Schnitzer, Hugo Neu bid adieu to joint ventures
One of the nations largest steel
scrap recyclers, Schnitzer Steel, has agreed to end all various joint ventures with Hugo Neu Corporation.
The terms of the separation stipulate that Schnitzer will assume full control of operations in Massachusetts, New Hampshire, Rhode Island and Maine as well as full ownership of Hugo Neus Hawaii operations. In addition they will receive $2 million in cash.
Hugo Neu will assume ownership of operations in New York, New
Jersey and California. The split will leave Hugo Neu one of the nations largest exporters and one of the largest steel
scrap recyclers.
The deal is expected to close in the third quarter.