.jpg?lang=en-US&ext=.jpg)
Schnitzer Steel Acquires Puerto Rico Metals Recycler
02/03/2009 - Schnitzer Steel Industries acquires Ponce Resources of Salinas, Puerto Rico, a processor and seller of ferrous and nonferrous scrap metal.
Schnitzer Steel Industries, Inc. has acquired Ponce Resources, Inc., of Salinas, Puerto Rico. Terms of the transaction were not announced.
Ponce is engaged in the business of collecting, processing, and selling ferrous and nonferrous scrap metal. The company operates at four locations in the Commonwealth of Puerto Rico.
“We are pleased to enter the Puerto Rico recycling market with the premier operator in the Commonwealth,” said Don Hamaker, President of Schnitzer’s Metals Recycling Business, commenting on the transaction. “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.”
Hamaker noted Ponce Resource’s reputation for strong supplier and customer relationships, and also welcomed 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,” concluded Lundgren.
“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,” concluded Lundgren.
Schnitzer Steel Industries 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. With an annual production capacity of approximately 800,000 tons, the company’s steel manufacturing business —Cascade Steel Rolling Mills — produces finished steel products, including rebar, wire rod and other specialty products. The company commenced its 103rd year of operations in fiscal 2009.
