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Schnitzer Restarts Shredding Operations at Everett, MA Facility
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
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Rhea-AI Summary
Schnitzer Steel Industries has restarted shredding operations at its Everett, Massachusetts facility on January 28, 2022, after repairs to damaged equipment caused by an incident on December 8, 2021. This resumption occurred as planned during the Company's second fiscal quarter. Schnitzer Steel is a leading manufacturer and exporter of recycled metal products in North America, operating over 50 recycling facilities and seven deep water export facilities across the U.S., Puerto Rico, and Western Canada.
Positive
Resumption of shredding operations at Everett facility is a positive sign for production capacity.
Repairs completed on schedule, allowing operations to continue without significant delay.
Negative
None.
PORTLAND, Ore.--(BUSINESS WIRE)--
The Company announced that on January 28, 2022, it restarted shredding operations at its Everett, Massachusetts facility as planned during the Company’s second fiscal quarter. The resumption of shredding operations follows replacement and repairs to shredder equipment that had been damaged on December 8, 2021.
About Schnitzer Steel Industries, Inc.
Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled metal products in North America with more than 50 recycling facilities located in 25 states, Puerto Rico, and Western Canada. Schnitzer has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company’s integrated operating platform also includes 50 stores which sell serviceable used auto parts from salvaged vehicles and receive over 4.3 million annual retail visits. The Company’s steel manufacturing operations, Cascade Steel Rolling Mills, produce finished steel products, including rebar, wire rod and other specialty products. The Company began operations in 1906 in Portland, Oregon.
