Schnitzer Exploring Alternatives for Mini-mill

Schnitzer Steel is looking at options for its Cascade Steel Rolling Mills Inc., division.

Published May 06, 2004

Schnitzer Steel announced that it has retained Bear, Stearns & Co. Inc. to explore strategic alternatives for, including the possible sale or merger of, its McMinnville, Ore., steel mini mill, Cascade Steel Rolling Mills, Inc.

 

"We are taking this action in connection with our continuing effort to sharpen our strategic focus and improve shareholder value for Schnitzer Steel," said Robert Philip, chairman and CEO. "Over the last number of years Cascade Steel has been modernized and expanded, resulting in substantial capacity and efficiency improvements. The mill is also unique in the western U.S. as it has the ability to efficiently produce four diverse product groups namely -- straight reinforcing bar, coiled reinforcing bar, wire rod and various merchant bar shapes. We have retained Bear Stearns to assist us in exploring potential value-enhancing alternatives, including a possible sale or merger of Cascade Steel, which in the end will benefit the company and our shareholders."

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