News Release

Schnitzer Steel Board Declares Quarterly Dividend

PORTLAND, Ore.--(BUSINESS WIRE)--Feb. 5, 2007--The Board of Directors of Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) declared a cash dividend of $0.017 per common share, payable on February 26, 2007, to shareholders of record on February 12, 2007. 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 32 operating facilities located in 11 states throughout the country, including six export facilities located on both the East and West Coasts and in Hawaii. The Company's vertically integrated operating platform also includes its auto parts and steel manufacturing businesses. The Company's auto parts business sells used auto parts through its 35 Pick-N-Pull self-service facilities and 17 GreenLeaf full-service facilities located in 14 states and western Canada. With an annual production capacity of approximately 700,000 tons, the Company's steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products. The Company commenced its 101st year of operations in 2007.

    CONTACT: Schnitzer Steel Industries, Inc.
             Investor Relations Contact:
             Rob Stone, 503-224-9900
             [email protected]
             Press Relations Contact:
             Tom Zelenka, 503-323-2821

    SOURCE: Schnitzer Steel Industries, Inc.

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