Schnitzer Steel

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

Schnitzer Steel Industries, Inc.
Public company
Traded asNASDAQ: SCHN (Class A)
Russell 2000 Index component
IndustrySteel
Founded1906 (1906)
FounderSam Schnitzer
HeadquartersPortland, Oregon
Key people
John D. Carter, Chairman
Tamara L. Lundgren, CEO
ProductsSteel
Rebar
Revenue $2.364 billion (FY 2018)
$156 million (FY 2018)
Total assets $1.104 billion (FY 2018)
Total equity $0.666 billion (FY 2018)
Number of employees
3,575 (2018)
Websitewww.schnitzersteel.com
Footnotes / references
[1]
Cascade Steel mill in McMinnville, Oregon

History

Schnitzer Steel was founded by Russian immigrant Sam Schnitzer in 1906 as a one-person scrap metal recycler.[2] Between 1947 and 1950, his son, Harold Schnitzer, worked at the company.[3]

By 1993, Schnitzer Steel became a public company via an initial public offering.[4] In January 2003, the company acquired Pick-n-Pull.[5] In October 2005, it acquired GreenLeaf Auto Recyclers,[6] which would then be sold in 2009, [7] and Regional Recycling, a metals recycling business with 10 locations in the Southeastern United States.[8] In the following year, 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]

Tamara Lundgren became the chief executive officer, and John Carter became chairman in November 2008, .[13] In January 2010, the Schnitzer family sold their shares such that their ownership in the company fell below 20%.[2] April of the same year, 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] and Ferrill’s Auto Parts of Seattle.[17][18] By 2013, the company moved its headquarters to downtown Portland, Oregon.[19]

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See also

References
  1. "Schnitzer Steel Industries, Inc. 2018 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. 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.
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