News Release

Schnitzer Steel Board Declares Quarterly Dividend

PORTLAND, Ore.--(BUSINESS WIRE)--Feb. 2, 2006--The Board of Directors of Schnitzer Steel Industries, Inc. ("Schnitzer") (NASDAQ:SCHN) declared a cash dividend of $.017 per common share, payable February 28, 2006 to shareholders of record February 13, 2006. Schnitzer has paid a dividend every quarter since going public in November 1993.

A vertically integrated business, Schnitzer Steel Industries, Inc. is one of the nation's largest recyclers of ferrous metals with a significant presence on the U.S. West Coast, the Northeastern seaboard and the Southeast as well as a trading business that sources scrap and sells recycled metals products in foreign markets. The Company also owns and operates at approximately 50 used auto parts locations that participate in the self-service and full-service used auto parts business across the U.S. and in western Canada and is a manufacturer of finished steel with a production capacity of approximately 700,000 tons of finished steel annually. For more information about Schnitzer Steel Industries, Inc., visit

Schnitzer's common stock is traded on the NASDAQ Stock Market System under the symbol "SCHN."

    CONTACT: Schnitzer Steel Industries, Inc.
             Investor Relations:
             Rob Stone, 503-224-9900
             Tom Zelenka, 503-323-2821

    SOURCE: Schnitzer Steel Industries, Inc.

Data provided by Thomson Reuters