News Release

Glucoft to Retire from Schnitzer

PORTLAND, Ore.--(BUSINESS WIRE)--Aug. 27, 2004--Robert W. Philip today announced that Terry Glucoft, vice president of Domestic Sales and Marketing for Metals Recycling for Schnitzer Steel Industries, Inc. (Nasdaq:SCHN), would be retiring from the company at the end of the month.

Glucoft is a twenty year employee of Schnitzer, with almost forty years of experience in the scrap metal recycling business across the US West Coast. Although retiring from the company, Glucoft will continue to serve the company in an advisor retained services capacity. As such, he will continue to provide market guidance as well as continue to mentor professional staff development within the company.

In commenting on the pending retirement, Philip noted that Glucoft has been recognized as one of the most knowledgeable individuals in the industry on the intricacies and nuances of the scrap metal supply and demand markets, "Terry has been helpful in guiding Schnitzer's market strategies and customer relations."

"We're fortunate," Philip went on, "that Terry will be available to assist the company as we continue to grow the business he has helped make so successful."

For more information about Schnitzer Steel Industries, Inc., please refer to

    CONTACT: Schnitzer Steel Industries, Inc.
             Tom Zelenka 503-323-2821

    SOURCE: Schnitzer Steel Industries, Inc.

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