1) Additions relate entirely to the acquired Columbus Recycling business, and the amount of acquired goodwill is provisional as of February 28, 2022. See Note 3 – Business Acquisitions.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Feb. 28, 2022
Commitments And Contingencies Disclosure [Abstract]
Schedule of Environmental Liabilities	Changes in the Company’s environmental liabilities for the six months ended February 28, 2022 were as follows (in thousands): Balance as of September 1, 2021 Liabilities Established (Released), Net Payments and Other Balance as of February 28, 2022 Short-Term Long-Term $ 77,128 $ 6,986 $ (16,283 ) $ 67,831 $ 12,987 $ 54,844

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Feb. 28, 2022
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract]
Schedule of Accumulated Other Comprehensive Loss	Changes in accumulated other comprehensive loss, net of tax, comprise the following (in thousands): Three Months Ended February 28, 2022 Three Months Ended February 28, 2021 Foreign Currency Translation Adjustments Pension Obligations, Net Total Foreign Currency Translation Adjustments Pension Obligations, Net Total Balances - December 1 (Beginning of period) $ (32,724 ) $ (2,555 ) $ (35,279 ) $ (33,945 ) $ (2,947 ) $ (36,892 ) Other comprehensive income before reclassifications 722 — 722 1,572 — 1,572 Income tax (expense) — — — — — — Other comprehensive income before reclassifications, net of tax 722 — 722 1,572 — 1,572 Amounts reclassified from accumulated other comprehensive loss — 154 154 — 49 49 Income tax (benefit) — (35 ) (35 ) — (11 ) (11 ) Amounts reclassified from accumulated other comprehensive loss, net of tax — 119 119 — 38 38 Net periodic other comprehensive income 722 119 841 1,572 38 1,610 Balances - February 28 (End of period) $ (32,002 ) $ (2,436 ) $ (34,438 ) $ (32,373 ) $ (2,909 ) $ (35,282 ) Six Months Ended February 28, 2022 Six Months Ended February 28, 2021 Foreign Currency Translation Adjustments Pension Obligations, Net Total Foreign Currency Translation Adjustments Pension Obligations, Net Total Balances - September 1 (Beginning of period) $ (31,609 ) $ (2,945 ) $ (34,554 ) $ (34,184 ) $ (2,687 ) $ (36,871 ) Other comprehensive (loss) income before reclassifications (393 ) 451 58 1,811 (385 ) 1,426 Income tax (expense) benefit — (101 ) (101 ) — 87 87 Other comprehensive (loss) income before reclassifications, net of tax (393 ) 350 (43 ) 1,811 (298 ) 1,513 Amounts reclassified from accumulated other comprehensive loss — 205 205 — 98 98 Income tax (benefit) — (46 ) (46 ) — (22 ) (22 ) Amounts reclassified from accumulated other comprehensive loss, net of tax — 159 159 — 76 76 Net periodic other comprehensive (loss) income (393 ) 509 116 1,811 (222 ) 1,589 Balances - February 28 (End of period) $ (32,002 ) $ (2,436 ) $ (34,438 ) $ (32,373 ) $ (2,909 ) $ (35,282 )

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Feb. 28, 2022
Revenue From Contract With Customer [Abstract]
Summary of Revenues Disaggregated by Major Product and Sales Destination	The table below illustrates the Company’s revenues disaggregated by major product and sales destination (in thousands): Three Months Ended February 28, Six Months Ended February 28, 2022 2021 2022 2021 Major product information: Ferrous revenues $ 438,314 $ 322,679 $ 904,170 $ 574,885 Nonferrous revenues 196,142 147,322 390,571 267,031 Steel revenues ( 1) 116,196 99,191 219,434 187,605 Retail and other revenues 32,546 30,919 67,141 62,697 Total revenues $ 783,198 $ 600,111 $ 1,581,316 $ 1,092,218 Revenues based on sales destination: Foreign $ 435,471 $ 332,197 $ 906,644 $ 600,596 Domestic 347,727 267,914 674,672 491,622 Total revenues $ 783,198 $ 600,111 $ 1,581,316 $ 1,092,218 (1) Steel revenues include predominantly sales of finished steel products, in addition to sales of semi-finished goods (billets) and steel manufacturing scrap.

