Schnitzer Steel CEO Steps Down

Manufacturer of recycled steel and iron products said John D. Carter, current president and chief executive will become chairman and be replaced in both posts by Tamara L. Lundgren.

PORTLAND, Ore. (AP) -- Schnitzer Steel Industries Inc., which makes and exports recycled steel and iron products, said Tuesday its chief executive will be replaced, effective Dec. 1.

John D. Carter, current president and chief executive, will become chairman. He will be replaced in both posts by Tamara L. Lundgren, who is currently executive vice president and chief operating officer.

Lundgren joined Schnitzer Steel in 2005 and has been executive vice president and COO for the past two years.

Carter also joined Schnitzer Steel in 2005 as the first non-family chief executive in the company's hundred-year history.

Last week, the company reported fiscal fourth-quarter profit more than tripled, with significant increases in its recycling, auto parts and steel manufacturing businesses, although the company warned that markets have weakened in its first quarter of fiscal year 2009.

Shares of the company added $1.25, or 4.6 percent, to $28.47 in morning trading. Over the past year, the stock has traded between $21.17 and $118.55, and is off 60 percent since January.

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