News Release

Schnitzer Steel's "Pick-n-Pull" Brand Actively Expanding

PORTLAND, Ore., Dec 01, 2010 (BUSINESS WIRE) --

Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) announced three transactions today related to its Auto Parts Business. The three transactions included the acquisition of substantially all of the assets of Waco U-Pull-It, Inc. located in Waco,Texas; a facility in Stockton, California that will be developed into a specialty self-service facility; and a property adjacent to one of its facilities in Portland, Oregon which will enable expansion of the existing operation.

"These three transactions continue the expansion of the footprint of our Auto Parts Business and demonstrate the disciplined execution of our stated strategy to develop scale in core supply regions to obtain scrap at its earliest stage of disposal," said Tamara Lundgren, CEO of Schnitzer Steel Industries. "We are expanding our network of retail Pick-n-Pull stores and continuing to expand in the high growth Texas market."

"Pick-n-Pull continues to build its presence in Texas by adding an important location to our existing footprint of four retail stores in the Dallas/Ft. Worth Metroplex and one in San Antonio," said Tom Klauer, President of Schnitzer Steel's Auto Parts Business. "This acquisition marks our entry into the Waco market and supports our concentrated growth strategy in core regions."

"Our acquisitions in Stockton, California and Portland, Oregon demonstrate our commitment to expanding our facilities in these attractive markets. In both cases, we intend to aggressively grow our capacity and retail operations. Pick-n-Pull will continue to actively pursue growth in both new and existing markets."

Waco U-Pull-It has been providing self-service used auto parts in the Waco community for two years at its current location (14401 N. I-35, Waco, Texas 76640).

Schnitzer Steel Industries, Inc.

Schnitzer Steel Industries, Inc's auto parts business sells used auto parts through its 46 self-service facilities located in 14 states and in two Canadian provinces. The Company's vertically integrated operating platform includes the auto parts business as well as the metals recycling and steel manufacturing businesses. The Company is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 45 operating facilities located in 13 states and Puerto Rico. The Company has seven export facilities located on both the West and East coasts as well as in Hawaii and Puerto Rico. With an effective annual production capacity of approximately 800,000 tons, the Company's steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty items. The Company commences its 105th year of operations in fiscal year 2011.

SOURCE: Schnitzer Steel Industries, Inc.

Schnitzer Steel Industries, Inc.
Investor Relations:
Alexandra Deignan, 646-278-9711
Press Relations:
Chip Terhune, 503-367-2568
[email protected]

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