News Release

Cascade Steel Names Director Of Operations

PORTLAND, Ore.--(BUSINESS WIRE)--Sept. 7, 2004--Robert W. Philip, President and CEO of Schnitzer Steel Industries, Inc. (Nasdaq:SCHN) announced today that Jeff Dyck has been promoted to Director of Operations for Cascade Steel Rolling Mills, Inc., a wholly owned subsidiary of Schnitzer.

In this new position for the steel mill, Dyck will be responsible for all operations, while administrative functions will continue to be managed by Kurt Zetzsche, Cascade's President, who will be retiring shortly after his 65th birthday in early November 2004.

Employed at Cascade Steel for the past ten years, in a variety of positions, Dyck currently is the Manager of the Rolling Mills. Dyck has BS and MS degrees in Metallurgical Engineering from the Colorado School of Mines.

In commenting on the in-house promotion, Philip called attention to Dyck's role in directing the hot commissioning of the mill's recent rod and bar mill, which was seen as one of the quickest to obtain full mill production utilization, as well as his efforts to assist and direct improvement of the mill's productivity.

"I'm pleased," Philip said, "that we're able to promote from within our own organization such superior candidates while also assuring for a smooth transition as time gets closer to Kurt's retirement."

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

    SOURCE: Schnitzer Steel Industries, Inc.

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