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Schnitzer Announces Restart Of Production At Its Cascade Steel Rolling Mills And Agreement To Acquire Leading Us Metal Recycler In The Southeast

Aug 17, 2021•over 4 years ago

Acquiring Company

Schnitzer Steel

Acquired Company

US Metal Recycler

Natural ResourcesManufacturing

Description

Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) is pleased to announce the successful restart of production at its Cascade Steel Rolling Mills in McMinnville, OR. The Company is also pleased to announce that it has entered into an agreement to purchase the assets of Columbus Recycling in the Southeast region of the United States.

Company Information

Company

Schnitzer Steel

About

Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled metal products in North America with operating facilities located in 25 states, Puerto Rico, and Western Canada. Schnitzer has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s integrated operating platform also includes 50 stores which sell serviceable used auto parts from salvaged vehicles and receive over 4.3 million annual retail visits. The Company’s steel manufacturing operations produce finished steel products, including rebar, wire rod and other specialty products. The Company began operations in 1906 in Portland, Oregon.

M&A Insights

Based on deal data
Integration timeline
70% of M&A integrations take 12-24 months to complete
Tech stack consolidation
83% of merged companies consolidate technology vendors within first year
Post-acquisition investment
Companies increase IT spending by 23% on average after acquisitions
Success factor
M&A deals with strong technology integration plans are 2.5x more likely to succeed