About EDGAR Online | Login
 
Enter your Email for a Free Trial:
The following is an excerpt from a 10-K SEC Filing, filed by SCHNITZER STEEL INDUSTRIES INC on 11/24/2003.
Next Section Next Section Previous Section Previous Section
SCHNITZER STEEL INDUSTRIES, INC. - 10-K - 20031124 - PROPERTIES

ITEM 2. PROPERTIES

The Company's Portland metals recycling facility, Portland deep water terminal facilities, and the related buildings and improvements are located on an approximately 120-acre industrial site owned by Schnitzer Investment Corp. (SIC), a related party, and leased to the Company under a long-term lease. See

Part III, Item 13 "Certain Relationships and Related Transactions."

Approximately 17 acres are occupied by the Company's deep water terminal facilities, and the balance is used by for recycling metal.

Since 1973, the Sacramento recycled metals operations have been located on a 7-acre site, most of which was leased from SIC under a long-term lease. In August 2003, the Company purchased this leased land from SIC at fair market value. See Part III, Item 13, "Certain Relationships and Related Transactions." The Pasco, Washington and Anchorage, Alaska operations are located on sites leased from third parties.

The following metals recycling operations are all located on sites owned by the Company or subsidiaries:

LOCATION                       ACREAGE OWNED AT SITE
--------                       ---------------------
Oakland, CA                              33
Tacoma, WA                               26
Fresno, CA                               17
Sacramento, CA                           13
Eugene, OR                               11
White City, OR                            4
Bend, OR                                  3
Grants Pass, OR                           1

The Steel Manufacturing Business' steel mill and administrative offices are located on an 83-acre site owned by the Steel Manufacturing Business in McMinnville, Oregon. In fiscal 2002, the Company purchased 51 acres near the mill site in McMinnville, Oregon. The Steel Manufacturing Business also owns its 87,000 sq. ft. distribution center in El Monte, California.

The Auto Parts Business has retail facilities in the following locations:

                                           Number of           Total
                                           Locations          Acreage
                                           ---------          -------

Northern California                            17               211
Nevada                                          2                30
Texas                                           1                33
Utah                                            1                12
Illinois                                        1                17
Indiana                                         1                29
                                              ---               ---
Total                                          23               332
                                              ===               ===

21

The Company owns the properties located in Indiana and Nevada. Additionally, it owns approximately 25 acres in California, 6 acres in Illinois and 2.5 acres in Utah. The remainder of the California and Illinois facilities and the Texas facility are located on sites leased by the Company from third parties.

The equipment and facilities on each of the foregoing sites are described in more detail in the descriptions of each of the Company's businesses. The Company believes its present facilities are adequate for operating needs for the foreseeable future.

The Company's principal executive offices are located at 3200 and 3300 NW Yeon Avenue in Portland, Oregon in 48,000 sq. ft. of space leased from SIC under long-term leases. See Part III, Item 13 "Certain Relationships and Related Transactions."

EDGAR® is a federally registered trademark of the U.S. Securities and Exchange Commission. EDGAR®Online is not affiliated with or approved by the U.S. Securities and Exchange Commission.