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Schnitzer Steel denies reports of sale

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High Five
Wednesday, June 02, 2010

Schnitzer Steel Industries Inc. fought off rumors that the company was for sale, while watching its stock drop eight points on Tuesday.

Analysts say that the scrap metal recycling company, which was controlled until recently by the philanthropic Schnitzer family, would be an attractive takeover target.

"They're a viable acquisition target," said analyst Luke Folta, who follows the company for Longbow Research, an Ohio firm that owns no Schnitzer stock. "There's a finite supply of ferrous scrap globally. You've seen some acquisition activity, several big deals."

Schnitzer is attracting interest for the same reason its managers tout its success. The company trades in scrap metal, and has the means to process and export it, at a time when supplies are tightening.

Read more at OregonLive.com.

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