Schnitzer Steel to Acquire Amix Salvage & Sales Ltd. of Vancouver,
Canada
PORTLAND, Ore., Dec 14, 2010 (BUSINESS WIRE) --
Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) today announced that it
has entered into a definitive agreement to acquire substantially all of
the assets of Amix Salvage & Sales, Ltd. of Vancouver, Canada.
"The relationship between Schnitzer Steel and Amix Salvage & Sales began
over 15 years ago. Joining our two operating platforms creates an
exciting new opportunity for both companies," said Tamara Lundgren, CEO
of Schnitzer Steel Industries. "Growth remains a fundamental component
of our strategy, and this acquisition represents a significant expansion
into the Western Canadian market for Schnitzer Steel."
"Amix Salvage & Sales and Schnitzer Steel have teamed up to expand our
market in Western Canada," said Don Hamaker, President of Schnitzer
Steel's Metals Recycling Business. "The addition of six sites in British
Columbia and Alberta, Canada will serve our customers well both now and
into the future. We are pleased to welcome the new employees to
Schnitzer Steel."
"Our success has been built on two fundamentals: our people and their
love of the business," said Willie Jackson, President of Amix Salvage &
Sales. "I look forward to continuing our success together with Schnitzer
Steel."
Amix Salvage & Sales' metal recycling operations have served British
Columbia with two sites in Surrey, and one site each in Chilliwack,
Nanaimo, Edmonton, and Fort McMurray. It has operated from its current
base of operations at Surrey, British Columbia for 39 years. Terms of
the transaction were not disclosed.
Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and
exporters of recycled ferrous metal products in the United States with
46 operating facilities located in 14 states and Puerto Rico. The
Company has seven export facilities located on both the West and East
coasts as well as in Hawaii and Puerto Rico. The Company's vertically
integrated operating platform includes the metals recycling business and
as well as its auto parts and steel manufacturing businesses. The
Company's auto parts business sells used auto parts through its 46
self-service facilities located in 14 states and in two Canadian
provinces. With an effective annual production capacity of approximately
800,000 tons, the Company's steel manufacturing business produces
finished steel products, including rebar, wire rod and other specialty
items. The Company commenced its 105th year of operations in
fiscal year 2011.
SOURCE: Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc.
Investor Relations:
Alexandra Deignan, 646-278-9711
or
Press Relations:
Chip Terhune, 503-367-2568
www.schnitzersteel.com
ir@schn.com