News Releases
Schnitzer Steel Gains Momentum in its "Clunkers" Recycling Program
PORTLAND, Ore.--(BUSINESS WIRE)--Aug. 4, 2009--
The “Clunkers Recycling Dealer Program” set up by Schnitzer Steel
Industries, Inc. and its Auto Parts Business subsidiaries GreenLeaf Auto
Recyclers and Pick-N-Pull Auto Dismantlers has gained a significant
positive response from new car dealerships receiving trade-ins of
“clunker” vehicles through the federal government’s recently implemented
Car Allowance Rebate System (CARS). Hundreds of new car dealerships have
registered with Schnitzer’s Clunkers Recycling Dealer Program, with an
expectation that additional new car dealerships will recognize the
benefits of working with Schnitzer facilities as dealers ramp up to
timely process the large numbers of Clunkers being traded in.
“CARS is good for the consumer,” said Tom Klauer, President of
Schnitzer’s Auto Parts Business, “and new car dealerships are choosing
Schnitzer as their preferred Clunker recycling partner because of our
experience and proven track record of efficiently, reliably and timely
serving their need for end-of-life vehicle management. We responsibly
meet the legislative requirements for vehicle information, properly
handle and dispose of potential contaminants in compliance with
environmental requirements, and provide reliable service assuring
trade-in vehicles will never be put on the road again, while also
meeting consumer needs for safe, reliable and competitively priced used
auto parts.
“Schnitzer is a large, well-established and trusted partner to the
industry,” according to Klauer, “and the only vertically integrated auto
recycling company that can handle the Clunkers across broad geographic
reaches of the US.” Under the federal regulations, new car dealerships
face potential fines or penalties if trade-in vehicles are not processed
and disposed of in compliance with environmental regulations.
Schnitzer’s experience in auto recycling and vehicle retirement programs
speaks for itself. Schnitzer’s Auto Parts Business recycles
approximately 300,000 end-of-life vehicles every year, and Schnitzer is
a partner for several state and local vehicle retirement programs that
have similar requirements as the current CARS programs, including the
State of California Bureau of Automotive Repair Consumer Assistance
Program, the Bay Area Air Quality Management District Vehicle Buyback
Program, and the Texas Commission on Environmental Quality Air Check
Texas Drive a Clean Machine Program.
Under Schnitzer’s Clunkers Recycling Dealer Program, Schnitzer will
provide dealerships an immediate quote for their Clunker that is
guaranteed for 15 business days and provide a certificate of
destruction, free towing services, and quick payment. Auto dealerships
can call Schnitzer’s Clunkers Recycling Program hotline to register or
for more information at 1-800-727-2708.
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 and Puerto Rico,
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 39 self-service Pick-N-Pull facilities and 18
full-service GreenLeaf facilities located in 14 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.
This news release contains forward-looking statements, within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, (the “Exchange Act”) which are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, without limitation, statements
regarding the expected benefits for dealers working with Schnitzer
facilities, the expectation that additional dealers will choose
Schnitzer and the expected compliance with applicable government
regulations. Such statements can generally be identified because they
contain “expect,” “believe,” “anticipate,” “estimate” and other words
that convey a similar meaning. One can also identify these statements as
statements that do not relate strictly to historical or current facts.
Examples of factors affecting the Company that could cause actual
results to differ materially from current expectations are the
following: funding for the CARS program, supply and demand conditions
affecting the CARS program; political conditions; changes in federal and
state programs, including the CARS program; government regulations and
environmental matters; impact of pending or new laws and regulations;
competition; seasonality; creditworthiness of suppliers and customers;
and business disruptions resulting from installation or replacement of
major capital assets, as discussed in more detail in “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” in the Company’s most recent Annual Report on Form 10-K or
Quarterly Report on Form 10-Q. One should understand that it is not
possible to predict or identify all factors that could cause actual
results to differ from the Company’s forward-looking statements.
Consequently, the reader should not consider any such list to be a
complete statement of all potential risks or uncertainties. The Company
does not assume any obligation to update any forward-looking statement.
Source: Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc.
Investor Relations:
Rob
Stone, 503-224-9900
ir@schn.com
Press
Relations:
Tom Zelenka, 503-323-2821
www.schnitzersteel.com