Schnitzer Steel Industries Inc. announced that its board of directors has elected John Carter as CEO and president. The company also named Kenneth Novack chairman. The two men replace Robert Philip, who has resigned.
The company also announced that its board is continuing its investigation of alleged practices of paying commissions to purchasing managers of the company's customers in Asia in connection with export sales of recycled steel.
The company said it has notified the U.S. Department of Justice and the Securities and Exchange Commission of the investigation; has instructed its outside law firm to provide those agencies with the information obtained as a result of the investigation; and is cooperating fully with those agencies.
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