News Releases

Schnitzer Board Declares Quarterly Dividend

PORTLAND, Ore., May 02, 2011 (BUSINESS WIRE) --

The Board of Directors of Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) declared a cash dividend of $0.017 per common share, payable on June 2, 2011, to shareholders of record on May 19, 2011. Schnitzer has paid a dividend every quarter since going public in November 1993.

About 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 57 operating facilities located in 14 states, Puerto Rico and Western Canada. The Company has seven deep water export facilities located on both the West and East coasts as well as in Hawaii and Puerto Rico. The Company's integrated operating platform also includes its auto parts and steel manufacturing businesses. The Company's auto parts business sells used auto parts through its 50 self-service facilities located in 14 states and 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 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

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