Schnitzer Steel Industries Article

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Schnitzer Steel Industries, Inc.
Public company
Traded as NASDAQSCHN (Class A)
Russell 2000 Component
Industry Steel
Founded1906; 112 years ago (1906)
Headquarters Portland, Oregon
Key people
John D. Carter, Chairman
Tamara L. Lundgren, CEO [1]
Products Steel
Rebar
RevenueDecrease $1.352 billion (FY 2016) [1]
Increase -$0.017 million (FY 2016) [1]
Total assetsDecrease $0.891 billion (FY 2016) [1]
Total equityDecrease $0.501 billion (FY 2016) [1]
Number of employees
2,818 (September 30, 2016) [1]
Website www.schnitzersteel.com
Cascade Steel mill in McMinnville, Oregon

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

Current operations

Auto and Metals Recycling

The Auto and Metals Recycling division collects and recycles autobodies, rail cars, home appliances, industrial machinery, manufacturing scrap and construction and demolition scrap from bridges, buildings and other infrastructure. [1] It sources from 52 stores which operate under the commercial brand-name Pick-n-Pull. [1] In fiscal 2016, the Auto and Metals Recycling division recycled and shipped 3.3 million tons of ferrous scrap metal and 510 million pounds of nonferrous scrap metal. [1]

In 2016, it sold to customers in 24 countries. [1]

Steel Manufacturing Business

The Steel Manufacturing Business 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. [1] In fiscal 2016, the Steel Manufacturing Business sold 488,000 short tons of finished steel. [1]

History

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

In 1946, the company incorporated.

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]

In 2013, the company moved its headquarters to downtown Portland, Oregon. [17]

In 2015, the company merged its Auto Parts Business and Metals Recycling Business into a single integrated recycling business, the Auto and Metals Recycling business (AMR). [18]

See also

References

  1. ^ a b c d e f g h i j k l Schnitzer Steel Industries, Inc. 2016 Form 10-K Annual Report
  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". Associated Press. Los Angeles Times.
  5. ^ "Schnitzer to Acquire 100% of an Industry Leading Auto Dismantler" (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. ^ "Schnitzer Steel buys State Line Scrap". American City Business Journals. January 4, 2011.
  17. ^ "Schnitzer Steel moving HQ to downtown Portland". American City Business Journals. February 6, 2013.
  18. ^ "Schnitzer Steel » History". www.schnitzersteel.com. Retrieved 2018-04-22.

External links