News Release

Schnitzer Steel Names Alter Goldstein to Asian Sales Position

PORTLAND, Ore.--(BUSINESS WIRE)--July 29, 2005--Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) announced today that Alter Goldstein, a well known international scrap metals trader, is joining the company as Vice President of Export Sales. His responsibilities will include the Asian export trading business for Schnitzer's current metals recycling operations.

Goldstein has more than thirty years experience working for trading firms, including Philipp Brothers, Amalgamet, Clarendon, Ltd and Glencore Ltd. A graduate of Brooklyn College, Goldstein has held positions of increasing management responsibilities at these companies.

"We're pleased and fortunate to have been able to find a person with Alter's international trading experience and industry knowledge," commented John Carter, president and chief executive officer of Schnitzer. "Alter bolsters our management capabilities and will help us meet our strategy to strengthen and enhance the scrap international trading business to meet the growth of our network of scrap supply sources and processing capabilities."

"I'm confident that this addition continues the company's efforts to strengthen our management team and pursue acquisitions or strategic alliances which will add to shareholder value while providing us confidence that we have the experience and depth needed to operate at the highest professional and ethical standards in the metals recycling business."

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, 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.

    CONTACT: Schnitzer Steel Industries, Inc.
             Financial Contact:
             Kelly E. Lang, 503-323-2717
             Press Contact:
             Tom Zelenka, 503-323-2821
             [email protected]

    SOURCE: Schnitzer Steel Industries, Inc.

Data provided by Thomson Reuters