Schnitzer Steel Industries
 |
|
| Public | |
| Traded as | NASDAQ: SCHN |
| Industry | steel, scrap metal |
| Founded | 1906, Portland, Oregon |
| Headquarters |
Portland, Oregon, United States |
|
Key people
|
John D. Carter, Chairman Tamara L. Lundgren, CEO |
| Products | finished steel (rebar, wire rod) |
| Revenue |
 US$$1.915 billion (FY 2015) |
|
-US$$196 million (FY 2015) |
|
|
-US$$190 million (FY 2015) |
|
| Total assets |
US$$962.299 million (FY 2015) |
| Total equity |
US$$538.551 million (FY 2015) |
|
Number of employees
|
2,955 (2015) |
| Divisions | Metals Recycling, Auto Parts, |
| Subsidiaries | Cascade Steel Rolling Mills, Inc., Pick-N-Pull |
| Website | www.schnitzersteel.com |
Schnitzer Steel Industries, Inc. is an American steel manufacturing and scrap metal recycling company headquartered in Portland, Oregon.
In 2004, the company was ranked fourth in The Seattle Times Northwest 100 list of public companies. In 2006, it was the tenth largest public company in Oregon by market capitalization. In 2014, Schnitzer ranked 803rd on the Fortune 1000 list of the largest companies in the United States.
Founded in 1906 by Russian immigrant Sam Schnitzer, the company started as a one-person scrap metal recycler. In 1946, the company incorporated. The company went public in 1993 via an initial public offering (IPO) of $18 per share for 2,750,000 shares.
Schnitzer acquired Pick-n-Pull, a Stockton, California-based vehicle recycler in 2003. In 2005, Schnitzer Steel acquired GreenLeaf Auto Recyclers, LLC and Regional Recycling LLC. The company also purchased Maine Metal Recycling in 2005, a major ferrous and non-ferrous buyer based out of Auburn, Maine. The company purchased Max Cohen and Sons, a metals recycler based in New Hampshire, in December 2006. By the end of 2006 Schnitzer operated 28 facilities in 11 states, and by December 2007 increased the number of facilities to 34.
In December 2007, the Securities and Exchange Commission levied charges against former chairman and CEO Robert Philip for allegedly violating bribery laws as part of the Foreign Corrupt Practices Act in relation to dealings with Chinese steel mills. In 2008, Tamara Lundgren became the chief executive officer with John Carter leaving that position to become the chairman of the board.
The Schnitzer family had maintained control of the corporation through supermajority voting rights until January 2010, when family members had sold off stock and dropped their stake in the company to less than 20 percent.
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Wikipedia