Share-based Compensation (Table

Share-based Compensation (Tables)	6 Months Ended
	Feb. 28, 2022
Share Based Compensation [Abstract]
Key Assumptions for a Monte-Carlo Simulation Model Utilized to Estimate the Fair Value of Performance Share awards	The Company estimated the fair value of performance share awards granted in the first quarter of fiscal 2022 using a Monte-Carlo simulation model utilizing several key assumptions, including the following: Percentage Expected share price volatility (SSI) 51.6 % Expected share price volatility (Peer group) 58.5 % Expected correlation to peer group companies 46.0 % Risk-free rate of return 0.61 %

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Feb. 28, 2022
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator and Denominator in Earnings Per Share	The following table sets forth the information used to compute basic and diluted net income per share attributable to SSI shareholders (in thousands): Three Months Ended February 28, Six Months Ended February 28, 2022 2021 2022 2021 Income from continuing operations $ 38,136 $ 45,649 $ 85,441 $ 60,755 Net income attributable to noncontrolling interests (550 ) (1,091 ) (1,627 ) (2,051 ) Income from continuing operations attributable to SSI shareholders 37,586 44,558 83,814 58,704 Income (loss) from discontinued operations, net of tax 29 30 — (12 ) Net income attributable to SSI shareholders $ 37,615 $ 44,588 $ 83,814 $ 58,692 Computation of shares: Weighted average common shares outstanding, basic 28,231 27,991 28,195 27,899 Incremental common shares attributable to dilutive performance share awards, restricted stock units and deferred stock units 1,481 871 1,603 774 Weighted average common shares outstanding, diluted 29,712 28,862 29,798 28,673

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended			6 Months Ended		12 Months Ended
	Feb. 28, 2022	Nov. 30, 2021	Aug. 31, 2021	Feb. 28, 2022	Feb. 28, 2021	Aug. 31, 2021
Significant Accounting Policies [Line Items]
Bank Overdrafts	$ 45,000,000		$ 47,000,000	$ 45,000,000		$ 47,000,000
Repayment of Advances with Scrap Metal				6,000,000	$ 5,000,000
Insurance receivable	0		10,000,000	0		10,000,000
Proceeds from legal settlements				8,000,000		8,000,000
Investment, Original Cost	6,000,000			6,000,000
Insurance recovery gain	12,000,000	$ 3,000,000		15,000,000
Increase in insurance receivable				25,000,000
Received payment related to claims from various insurers				30,000,000
Insurance amount received				25,000,000
Impairment charges related to carrying value of plant and equipment assets lost in or damaged by fire	6,000,000
Initial capital purchases and other costs of assets	4,000,000
Cash, FDIC Insured Amount	250,000			250,000
Cost of Goods Sold
Significant Accounting Policies [Line Items]
Insurance recovery gain			10,000,000
Prepaid Expenses and Other Current Assets
Significant Accounting Policies [Line Items]
Prepaid expense	16,000,000		22,000,000	16,000,000		22,000,000
Prepaid Expenses and Other Current Assets | Cost of Goods Sold
Significant Accounting Policies [Line Items]
Insurance recovery gain	10,000,000
Other Noncurrent Assets
Significant Accounting Policies [Line Items]
Insurance receivable	20,000,000		21,000,000	20,000,000		21,000,000
Property loss and damage and business interruption claims environmental claims insurance receivable	10,000,000		10,000,000	10,000,000		10,000,000
Environmental claims insurance receivable	6,000,000		6,000,000	6,000,000		6,000,000
Workers' Compensation insurance receivables	4,000,000		4,000,000	4,000,000		4,000,000
Investment, Carrying Value	$ 6,000,000		$ 6,000,000	6,000,000		$ 6,000,000
Other Accrued Liabilities
Significant Accounting Policies [Line Items]
Received payment related to claims from various insurers				$ 5,000,000

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Aug. 31, 2021
Inventory Net [Abstract]
Processed and unprocessed scrap metal	$ 198,058	$ 164,960
Semi-finished goods	18,449	7,671
Finished goods	60,680	39,368
Supplies	46,744	44,428
Inventories	$ 323,931	$ 256,427

Business Acquisition - Addition

Business Acquisition - Additional Information (Details) $ in Millions	Oct. 01, 2021USD ($)Facility	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Business Acquisition [Line Items]
Percentage of unaudited amount of revenues		6.00%	6.00%	6.00%	6.00%
Columbus Recycling
Business Acquisition [Line Items]
Metals recycling facilities acquired | Facility	8
Business acquisition, effective date of acquisition	Oct. 1, 2021
Cash purchase price	$ 107
Business acquisition, payments to acquire estimated net working capital	7
Business acquisition, total purchase consideration	$ 114

