Schnitzer Acquires State Line Scrap Co.

"Schnitzer's acquisition of State Line Scrap brings together two complementary operating platforms in the Northeast metals recycling business," said Tamara Lundgren, CEO of Schnitzer Steel Industries. "By enhancing our supply network and the production capabilities of our Northeast metals recycling business, we believe this acquisition is a great strategic fit for our Company."

"State Line Scrap has been in operation for over 60 years, building its business and reputation as a leading scrap metal recycler and exporter in the Northeast. Its extensive supply chain will add valuable operational and commercial synergies to our existing Massachusetts and Rhode Island facilities and enable us to offer a greater range of service to both companies' valuable suppliers," said Don Hamaker, President of Schnitzer Steel's Metals Recycling Business. "Like most of our businesses, State Line has the ability to efficiently serve domestic and international customers. Most importantly, we gain considerable regional and operational expertise from the management and entire team at State Line."

"State Line grew over the past 60 years through providing strong customer service, adherence to operating fundamentals and dedicated employees," said David Bourque, President of State Line Scrap Co. "I am looking forward to continuing our growth and success with Schnitzer Steel."

Terms of the transaction were not disclosed.

Source: Schnitzer Steel Industries, Inc.