Schnitzer agrees to pay $7.7M to settle SEC row

Oct 16, 2006 | 03:15 PM | Paul Schaffer

Schnitzer Steel Industries Inc. has agreed to pay 7.73 million to the U.S. Securities and Exchange Commission to settle allegations that a South Korean subsidiary made improper payments to Korean and Chinese scrap buyers.

The deal prompted the SEC to issue a document Monday outlining details of the alleged offenses, which occurred from 1999 to 2004.

Schnitzer, a scrap processor and steelmaker based in Portland, Ore., was not obligated by the settlement to characterize the payments as illegal. The company declined to issue a statement on the SEC announcement. In July, Schnitzer raised the amount of money set aside to meet potential penalties to $15 million (AMM, July 11).....

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