News Release

Schnitzer Steel Board Declares Quarterly Dividend

PORTLAND, Ore.--(BUSINESS WIRE)-- The Board of Directors of Schnitzer Steel Industries, Inc. (NASDAQ:SCHN), declared a cash dividend of $0.017 per common share, payable on March 2, 2009, to shareholders of record on February 17, 2009. 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 41 operating facilities located in 12 states throughout the country and Puerto Rico, including seven export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. 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 38 self-service facilities and 18 full-service facilities located in 16 states and in western Canada. With an annual production capacity of nearly 800,000 tons, the Company’s steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products. The Company commenced its 103rd year of operations in fiscal 2009.

Source: Schnitzer Steel Industries, Inc.

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

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