Schnitzer to Acquire Puerto Rican Scrap Company

Schnitzer Steel Industries Inc. has announced it has signed an agreement to acquire a Puerto Rican scrap metal company.

The move to acquire Ponce Resources allows Portland-based Schnitzer, one of the largest manufacturers and exporters of recycled ferrous metal products in the U.S., an entry into Puerto Rico, the company says.

Ponce collects, processes and sells ferrous and nonferrous scrap metal at four locations in Puerto Rico.

Terms of the acquisition, which is expected to close during Schnitzer’s first quarter of 2009, were not disclosed.

“This acquisition demonstrates our continued confidence in the positive long-term fundamentals supporting our metals recycling business and the general public’s desire for and support of environmentally sustainable business activities, and is consistent with our strategic objective of acquiring companies with an established presence in their local markets, access to water-based transportation and an experienced management team,” says John Carter, CEO of Schnitzer.