The Schnitzer Steel Industries board have announced a cash dividend of less than a penny per common share to be paid to their shareholders on the 1st September 2011. While the dividend is tiny, being around 1/100th of a penny per share, it allows the company to keep their streak of offering a dividend to shareholders for every quarter since they went public in 1993.

The company is one of the largest manufacturers and exporters of recycled metal ferrous products in the US and has 57 facilities dotted around the country, alongside a couple in Puerto Rico and Canada.

Combined the group’s facilities have an average production capacity of around 800,000 tons and has been operating for 105 years.

The company also operates a used car parts business, which does especially well in Western Canada.

Schnitzer was also named Scrap Company of the Year by American Metals Market’s 2011 Awards for Steel Excellence.