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Schnitzer Steel Names 2 Independent Directors

The Associated Press

PORTLAND, Ore. (AP) — Metal recycler Schnitzer Steel Industries Inc. on Monday said two independent directors were elected to its expanded 13-member board.

The addition of David J. Anderson and Wayland R. Hicks means that a majority of the directors are independent, a designation that means they are not also employees of the company.

Anderson, 61, has been a nonvoting adviser and co-vice chairman of the board of Sauer-Danfoss Inc. He was president and chief executive of the Chicago hydraulic systems manufacturer from 2002 until his retirement in January.

Hicks, 66, was vice chairman of United Rentals Inc. from 1998 through March, and served as chief executive of the construction and heavy equipment leasing company from December 3002 to June 2007.

Both men were named to terms that extend through the company's 2010 annual meeting.

Schnitzer Steel shares rose $1.17, or 3 percent, to $40.47 in morning trading Monday, gaining while the broader market declined.