News Releases

Schnitzer Steel to Acquire Amix Salvage & Sales Ltd. of Vancouver, Canada

PORTLAND, Ore., Dec 14, 2010 (BUSINESS WIRE) --

Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) today announced that it has entered into a definitive agreement to acquire substantially all of the assets of Amix Salvage & Sales, Ltd. of Vancouver, Canada.

"The relationship between Schnitzer Steel and Amix Salvage & Sales began over 15 years ago. Joining our two operating platforms creates an exciting new opportunity for both companies," said Tamara Lundgren, CEO of Schnitzer Steel Industries. "Growth remains a fundamental component of our strategy, and this acquisition represents a significant expansion into the Western Canadian market for Schnitzer Steel."

"Amix Salvage & Sales and Schnitzer Steel have teamed up to expand our market in Western Canada," said Don Hamaker, President of Schnitzer Steel's Metals Recycling Business. "The addition of six sites in British Columbia and Alberta, Canada will serve our customers well both now and into the future. We are pleased to welcome the new employees to Schnitzer Steel."

"Our success has been built on two fundamentals: our people and their love of the business," said Willie Jackson, President of Amix Salvage & Sales. "I look forward to continuing our success together with Schnitzer Steel."

Amix Salvage & Sales' metal recycling operations have served British Columbia with two sites in Surrey, and one site each in Chilliwack, Nanaimo, Edmonton, and Fort McMurray. It has operated from its current base of operations at Surrey, British Columbia for 39 years. Terms of the transaction were not disclosed.

Schnitzer Steel Industries, Inc.

Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 46 operating facilities located in 14 states and Puerto Rico. The Company has seven export facilities located on both the West and East coasts as well as in Hawaii and Puerto Rico. The Company's vertically integrated operating platform includes the metals recycling business and as well as its auto parts and steel manufacturing businesses. The Company's auto parts business sells used auto parts through its 46 self-service facilities located in 14 states and in two Canadian provinces. 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 items. The Company commenced its 105th year of operations in fiscal year 2011.

SOURCE: Schnitzer Steel Industries, Inc.

Schnitzer Steel Industries, Inc.
Investor Relations:
Alexandra Deignan, 646-278-9711
or
Press Relations:
Chip Terhune, 503-367-2568
www.schnitzersteel.com
ir@schn.com

Data provided by Thomson Reuters