Schnitzer Steel Receives Nasdaq Deficiency Letter Regarding Majority Independent Director Requirement
PORTLAND, Ore., Oct 31, 2008 (BUSINESS WIRE) -- Schnitzer Steel Industries, Inc. (Nasdaq:SCHN) announced today that, as
anticipated, the Company received a Nasdaq Staff Deficiency Letter on
October 30, 2008 indicating that the Company was not in compliance with
the independent director requirement for continued listing set forth in
Marketplace Rule 4350(c)(1), which requires that a majority of the board
of directors of a listed company be comprised of independent directors.
The non-compliance with Nasdaq's rule resulted
from the previously announced resignation of Mark Palmquist, an
independent director of the Company. Consistent with Marketplace Rule
4350(c)(1), Nasdaq is providing the Company with a cure period until
April 20, 2009 to regain compliance (assuming the Company's
annual meeting of shareholders is held on January 28, 2009, as
scheduled). At the date of Mr. Palmquist's
resignation, the Board of Directors had already engaged a professional
recruiting firm to assist it in a search for an additional independent
director. The recruiting firm has identified a number of candidates
whose names have been submitted to the Nominating and Corporate
Governance Committee of the Board of Directors.
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and
exporters of recycled ferrous metal products in the United States with
39 operating facilities located in 12 states throughout the country,
including six export facilities located on both the East and West Coasts
and in Hawaii. The Company's vertically integrated operating platform
also includes its auto parts and steel manufacturing businesses. The
Company's auto parts business sells used auto parts through its 38
self-service facilities and 18 full-service facilities located in 16
states and in western Canada. With an annual production capacity of
nearly 800,000 tons, the Company's steel manufacturing business produces
finished steel products, including rebar, wire rod and other specialty
products. The Company commenced its 103rd year of operations in fiscal
2009.
SOURCE: Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc.
Investor Relations Contact
Rob Stone, 503-224-9900
or
Press Relations Contact
Brian Gard, 503-552-5023
ir@schn.com
www.schnitzersteel.com