The Schnitzer family sells off stock and loses control of its namesake steel company.
The Schnitzers, one of Portland’s most influential families, found themselves in an unprecedented situation this week: they sold off stock and lost control of Schnitzer Steel Industries.
But the company says the power shift is “just a normal transition” and will have no impact on the company’s strategy and operations.
After selling off stock, the family no longer controlled the company that bears its name. As of Jan. 4, their share of the publicly traded stock fell below 20 percent, triggering a clause in the company’s incorporation that eradicated the family’s exclusive, supermajority voting rights.
Since 2003, the Schnitzers — long recognized for their philanthropy and community leadership — have been selling shares fairly regularly, to the tune of $286 million, or 6.4 million shares, according to analyses by Thomson Reuters and The Oregonian.
Read the full story at OregonLive.com.
{biztweet}Schnitzer Steel Industries{/biztweet}
