News Release

Schnitzer Steel Board Declares Quarterly Dividend

PORTLAND, Ore.--(BUSINESS WIRE)--April 23, 2007--The Board of Directors of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) declared a cash dividend of $0.017 per common share, payable on May 21, 2007, to shareholders of record on May 7, 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 metal 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 self-service facilities and 17 full-service facilities located in 14 states and in western Canada. With an annual production capacity of over 750,000 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
             Press Relations Contact:
             Tom Zelenka, 503-323-2821
             Email: [email protected]

    SOURCE: Schnitzer Steel Industries, Inc.

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