News Releases
Schnitzer Steel To Acquire Steel Pacific Recycling of Vancouver
Island, BC
PORTLAND, Ore., Dec 15, 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 Selkirk Recovery, Inc., dba Steel Pacific Recycling, of
Duncan, British Columbia.
"Our acquisition of Steel Pacific Recycling provides Schnitzer Steel
with an opportunity for continued growth in Western Canada," said Tamara
Lundgren, CEO of Schnitzer Steel Industries. "Together with Schnitzer's
recently announced acquisition of Amix Salvage & Sales of Vancouver, BC,
we are adding to our export-based recycling platform to better serve our
customers around the world."
"Schnitzer Steel and Steel Pacific Recycling have been working closely
together for many years," said Don Hamaker, President of Schnitzer
Steel's Metals Recycling Business. "The strength of that working
relationship and Steel Pacific Recycling's historic emphasis on customer
and community relations will remain at the forefront of our business."
"I know our customers and employees will be well-served by Schnitzer
Steel's commitment to operational excellence and sustainability," said
Barry Waters of Steel Pacific Recycling. "We are excited to join
Schnitzer Steel and appreciate that the core values of our business are
so closely aligned," added Andrew Ketch of Steel Pacific Recycling.
Steel Pacific is the largest metal recycler in the Vancouver Island
region of British Columbia with six facilities located along the eastern
coast of the island, including a waterfront facility in Victoria, two
sites In Campbell River, and facilities in Duncan, Courtenay and
Nanaimo. Steel Pacific has operated from its current base of operations
at Duncan on Vancouver Island of British Columbia for over 50 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 45
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 Contact: Alexandra Deignan, 646-278-9711
Press Relations Contact: Chip Terhune, 503-367-2568
www.schnitzersteel.com
ir@schn.com