Schnitzer Steel Industries Signs Agreement to Buy Assets of Ferrill's Auto Parts

Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) today announced that it has entered into a definitive agreement to acquire substantially all of the assets of Ferrill's Auto Parts, Inc. of Seattle, Washington, which does business as Pull A Part.

This acquisition of three self-service facilities will become part of the Company's Auto Parts Business and operate under the "Pick-n-Pull" brand.

"This transaction continues the expansion of our Auto Parts Business into a new market and establishes a platform for continued growth in the greater Seattle and Western Washington region," said Tamara Lundgren, CEO of Schnitzer Steel Industries. "Our Auto Parts Business has been growing steadily and this acquisition is a great strategic fit for our Company."

"Pick-n-Pull's entry into the Seattle region demonstrates our continued commitment to expand into attractive markets and to increase our capacity and retail operations in both new and existing markets," said Tom Klauer, President of Schnitzer Steel's Auto Parts Business. "We are excited to welcome the management team and employees and we look forward to continuing to serve all of the customers in the region."