Business Acquisition - Summary

Business Acquisition - Summary of Provisional Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Feb. 28, 2022	Oct. 01, 2021	Aug. 31, 2021
Business Acquisition [Line Items]
Goodwill	$ 232,537		$ 170,304
Columbus Recycling
Business Acquisition [Line Items]
Cash		$ 325
Accounts receivable		22,763
Inventories		10,060
Other current assets		255
Property, plant and equipment		13,570
Operating lease right-of-use assets		254
Goodwill		62,325
Intangibles and other assets		19,741
Total assets acquired		129,293
Current liabilities		11,680
Other liabilities		3,350
Total liabilities assumed		15,030
Net assets acquired		$ 114,263

Business Acquisition - Summar_2

Business Acquisition - Summary of Provisional Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Details) $ in Millions	Oct. 01, 2021USD ($)
Columbus Recycling
Business Acquisition [Line Items]
Tax deductible amount of acquired goodwill	$ 59

Business Acquisition - Summar_3

Business Acquisition - Summary of Provisional Purchase Price Allocation to Identifiable Intangible Assets and Estimated Useful Lives (Details) - Columbus Recycling $ in Thousands	Oct. 01, 2021USD ($)
Acquired Finite Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 19,741
Supplier Relationships
Acquired Finite Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 17,245
Identifiable intangible assets, useful life	7 years
Customer Relationships
Acquired Finite Lived Intangible Assets [Line Items]
Identifiable intangible assets	$ 2,496
Identifiable intangible assets, useful life	7 years

Goodwill - Schedule of Gross Ch

Goodwill - Schedule of Gross Change in Carrying Amount of Goodwill (Details) $ in Thousands	6 Months Ended
	Feb. 28, 2022USD ($)
Goodwill [Roll Forward]
Goodwill, beginning of period	$ 170,304
Additions	62,325
Foreign currency translation adjustment	(92)
Goodwill, end of period	$ 232,537

Goodwill - Additional Informati

Goodwill - Additional Information (Details) - USD ($) $ in Millions	Feb. 28, 2022	Aug. 31, 2021
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill, impaired, accumulated impairment loss	$ 471	$ 471

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Environmental Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Feb. 28, 2022	Aug. 31, 2021
Accrual for Environmental Loss Contingencies [Roll Forward]
Beginning Balance	$ 77,128
Liabilities Established (Released), Net	6,986
Payments and Other	(16,283)
Ending Balance	67,831
Short-Term	12,987	$ 24,743
Long-Term	$ 54,844	$ 52,385

Commitments and Contingencies_2

Commitments and Contingencies - Recycling Operations - Recycling Operations (Details)	1 Months Ended				3 Months Ended	6 Months Ended
	Feb. 28, 2021USD ($)	Apr. 30, 2020USD ($)	Dec. 31, 2017potentially_responsible_party	Jan. 31, 2017USD ($)	May 31, 2020USD ($)	Feb. 28, 2022USD ($)	Aug. 31, 2021USD ($)	Jan. 30, 2017potentially_responsible_partyparty	Aug. 31, 2007USD ($)
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies						$ 67,831,000	$ 77,128,000
Liabilities Established						6,986,000
Insurance receivable						0	10,000,000
Other Noncurrent Assets
Loss Contingencies [Line Items]
Insurance receivable						20,000,000	21,000,000
Portland Harbor Superfund Site
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies						5,000,000	$ 6,000,000
Number Of Other Potentially Responsible Parties Signing Settlement Agreement and Order on Consent | potentially_responsible_party			3
Number of Years for Pre-Remedial Design			2 years
Site contingency expected completion term for remedial design		4 years
Site contingency EPA estimated completion cost for remedial design		$ 4,000,000
Liabilities Established					$ 3,000,000
Number Of Potentially Responsible Parties Joining Allocation Process | potentially_responsible_party								100
Parties named in Litigation | party								30
Portland Harbor Superfund Site | Other Noncurrent Assets
Loss Contingencies [Line Items]
Insurance receivable						$ 2,300,000
Portland Harbor Superfund Site | Minimum
Loss Contingencies [Line Items]
Insurance receivable	$ 3,000,000
Percentage of area require active clean up in remedial design phase	100.00%
Lower Willamette Group | Portland Harbor Superfund Site | Minimum
Loss Contingencies [Line Items]
Remedial Investigation and Feasibility Study Costs									$ 155,000,000
Potential Responsible Parties | Portland Harbor Superfund Site
Loss Contingencies [Line Items]
Estimated Cost of Selected Remedy Undiscounted				$ 1,700,000,000
Estimated Cost of Selected Remedy Discounted				$ 1,050,000,000
Estimated Cost of Selected Remedy, Discount Rate				7.00%
Site Contingency, Estimated Construction Time Frame				13 years
Potential Responsible Parties | Portland Harbor Superfund Site | Minimum
Loss Contingencies [Line Items]
Estimated Cost of Selected Remedy, Range				50.00%
Potential Responsible Parties | Portland Harbor Superfund Site | Maximum
Loss Contingencies [Line Items]
Estimated Cost of Selected Remedy, Range				(30.00%)

