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Schnitzer Steel Industries, Inc. is a
steel Steel is an alloy made up of iron with added carbon to improve its strength and fracture resistance compared to other forms of iron. Many other elements may be present or added. Stainless steels that are corrosion- and oxidation-resistan ...
manufacturing and
scrap metal Scrap consists of recyclable materials, usually metals, left over from product manufacturing and consumption, such as parts of vehicles, building supplies, and surplus materials. Unlike waste, scrap has monetary value, especially recovered m ...
recycling company headquartered in
Portland, Oregon Portland (, ) is a port city in the Pacific Northwest and the largest city in the U.S. state of Oregon. Situated at the confluence of the Willamette and Columbia rivers, Portland is the county seat of Multnomah County, the most populous ...
.


History

Schnitzer Steel was founded by Russian immigrant Sam Schnitzer in 1906 as a one-person
scrap metal Scrap consists of recyclable materials, usually metals, left over from product manufacturing and consumption, such as parts of vehicles, building supplies, and surplus materials. Unlike waste, scrap has monetary value, especially recovered m ...
recycler. Between 1947 and 1950, his son, Harold Schnitzer, worked at the company. In 1993, Schnitzer Steel became a
public company A public company is a company whose ownership is organized via shares of stock which are intended to be freely traded on a stock exchange or in over-the-counter markets. A public (publicly traded) company can be listed on a stock exchange ( ...
via an
initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...
. In January 2003, the company acquired Pick-n-Pull. In October 2005, it acquired GreenLeaf Auto Recyclers, which was sold in 2009, and Regional Recycling, a metals recycling business with 10 locations in the Southeastern United States. In 2006, the company acquired Advanced Recycling. In December 2007, the U.S. Securities and Exchange Commission charged former chairman and CEO Robert Philip for violating bribery laws as part of the
Foreign Corrupt Practices Act The Foreign Corrupt Practices Act of 1977 (FCPA) (, ''et seq.'') is a United States federal law that prohibits U.S. citizens and entities from bribing foreign government officials to benefit their business interests. The FCPA is applicable worl ...
in relation to dealings with Chinese steel mills. Tamara Lundgren became the chief executive officer, and John Carter became chairman in November 2008. In January 2010, the Schnitzer family sold their shares such that their ownership in the company fell below 20%. In April 2010, the company acquired Golden Recycling & Salvage, a recycling company in
Billings, Montana Billings is the largest city in the U.S. state of Montana, with a population of 117,116 as of the 2020 census. Located in the south-central portion of the state, it is the seat of Yellowstone County and the principal city of the Billings Met ...
. In 2011, the company acquired State Line Scrap Co., a recycling company in
Attleboro, Massachusetts Attleboro is a city in Bristol County, Massachusetts, United States. It was once known as "The Jewelry Capital of the World" for its many jewelry manufacturers. According to the 2020 census, Attleboro had a population of 46,461. Attleboro is ...
, and Ferrill’s Auto Parts of
Seattle Seattle ( ) is a seaport city on the West Coast of the United States. It is the seat of King County, Washington. With a 2020 population of 737,015, it is the largest city in both the state of Washington and the Pacific Northwest region o ...
. In 2013, the company moved its headquarters to downtown
Portland, Oregon Portland (, ) is a port city in the Pacific Northwest and the largest city in the U.S. state of Oregon. Situated at the confluence of the Willamette and Columbia rivers, Portland is the county seat of Multnomah County, the most populous ...
.


See also

*
List of companies based in Oregon This is a list of companies based in Oregon. Oregon is the ninth largest by area and the 27th most populous of the 50 United States. The gross domestic product (GDP) of Oregon in 2010 was $168.6 billion; it is the United States's 26th wealthies ...
*
List of steel producers This is a list of the largest steel-producing companies in the world mostly based on the list by the World Steel Association. This list ranks steelmakers by volume of steel production in millions of tonnes and includes all steelmakers with product ...


References


External links

{{ORCompanies 1906 establishments in Oregon Companies based in St. Johns, Portland, Oregon 1993 initial public offerings Companies listed on the Nasdaq Manufacturing companies based in Portland, Oregon Manufacturing companies established in 1906 Steel companies of the United States