Sep 21 2010
Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) announced today that it has acquired substantially all of the assets of SOS Metals Island Recycling of Maui, Hawaii.
"Schnitzer Steel's longstanding commitment to Hawaii has contributed greatly to the diversity of our global platform, both in terms of supply and distribution," said Tamara Lundgren, CEO of Schnitzer Steel Industries. "This transaction continues our strategy of expanding our metals recycling business in order to better serve our customers throughout the world."
"SOS Metals Island Recycling is a leading supplier of ferrous and nonferrous materials, which strengthens our operations in Maui and all of the Hawaiian Islands," said Don Hamaker, President of Schnitzer Steel's Metals Recycling Business. "We welcome the hard working employees of SOS Metals Island Recycling to our Schnitzer Steel family and look forward to developing an even closer bond with the Maui community."
"We will continue to be a household name for recycling in Maui," said Sandy Shadrow, President of SOS Metals Island Recycling. "Schnitzer Steel and our employees remain committed along with our neighbors and leaders to keeping our beautiful island of Maui clean."
SOS Metals Island Recycling has been collecting, processing and recycling scrap metal from the Maui community for nearly five years at its current location (2000 Mokulele Highway, Puunene, Hawaii 96784). Terms of the transaction were not disclosed.