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Schnitzer Steel Adds Two New Independent Directors
04/14/2009 - Schnitzer Steel Industries announces the election of David J. Anderson and Wayland R. Hicks to the company’s Board of Directors, resulting in a majority of independent directors for the Schnitzer Board.
Schnitzer Steel Industries, Inc. announced the election of David J. Anderson and Wayland R. Hicks to the company’s Board of Directors, effective immediately. As a result of their addition, the newly expanded board of thirteen will now have a majority of independent directors.
“Both Dave and Wayland bring extensive public company governance and management experience to the Schnitzer Board, and they have each achieved broad success in their respective industries,” commented Board Chairman John Carter, in announcing the election to the Schnitzer Board. “We are pleased to have them join us.”
Anderson, 61, most recently served as Executive Director and Co-Vice Chairman of Sauer-Danfoss Inc., where he also served as President and CEO from July 2002 through January 2009. Sauer-Danfoss designs and manufactures hydraulic systems used in agriculture, construction, road-building and materials handling equipment.
Hicks, 66, served as director and Vice Chairman of United Rentals, Inc. from 1998 through March 2009 and served as the company’s CEO from December 2003 through June 2007. United Rentals, one of the largest national equipment rental companies in the U.S., serves residential, commercial and industrial needs.
“At each of their companies, Dave and Wayland successfully generated business growth, both organically and through the successful integration of domestic and international acquisitions,” commented Tamara Lundgren, Schnitzer’s President and CEO, calling attention to their global careers. “Their strategic experience will benefit the Board as the Company continues to expand.”
Anderson and Hicks will serve terms as directors until the company’s 2010 annual meeting of shareholders.
Schnitzer Steel Industries is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 42 operating facilities located in 13 states and Puerto Rico, 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 nearly 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.
