Schnitzer-Neu marriage dissolved, paving way for Sims wedding
Oct 03, 2005 | 10:55 AM
| Michael Marley
Schnitzer Steel Industries Inc. has completed the separation and termination of its joint venture with New York-based Hugo Neu Corp.
Monday's announcement came nearly four months after the two former scrap trading partners announced plans to end their decade-long joint venture. Schnitzer, based in Portland, Ore., inherited the link with Hugo Neu when it acquired Proler International Corp. in 1995.
The announcement also paves the way for Hugo Neu to complete its planned merger with Sims Group Ltd., the big Sydney, Australia,-based scrap processor and exporter. Sims and Hugo Neu announced their plans to merge in June, two weeks after Schnitzer and Hugo Neu said they would dissolve their venture. As part of the deal, Hugo Neu is expected to gain a 26-percent stake in Sims and become the Australian scrap processor's largest shareholder. Sims will assume Hugo Neu's $155-million debt (AMM, June 27).....
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