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Schnitzer Steel to Acquire Macon Iron & Paper Stock
11/29/2010 - Schnitzer Steel Industries has executed a definitive agreement to acquire the assets of Macon Iron & Paper Stock Co., Inc., a metal recycler located in Macon, Ga.
Schnitzer Steel Industries, Inc. has executed a definitive agreement to acquire substantially all of the assets of Macon Iron & Paper Stock Co., Inc. of Macon, Ga. Terms of the transaction were not disclosed.
Macon Iron & Paper Stock Company's metal recycling operations have served the Southeast Region from two sites in Macon, Ga. It has operated from its current base of operations for 41 years.
"Schnitzer Steel Industries is committed to accelerating its rate of growth through an expansion of our domestic supply network," said Tamara Lundgren, CEO of Schnitzer Steel Industries. "Expansion in the Southeastern Region represents an important market for industrial manufacturing and supports our disciplined strategy for growth in targeted markets."
"The acquisition of Macon Iron & Paper Stock Company, Inc. further strengthens our Southeast platform," said Don Hamaker, President of Schnitzer Steel's Metals Recycling Business. "Since our 2005 purchase of Regional Recycling, we have expanded by an additional 4 facilities to demonstrate our commitment to growth in this region. To that end, Schnitzer Steel and Macon Iron & Paper Stock Company Inc. are already well aligned in our commitment to our customers and community."
Closing of the transaction, which is expected to occur shortly, is subject to normal closing conditions.
Schnitzer Steel Industries is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 45 operating facilities located in 13 states and Puerto Rico. With an effective 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 items. The company commences its 105th year of operations in fiscal year 2011.
