News Releases

Schnitzer Steel Acquires SOS Metals Island Recycling of Maui, Hawaii

PORTLAND, Ore., Sep 21, 2010 (BUSINESS WIRE) --

Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) announced today that it has acquired substantially all of the assets of SOS Metals Island Recycling of Maui, Hawaii.

"Schnitzer Steel's longstanding commitment to Hawaii has contributed greatly to the diversity of our global platform, both in terms of supply and distribution," said Tamara Lundgren, CEO of Schnitzer Steel Industries. "This transaction continues our strategy of expanding our metals recycling business in order to better serve our customers throughout the world."

"SOS Metals Island Recycling is a leading supplier of ferrous and nonferrous materials, which strengthens our operations in Maui and all of the Hawaiian Islands," said Don Hamaker, President of Schnitzer Steel's Metals Recycling Business. "We welcome the hard working employees of SOS Metals Island Recycling to our Schnitzer Steel family and look forward to developing an even closer bond with the Maui community."

"We will continue to be a household name for recycling in Maui," said Sandy Shadrow, President of SOS Metals Island Recycling. "Schnitzer Steel and our employees remain committed along with our neighbors and leaders to keeping our beautiful island of Maui clean."

SOS Metals Island Recycling has been collecting, processing and recycling scrap metal from the Maui community for nearly five years at its current location (2000 Mokulele Highway, Puunene, Hawaii 96784). Terms of the transaction were not disclosed.

Schnitzer Steel Industries

Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 43 operating facilities located in 13 states and Puerto Rico, including seven export facilities located on both the East and West coasts as well as in Oahu, Hawaii and Puerto Rico. The Company's vertically integrated operating platform also includes its auto parts and steel manufacturing businesses. The Company's auto parts business sells used auto parts through its 45 self-service facilities located in 14 states and in western Canada. With an effective annual production capacity of approximately 800,000 tons, the Company's steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products. The Company commences its 105th year of operations in fiscal 2011.

SOURCE: Schnitzer Steel Industries, Inc.

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