Date: November 24, 2010
Source: Schnitzer Steel Industries, Inc.
Schnitzer Steel Acquires Macon Iron & Paper Stock Company, Inc. Of Macon, Georgia
Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) today announced that it has executed a definitive agreement to acquire substantially all of the assets of Macon Iron & Paper Stock Company, Inc. of Macon, GA.
"Schnitzer Steel Industries is committed to accelerating its rate of growth through an expansion of our domestic supply network," said Tamara Lundgren, CEO of Schnitzer Steel Industries. "Expansion in the Southeastern Region represents an important market for industrial manufacturing and supports our disciplined strategy for growth in targeted markets."
"The acquisition of Macon Iron & Paper Stock Company, Inc. further strengthens our Southeast platform," said Don Hamaker, President of Schnitzer Steel's Metals Recycling Business. "Since our 2005 purchase of Regional Recycling, we have expanded by an additional 4 facilities to demonstrate our commitment to growth in this region. To that end, Schnitzer Steel and Macon Iron & Paper Stock Company Inc. are already well aligned in our commitment to our customers and community."
"I know our customers and employees will be well-served both now and into the future," said Evan Koplin, President of Macon Iron & Paper Stock Company, Inc. "We are excited to join the Schnitzer Steel family and appreciate that the core values of our business are so closely aligned."
Macon Iron & Paper Stock Company's metal recycling operations have served the Southeast Region from two sites in Macon, Georgia. It has operated from its current base of operations at 950 Lower Poplar Road, Macon, GA for 41 years. Closing of the transaction, which is expected to occur shortly, is subject to normal closing conditions. 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 45 operating facilities located in 13 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 as well as its auto parts and steel manufacturing businesses. The Company's auto parts business sell 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 commences its 105 th year of operations in fiscal year 2011.
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