Schnitzer executives forgo bonuses

Sep 05, 2012 | 03:37 PM | Sean Davidson

Tags  Schnitzer, Tamara Lundgren, David Mendez, Jeff Poeschl, Sean Davidson, steel, scrap

NEW YORK — Just days after announcing its intent to cut $25 million in annual operating costs, Schnitzer Steel Industries Inc. said its top management will not receive annual bonuses.

Chief executive officer Tamara L. Lundgren waived her rights to an annual bonus for Schnitzer’s fiscal year ended Aug. 31, according to a company filing with the U.S. Securities and Exchange Commission (SEC), although she received a premium-priced stock option for 150,000 shares and a restricted stock unit award for 2,763 shares. The restricted stock unit will vest, and the underlying shares....

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