News Release

Schnitzer Steel Board Declares Quarterly Dividend

PORTLAND, Ore.--(BUSINESS WIRE)--July 21, 2005--The Board of Directors of Schnitzer Steel Industries, Inc. ("Schnitzer") declared a cash dividend of a $.017 per common share, payable August 22, 2005 to shareholders of record August 8, 2005. Schnitzer has paid a dividend every quarter since going public in November 1993.

Schnitzer Steel Industries, Inc. is one of the nation's largest recyclers of ferrous metals, a leading self-service used auto parts retailer with 30 locations in the U.S. and Canada, and manufacturer of finished steel products. The Company, prior to the split with its joint venture partners, processes approximately 5.2 million tons of recycled ferrous metals per year as well as brokers nearly 3.0 million tons through various brokerage arrangements. 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."

For more information about Schnitzer Steel Industries, Inc. go to

    CONTACT: Schnitzer Steel Industries, Inc.
             Tom Zelenka, 503-323-2821 (Public Affairs)
             Kelly Lang, 503-224-9900 (Investor Relations)

    SOURCE: Schnitzer Steel Industries, Inc.

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