News Releases
Schnitzer Steel Announces Two New Independent Directors
PORTLAND, Ore.--(BUSINESS WIRE)--Apr. 13, 2009--
Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) today announced that
David J. Anderson and Wayland R. Hicks have been elected to the
Company’s Board of Directors, effective immediately. The addition of
Messrs. Anderson and Hicks expands the board to thirteen and results in
the majority of the board being independent directors.
Mr. Anderson, 61, most recently served as Executive Director and Co-Vice
Chairman of Sauer-Danfoss Inc. (NYSE:SHS) and was the President and
Chief Executive Officer of Sauer-Danfoss Inc. from July 2002 through
January 2009. Sauer-Danfoss designs and manufactures hydraulic systems
used in agriculture, construction, road-building and materials handling
equipment.
Mr. Hicks, 66, served as director and Vice Chairman of United Rentals,
Inc. (NYSE:URI) from 1998 through March 2009 and served as Chief
Executive Officer from December 2003 through June 2007. United Rentals,
Inc. is one of the largest national equipment rental companies in the
U.S., serving residential, commercial and industrial needs.
In announcing the election to the Schnitzer Board, John Carter, Chairman
of the Board, commented, “Both Dave and Wayland bring extensive public
company governance and management experience to the Schnitzer Board, and
they have each achieved broad success in their respective industries. We
are pleased to have them join us.”
Tamara Lundgren, President and CEO of Schnitzer, called attention to the
global careers of Messrs. Anderson and Hicks. She commented that, “At
each of their companies, Dave and Wayland successfully generated
business growth, both organically and through the successful integration
of domestic and international acquisitions. Their strategic experience
will benefit the Board as the Company continues to expand.”
Anderson and Hicks will serve terms as directors until the Company’s
2010 annual meeting of shareholders.
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and
exporters of recycled ferrous metal products in the United States with
42 operating facilities located in 13 states throughout the country,
including seven export facilities located on both the East and West
Coasts and in Hawaii and Puerto Rico. 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 40 self-service facilities and 18 full-service
facilities located in 16 states and in western Canada. With an annual
production capacity of over 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 2009.
Source: Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc.
Investor Relations Contact: Rob
Stone, 503-224-9900
Press Relations Contact: Tom Zelenka,
503-323-2821
www.schnitzersteel.com
ir@schn.com