News Release

Schnitzer Steel Board Declares Quarterly Dividend

PORTLAND, Ore.--(BUSINESS WIRE)--April 24, 2006--The Board of Directors of Schnitzer Steel Industries, Inc. (Nasdaq:SCHN) ("Schnitzer") declared a cash dividend of $.017 per common share, payable on May 22, 2006, to shareholders of record May 8, 2006. Schnitzer has paid a dividend every quarter since going public in November 1993.

Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled ferrous metals products in the United States with 28 operating facilities located in 11 states throughout the country, including six export facilities located on both the East and West Coasts and in Hawaii. SSI's vertically integrated operating platform also includes its auto parts and steel manufacturing businesses. SSI's auto parts business sells used auto parts through its 32 Pick-n-Pull self service facilities and 18 Greenleaf full service facilities located in 14 states and western Canada. With an annual production capacity of 700,000 tons, SSI's steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products. SSI is celebrating its 100th year anniversary in 2006.

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

    SOURCE: Schnitzer Steel Industries, Inc.

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