Schnitzer Steel Industries

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Schnitzer Steel Industries, Inc.
Public company
Traded asNASDAQSCHN (Class A)
Russell 2000 Index component
IndustrySteel
Founded1906; 113 years ago (1906)
HeadquartersPortland, Oregon
Key people
John D. Carter, Chairman
Tamara L. Lundgren, CEO
ProductsSteel
Rebar
RevenueIncrease $2.364 billion (FY 2018)
Increase $156 million (FY 2018)
Total assetsIncrease $1.104 billion (FY 2018)
Total equityIncrease $0.666 billion (FY 2018)
Number of employees
3,575 (2018)
Websitewww.schnitzersteel.com
Footnotes / references
[1]
Cascade Steel mill in McMinnville, Oregon

Schnitzer Steel Industries, Inc. is a steel manufacturing and scrap metal recycling company headquartered in Portland, Oregon.

Its Auto and Metals Recycling division collects and recycles autos, rail cars, home appliances, industrial machinery, manufacturing scrap and construction and demolition scrap from bridges, buildings and other infrastructure. It sources from 52 stores which operate under the commercial brand-name Pick-n-Pull. In fiscal 2018, the division recycled and shipped 4.3 million tons of ferrous scrap metal and 636 million pounds of nonferrous scrap metal. In 2018, it sold to customers in 26 countries. The Cascade Steel and Scrap division produces finished steel products such as rebar, wire rod, coiled rebar, merchant bar and other specialty products using nearly 100% recycled metal sourced from the Auto and Metals Recycling division. In fiscal 2016, the division sold 519,000 short tons of finished steel.[1]

History[edit]

In 1906, the company was founded by Russian immigrant Sam Schnitzer as a one-person scrap metal recycler.[2]

Between 1947 and 1950, Harold Schnitzer, the son of the founder, worked at the company.[3]

In 1993, the company became a public company via an initial public offering.[4]

In January 2003, the company acquired Pick-n-Pull.[5]

In October 2005, the company acquired GreenLeaf Auto Recyclers.[6] It was sold in 2009.[7]

In October 2005, the company acquired Regional Recycling, a metals recycling business with 10 locations in the Southeastern United States.[8]

In 2006, the company acquired Advanced Recycling.[9][10]

In December 2007, the U.S. Securities and Exchange Commission charged former chairman and CEO Robert Philip for violating bribery laws as part of the Foreign Corrupt Practices Act in relation to dealings with Chinese steel mills.[11][12]

In November 2008, Tamara Lundgren became the chief executive officer and John Carter became chairman.[13]

In January 2010, the Schnitzer family sold shares such that their ownership in the company fell below 20%.[2]

In April 2010, the company acquired Golden Recycling & Salvage, a recycling company in Billings, Montana.[14]

In 2011, the company acquired State Line Scrap Co., a recycling company in Attleboro, Massachusetts.[15][16] The company also acquired Ferrill’s Auto Parts of Seattle.[17][18]

In 2013, the company moved its headquarters to downtown Portland, Oregon.[19]

See also[edit]

References[edit]

  1. ^ a b "Schnitzer Steel Industries, Inc. 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. ^ a b Hunsberger, Brent (January 27, 2010). "Schnitzer family sells stock, loses control of steel company". The Oregonian.
  3. ^ "Harold J. Schnitzer Obituary". The Oregonian. April 27, 2011.
  4. ^ BURI, SHERRI (May 30, 1996). "Heaps of Junk Metal Bringing Piles of Cash to Company". Los Angeles Times. Associated Press.
  5. ^ "Schnitzer to Acquire 100% of an Industry Leading Auto Dismantler" (PDF) (Press release). Business Wire. January 10, 2003.
  6. ^ "Schnitzer Steel Subsidiary Pick-N-Pull Acquires GreenLeaf Auto Recyclers" (Press release). Business Wire. October 3, 2005.
  7. ^ "Schnitzer Steel Subsidiary Pick-N-Pull Acquires GreenLeaf Auto Recyclers" (Press release). GlobeNewswire. October 2, 2009.
  8. ^ "Schnitzer Steel Completes its Acquisition of Regional Recycling" (Press release). Business Wire. October 31, 2005.
  9. ^ "Schnitzer Steel Industries, Inc. Announces Acquisition of Advanced Recycling" (Press release). Business Wire. December 15, 2006.
  10. ^ "Schnitzer Steel acquires Advanced Recycling". American City Business Journals. August 16, 2006.
  11. ^ "SEC Charges Former Chairman/CEO of Schnitzer Steel for Authorizing Cash Bribes to Foreign Officials" (Press release). U.S. Securities and Exchange Commission. December 13, 2007.
  12. ^ Kenney, Brad (Mar 5, 2008). "Scrapping With the Chinese: Schnitzer Steel Industries". IndustryWeek.
  13. ^ Saker, Anne (November 4, 2008). "Schnitzer Steel names new CEO". American City Business Journals.
  14. ^ "Schnitzer Steel Acquires Golden Steel & Recycling" (Press release). Business Wire. April 19, 2010.
  15. ^ "Schnitzer Acquires State Line Scrap Co. of Attleboro, Massachusetts" (Press release). Business Wire. January 4, 2011.
  16. ^ Goldfield, Robert (January 4, 2011). "Schnitzer Steel buys State Line Scrap". American City Business Journals.
  17. ^ "Schnitzer's "Pick-n-Pull" Acquires Ferrill's Auto Parts of Seattle" (Press release). Business Wire. February 1, 2011.
  18. ^ "Schnitzer Steel buys Seattle firm". American City Business Journals. February 1, 2011.
  19. ^ Giegerich, Andy (February 6, 2013). "Schnitzer Steel moving HQ to downtown Portland". American City Business Journals.

External links[edit]