Schnitzer Steel elects new independent board director

Schnitzer Steel elects new independent board director

One of the largest recyclers of ferrous metals in the US has elected Jill Schnitzer Edelson as the new independent director of the board. Schnitzer Steel’s decision follows NASDAQ-mandated standards that more than half of their company’s board members need to be independent directors by January 2006. Furthermore, the company will put global executive recruiting firm Russel Reynolds Associates in charge of finding replacements for Dori Schnitzer, Gary Schnitzer, and Carol Lewis - three directors who have recently resigned. Schnitzer’s chairman, Kenneth M. Novack, said, “We've taken significant steps toward having a majority of independent directors on our Board. “We're pleased to welcome Jill to the Board," continued Mr. Novack, “We look forward to her valuable perspective and contributions going forward. We're also very grateful to Dori, Gary, and Carol for their many years of dedicated service and their strong support during this carefully planned transition.” Besides recycling ferrous metals, Portland, Oregon-based Schnitzer Steel Industries Inc., also produces 700’000 tons of finished steel products per year. The company operates mainly along the West and Northeastern coasts of the US.