News Release

Schnitzer Steel Industries, Inc. Second Quarter 2004 Earnings Conference Call

PORTLAND, Ore.--(BUSINESS WIRE)--March 23, 2004--Schnitzer Steel Industries, Inc. (Nasdaq:SCHN), in conjunction with its second quarter earnings release, invites you to listen to its conference call that will be broadcast over the Internet Thursday, April 1, 2004 at 5:00 p.m. Eastern time with Robert W. Philip, Chairman and Chief Executive Officer and Barry A. Rosen, Vice President - Finance and Chief Financial Officer.

The call is being webcast by CCBN and can be accessed on the events calendar page located in the investor relations section of Schnitzer Steel's web site at

Schnitzer Steel Industries, Inc. is one of the nation's largest recyclers of ferrous metals, a manufacturer of finished steel products and a leading self-service used auto parts retailer. The Company, with its joint venture partners, processes approximately 4.9 million tons of recycled ferrous 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.

    CONTACT: Schnitzer Steel Industries, Inc.
             Barry Rosen, 503-323-2720 (Financial Contact)
             Tom Zelenka, 503-323-2821 (Press Contact)
             Email: [email protected]

    SOURCE: Schnitzer Steel Industries, Inc.

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