News Releases
Schnitzer Steel Announces New Chief Executive Officer
PORTLAND, Ore.--(BUSINESS WIRE)--Nov. 4, 2008--Schnitzer Steel
Industries, Inc. (NASDAQ: SCHN) announced today that Tamara L.
Lundgren, previously Executive Vice President and Chief Operating
Officer of the Company, was elected President and Chief Executive
Officer and a director by the Company's board of directors at its
meeting on October 29, 2008. Both positions will be effective December
1, 2008. John D. Carter, current President and Chief Executive
Officer, was elected Chairman of the Board, also effective December 1,
2008.
Ms. Lundgren joined the Company in September 2005, and has been
the Company's Executive Vice President and Chief Operating Officer for
the past two years. She has been the key architect of the
Company's growth strategy and enhanced operational efficiency. "We are
fortunate to have Ms. Lundgren's talent, strategic insight, and
international experience continuing to provide leadership during the
current market conditions," said Chairman-elect John Carter. He also
noted that "the combination of her financial expertise and
demonstrated operational capabilities are ideal for the immediate
challenges facing our industry as well as the longer-term growth
opportunities available to us."
Current board Chair Kenneth M. Novack, who will continue as a
director, emphasized that "our Company has benefited from the
complementary combination of Mr. Carter and Ms. Lundgren for the past
three years. We are fortunate to be in a position to provide a
seamless succession through these changes, which will be advantageous
to both our shareholders and our employees going forward." Mr. Novack
noted that "Schnitzer has achieved record growth, earnings, and
profitability since Mr. Carter and Ms. Lundgren joined the Company in
2005." Both Ms. Lundgren and Mr. Carter cited the extraordinary
expansion that has occurred in Schnitzer's Metals Recycling, Auto
Parts, and Steel Manufacturing businesses and noted the continuation
of those opportunities in the future for the Company.
Ms. Lundgren, prior to joining Schnitzer, was a managing director
in investment banking at Deutsche Bank and JPMorgan Chase in London
and New York. She has served on the boards of financial services and
technology companies, as well as being active in executive leadership
groups. "I am honored to have the opportunity to lead our Company and
its experienced management team into a new era for our industry," said
Ms. Lundgren.
Mr. Carter joined the Company in 2005 as the first non-family
chief executive officer in the hundred-year history of the Company,
leading the organization through regulatory issues facing Schnitzer at
the time and building the platform upon which the expansion in
geographic scope and profitability has occurred. Previously, Mr.
Carter had retired after a distinguished career at Bechtel Group, the
construction and engineering company headquartered in San Francisco.
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.
CONTACT: Schnitzer Steel Industries, Inc.
Investor Relations Contact
Rob Stone, 503-224-9900
or
Press Relations Contact
Tom Zelenka, 503-323-2821
www.schnitzersteel.com
ir@schn.com
SOURCE: Schnitzer Steel Industries, Inc.