Schnitzer Retains Bear Stearns to Explore Strategic Alternatives for Cascade Steel Rolling Mills, Inc.
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PORTLAND, Ore.--(BUSINESS WIRE)--May 5, 2004--Schnitzer Steel
(Nasdaq:SCHN) today announced that it has retained Bear, Stearns & Co.
Inc. to explore strategic alternatives for, including the possible
sale or merger of, its McMinnville, Oregon steel mini mill, Cascade
Steel Rolling Mills, Inc.
"We are taking this action in connection with our continuing
effort to sharpen our strategic focus and improve shareholder value
for Schnitzer Steel," said Robert W. Philip, Chairman and Chief
Executive Officer. "Over the last number of years Cascade Steel has
been modernized and expanded, resulting in substantial capacity and
efficiency improvements. The mill is also unique in the western U.S.
as it has the ability to efficiently produce four diverse product
groups namely -- straight reinforcing bar, coiled reinforcing bar,
wire rod and various merchant bar shapes. We have retained Bear
Stearns to assist us in exploring potential value-enhancing
alternatives, including a possible sale or merger of Cascade Steel,
which in the end will benefit the Company and our shareholders."
Schnitzer Steel Industries, Inc. is one of the nation's largest
recyclers of ferrous metals, a manufacturer of finished steel products
and a leading self-service used auto parts retailer. The Company, with
its joint venture partners, processes approximately 4.9 million tons
of recycled ferrous metals per year. In addition, the Company's steel
mill has an annual production capacity of approximately 700,000 tons
of finished steel products. The Company and its joint venture partners
operate primarily along the West Coast and Northeastern seaboard of
the United States.
For more information about Schnitzer Steel Industries, Inc. go to
www.schnitzersteel.com.
CONTACT: Schnitzer Steel
Financial Contact: Barry Rosen, 503-323-2720
Press Contact: Tom Zelenka, 503-323-2821
www.schnitzersteel.com
SOURCE: Schnitzer Steel