News Release

Schnitzer Steel Board Declares Quarterly Dividend

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July 18, 2002

Schnitzer Steel Board Declares Quarterly Dividend

July 18, 2002
Contact:Tom Zelenka (503) 323-2821 - Public Affairs
Barry Rosen (503) 323-2720 - Investor Relations


(Portland, Oregon) -- The Board of Directors of Schnitzer Steel Industries, Inc. ("Schnitzer") declared a quarterly dividend of $0.05 per common share, payable August 22, 2002 to shareholders of record on August 8, 2002. Schnitzer has paid a dividend every quarter since going public in November 1993.

Schnitzer is one of the nation's largest recyclers of ferrous metals and a manufacturer of finished steel products. The Company, with its joint venture partners, currently processes approximately 4.6 million tons of recycled metals per year. In addition, the Company's steel mill has an annual production capacity of approximately 700,000 tons of finished steel products. The Company and its joint venture partners operate primarily along the West Coast and Northeastern seaboard of the United States.

Schnitzer's common stock is traded on the NASDAQ Stock Market System under the symbol "SCHN."

Data provided by Thomson Reuters