News Releases
Schnitzer Steel Announces Financial Executive Changes
PORTLAND, Ore.--(BUSINESS WIRE)--Dec. 7, 2007--Schnitzer Steel
Industries, Inc. (Nasdaq: SCHN) today announced new responsibilities
for key members of its financial executive team. Effective
immediately, Greg Witherspoon, Chief Financial Officer, has accepted a
new position as Vice President, Special Projects. Richard Peach,
formerly Deputy Chief Financial Officer and the Company's principal
accounting officer, has been elected by the Company's Board of
Directors to succeed Witherspoon as Chief Financial Officer.
"We are very grateful for the contributions Greg has made to our
Company's transformation since he joined us as interim CFO in 2005,
and we are very pleased he will remain a key member of our executive
management team," said John Carter, Schnitzer's President and CEO.
"His financial expertise and broad business background will continue
to serve us well in his important new role."
"Richard comes from a strong background in the power industry and
has worked closely with Greg and the rest of our executive team since
he arrived earlier this year," continued Carter. "We are very
fortunate to have as Greg's successor someone with Richard's
credentials and experience."
Peach joined Schnitzer on March 30, 2007 as Deputy Chief Financial
Officer after 11 years at Scottish Power and PacifiCorp. From 2003 to
2006 he held the positions of Senior Vice President and Chief
Financial Officer of PacifiCorp, a multistate utility. Previously, he
served in a variety of executive positions with Scottish Power plc, an
international energy company headquartered in Glasgow, Scotland. Mr.
Peach is a member of the Institute of Chartered Accountants in
Scotland.
The Company also announced today that Jeff Poeschl, who joined
Schnitzer in February 2007 as Corporate Controller, will assume the
role of Principal Accounting Officer. Jeff joined the Company from
Mesa Airlines, where he held the position of Vice President, Finance.
Schnitzer Steel Industries, Inc. is one of the largest
manufacturers and exporters of recycled ferrous metal products in the
United States with 34 operating facilities located in 11 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 35 self-service facilities and 17 full-service
facilities located in 14 states and in western Canada. With an annual
production capacity of over 750,000 tons, the Company's steel
manufacturing business produces finished steel products, including
rebar, wire rod and other specialty products. The Company commenced
its 102nd year of operations in fiscal 2008.
CONTACT: Schnitzer Steel Industries, Inc.
Investor Relations Contact:
Rob Stone, 503-224-9900
or
Press Relations Contact:
Tom Zelenka, 503-323-2821
Website: www.schnitzersteel.com
Email: ir@schn.com
SOURCE: Schnitzer Steel Industries, Inc.