Commitments and Contingencies_3

Commitments and Contingencies - Recycling Operations - Other Legacy (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Feb. 28, 2022	Feb. 28, 2022	Aug. 31, 2018	Aug. 31, 2021
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	$ 67,831,000	$ 67,831,000		$ 77,128,000
Legacy Environmental Site 1 - Remediation of Shredder Residue
Loss Contingencies [Line Items]
Environmental remediation expense accrued in the period			$ 4,000,000
Accrual for Environmental Loss Contingencies	4,000,000	4,000,000		4,000,000
Legacy Environmental Site 1 - Remediation of Shredder Residue | Minimum
Loss Contingencies [Line Items]
Loss contingency, range of possible loss	0	0
Legacy Environmental Site 1 - Remediation of Shredder Residue | Maximum
Loss Contingencies [Line Items]
Loss contingency, range of possible loss	28,000,000	28,000,000
Legacy Environmental Site 2 - Remediation of Soil and Groundwater Conditions
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	8,000,000	8,000,000		19,000,000
Soil Remediation Activities
Loss Contingencies [Line Items]
Accrued for certain soil remediation activities	3,000,000
Protection of Public Water Supplies
Loss Contingencies [Line Items]
Payment to municipality	11,000,000
Legacy Remediation of Site Previously Owned and Operated
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies	$ 8,000,000	8,000,000		$ 8,000,000
Metals Contamination
Loss Contingencies [Line Items]
Litigation settlement, cost of remedial action		7,900,000
Litigation settlement, amount payment other party		$ 7,600,000

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Increase (Decrease) In Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	$ 874,756	$ 688,548	$ 839,779	$ 680,436
Total other comprehensive income, net of tax	841	1,610	116	1,589
Ending balance	904,649	734,039	904,649	734,039
Foreign Currency Translation Adjustments
Increase (Decrease) In Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(32,724)	(33,945)	(31,609)	(34,184)
Other comprehensive (loss) income before reclassifications	722	1,572	(393)	1,811
Income tax (expense) benefit	0	0	0	0
Other comprehensive (loss) income before reclassifications, net of tax	722	1,572	(393)	1,811
Amounts reclassified from accumulated other comprehensive loss	0	0	0	0
Income tax (benefit)	0	0	0	0
Amounts reclassified from accumulated other comprehensive loss, net of tax	0	0	0	0
Total other comprehensive income, net of tax	722	1,572	(393)	1,811
Ending balance	(32,002)	(32,373)	(32,002)	(32,373)
Pension Obligations, net
Increase (Decrease) In Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(2,555)	(2,947)	(2,945)	(2,687)
Other comprehensive (loss) income before reclassifications	0	0	451	(385)
Income tax (expense) benefit	0	0	(101)	87
Other comprehensive (loss) income before reclassifications, net of tax	0	0	350	(298)
Amounts reclassified from accumulated other comprehensive loss	154	49	205	98
Income tax (benefit)	(35)	(11)	(46)	(22)
Amounts reclassified from accumulated other comprehensive loss, net of tax	119	38	159	76
Total other comprehensive income, net of tax	119	38	509	(222)
Ending balance	(2,436)	(2,909)	(2,436)	(2,909)
Accumulated Other Comprehensive Loss
Increase (Decrease) In Accumulated Other Comprehensive Loss [Roll Forward]
Beginning balance	(35,279)	(36,892)	(34,554)	(36,871)
Other comprehensive (loss) income before reclassifications	722	1,572	58	1,426
Income tax (expense) benefit	0	0	(101)	87
Other comprehensive (loss) income before reclassifications, net of tax	722	1,572	(43)	1,513
Amounts reclassified from accumulated other comprehensive loss	154	49	205	98
Income tax (benefit)	(35)	(11)	(46)	(22)
Amounts reclassified from accumulated other comprehensive loss, net of tax	119	38	159	76
Total other comprehensive income, net of tax	841	1,610	116	1,589
Ending balance	$ (34,438)	$ (35,282)	$ (34,438)	$ (35,282)

