Type Public company Industry steel, scrap metal CEO Tamara Lundgren | Traded as NASDAQ: SCHN Founded 1906, Portland, Oregon CFO Richard Peach | |
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Key people John D. Carter, Chairman
Tamara L. Lundgren, CEO Products finished steel (rebar, wire rod) Stock price SCHN (NASDAQ) US$ 20.50 -0.15 (-0.73%)23 Mar, 4:00 PM GMT-4 - Disclaimer Headquarters Portland, Oregon, United States Subsidiaries Pick N Pull Auto Dismantlers LLC | ||
14 35793 schnitzer steel industries v continental casualty co
Schnitzer Steel Industries, Inc. is a steel manufacturing and scrap metal recycling company headquartered in Portland, Oregon.
Contents
- 14 35793 schnitzer steel industries v continental casualty co
- Auto and Metals Recycling
- Steel Manufacturing Business
- History
- Bribery allegations
- Family control and supermajority voting shares
- References
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. It sources from 52 self-service auto parts stores, which operate under the commercial brand-name Pick-n-Pull, a majority of which are located in close geographic proximity to our metals recycling operating facilities, six of which have large-scale shredders. 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.
In 2016, it sold to customers in 24 countries.
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. In fiscal 2016, the Steel Manufacturing Business sold 488,000 short tons of finished steel.
History
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.
Bribery allegations
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.
Family control and supermajority voting shares
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.