PORTLAND, Ore.--Schnitzer Steel Industries, Inc., announced today that it
has acquired Ponce Resources, Inc., of Salinas, Puerto Rico (“Ponce”).
Ponce is engaged in the business of collecting, processing, and selling
ferrous and nonferrous scrap metal and operates at four locations in the
Commonwealth of Puerto Rico.
Commenting on the transaction, Don Hamaker, President of Schnitzer’s Metals Recycling Business, said, “We are pleased to enter the Puerto Rico recycling market with the premier operator in the Commonwealth. The government and people of Puerto Rico have demonstrated a commitment to metals recycling, and we look forward to working together to further expand these activities. Ponce Resources has a long history of strong supplier and customer relationships, and we are pleased to welcome Tjerk Spijkerman, who will continue as Regional Manager, to the Schnitzer team.”
Tamara Lundgren, Schnitzer’s President and CEO, added “This acquisition demonstrates our continued confidence in the positive long-term fundamentals supporting our Metals Recycling Business and the general public’s desire for and support of environmentally sustainable business activities, and is consistent with our strategic objective of acquiring companies with an established presence in their local markets, access to water-based transportation and an experienced management team. We will continue to seek opportunities to expand our metals recycling footprint, both in existing markets and in new areas that meet these strategic objectives.”
Terms of the transaction were not announced.
Schnitzer Steel Industries, Inc., is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 41 operating facilities located in 12 states throughout the country, including seven export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s vertically integrated operating platform also includes its auto parts and steel manufacturing businesses. The Company’s auto parts business sells used auto parts through its 38 self-service facilities and 18 full-service facilities located in 16 states and in western Canada. With an 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 products. The Company commenced its 103rd year of operations in fiscal 2009.
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