Revenue - Summary of Revenues D

Revenue - Summary of Revenues Disaggregated by Major Product and Sales Destination (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Disaggregation of Revenue [Line Items]
Revenues	$ 783,198	$ 600,111	$ 1,581,316	$ 1,092,218
Ferrous Revenues
Disaggregation of Revenue [Line Items]
Revenues	438,314	322,679	904,170	574,885
Nonferrous Revenues
Disaggregation of Revenue [Line Items]
Revenues	196,142	147,322	390,571	267,031
Steel Revenues
Disaggregation of Revenue [Line Items]
Revenues	116,196	99,191	219,434	187,605
Retail and Other Revenues
Disaggregation of Revenue [Line Items]
Revenues	32,546	30,919	67,141	62,697
Foreign
Disaggregation of Revenue [Line Items]
Revenues	435,471	332,197	906,644	600,596
Domestic
Disaggregation of Revenue [Line Items]
Revenues	$ 347,727	$ 267,914	$ 674,672	$ 491,622

Revenue - Additional Informatio

Revenue - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021	Aug. 31, 2021
Disaggregation of Revenue [Line Items]
Receivables from contracts with customers, net of allowance for credit losses	$ 276		$ 276		$ 210
Percentage of receivables from contracts with customers of accounts receivable	98.00%		98.00%		98.00%
Contract liabilities	$ 11		$ 11		$ 8
Contract liabilities reclassified to revenue		$ 1	$ 7	$ 6
Maximum
Disaggregation of Revenue [Line Items]
Contract liabilities reclassified to revenue	$ 1

Share-based Compensation - Addi

Share-based Compensation - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Feb. 28, 2022	Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increase decrease in payouts threshold		20.00%
Restricted Stock Units (“RSUs”)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		158,656
Vesting term		5 years
Vesting percentage per year		20.00%
Shares granted, fair value		$ 8
Restricted Stock Units (“RSUs”) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for retirement eligibility for expense to be recognized		5 years
Restricted Stock Units (“RSUs”) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for retirement eligibility for expense to be recognized		2 years
Performance Shares (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		153,080
Share-based compensation arrangement by share-based payment award, award requisite performance period		3 years
Shares granted, fair value		$ 8
Performance Shares (PSUs) | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based awards award payouts threshold		200.00%
Performance Shares (PSUs) | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance based awards award payouts threshold		50.00%
Total Shareholder Return (TSR)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		76,540
Return on Capital Employed Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		76,540
Deferred stock units ("DSUs")
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total fair value of share awards at grant date	$ 1
Deferred stock units ("DSUs") | Non-employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)	18,924
Deferred stock units ("DSUs") | Non-employee Directors | Class A Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares per stock unit	1

Share-based Compensation - Summ

Share-based Compensation - Summary of Fair Value using Monte-Carlo Simulation Model Utilizing Several Key Assumptions (Details) - Performance Shares (PSUs)	3 Months Ended
	Nov. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected share price volatility	51.60%
Risk-free rate of return	0.61%
Peer Group
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected share price volatility	58.50%
Expected correlation	46.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details)	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	24.00%	20.10%	21.30%	22.10%
Federal statutory rate	21.00%

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Earnings Per Share [Abstract]
Income from continuing operations	$ 38,136	$ 45,649	$ 85,441	$ 60,755
Net income attributable to noncontrolling interests	(550)	(1,091)	(1,627)	(2,051)
Income from continuing operations attributable to SSI shareholders	37,586	44,558	83,814	58,704
Income (loss) from discontinued operations, net of tax	29	30		(12)
Net income attributable to SSI shareholders	$ 37,615	$ 44,588	$ 83,814	$ 58,692
Computation of shares:
Weighted average common shares outstanding, basic	28,231	27,991	28,195	27,899
Incremental common shares attributable to dilutive performance share awards, restricted stock units and deferred stock units	1,481	871	1,603	774
Weighted average common shares outstanding, diluted	29,712	28,862	29,798	28,673

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Details) - shares	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	311,736	0	199,786	103,566

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Feb. 28, 2022	Feb. 28, 2021	Feb. 28, 2022	Feb. 28, 2021
Corporate Joint Venture
Related Party Transaction [Line Items]
Purchases from joint ventures	$ 5	$ 5	$ 11	$ 8