Schnitzer Steel acquires Montana metals recycler
Schnitzer Steel Industries Inc. continued its aggressive expansion Monday, announcing the acquisition of a Montana metals recycler.
The Portland-based scrap metal company’s (NYSE: SCHN) subsidiary, SSI Big Sky LLC, bought the assets of Billings, Mont.-based Golden Recycling & Salvage Inc., which will operate under the name Schnitzer Steel Billings.
Terms of the deal were not disclosed.
Golden Recycling & Salvage Inc. has roughly $1.8 million in annual sales and employs 15, according to Dun & Bradstreet Inc.
In a news release Monday, Schnitzer said Golden Steel’s demolition services complement its core metals recycling business.
Schnitzer CEO Tamara Lundgren last month said the company plans to continue its aggressive growth streak. The company has now made 16 acquisitions since 2005.
The company’s shares are down more than 4 percent in mid-day trading, to $54.18. Shares have traded between $39.86 and $63.98 in the past 52 weeks.
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