PORTLAND, Ore.--(BUSINESS WIRE)--Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) today announced that it has entered into a definitive agreement to acquire substantially all of the assets of State Line Scrap Co., Inc. and certain of its affiliates. State Line and affiliates operate from facilities in Attleboro, Massachusetts.
“Schnitzer’s acquisition of State Line Scrap brings together two complementary operating platforms in the Northeast metals recycling business,” said Tamara Lundgren, CEO of Schnitzer Steel Industries. “By enhancing our supply network and the production capabilities of our Northeast metals recycling business, we believe this acquisition is a great strategic fit for our Company.”
“State Line Scrap has been in operation for over 60 years, building its business and reputation as a leading scrap metal recycler and exporter in the Northeast. Its extensive supply chain will add valuable operational and commercial synergies to our existing Massachusetts and Rhode Island facilities and enable us to offer a greater range of service to both companies’ valuable suppliers,” said Don Hamaker, President of Schnitzer Steel’s Metals Recycling Business. “Like most of our businesses, State Line has the ability to efficiently serve domestic and international customers. Most importantly, we gain considerable regional and operational expertise from the management and entire team at State Line.”
“State Line grew over the past 60 years through providing strong customer service, adherence to operating fundamentals and dedicated employees,” said David Bourque, President of State Line Scrap Co. “I am looking forward to continuing our growth and success with Schnitzer Steel.”
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 52 operating facilities located in 14 states, Puerto Rico and Western Canada. 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 sells used auto parts through its 46 self-service facilities located in 14 states and Western Canada. 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 commenced its 105th year of operations in fiscal year 2011.