News Release

Schnitzer Acquires American Metal Group, Inc. of San Jose, California

PORTLAND, Ore., Apr 21, 2011 (BUSINESS WIRE) --

Schnitzer Steel Industries, Inc. (NASDAQ: SCHN) today announced that it has acquired substantially all of the assets of American Metal Group, Inc. and certain of its affiliates which operate from facilities in San Jose and Santa Clara, California.

"Our acquisition of American Metal Group enhances our supply network in Northern California and continues our strategy of growth in this important region by expanding the platform of our Metals Recycling Business," said Tamara Lundgren, CEO of Schnitzer Steel Industries.

"American Metal Group has been in operation for over 50 years, and we look forward to building on AMG's growth and success and continuing to serve all of the customers in the region," said Don Hamaker, President of Schnitzer's Metals Recycling Business. "This acquisition is a good strategic fit for Schnitzer as it adds a strong nonferrous franchise and a large scale CRV operation in this region. We are excited to welcome our new employees to Schnitzer."

Terms of the transaction were not disclosed.

About Schnitzer Steel Industries, Inc.

Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 57 operating facilities located in 14 states, Puerto Rico and Western Canada. The Company has seven deep water export facilities located on both the West and East coasts as well as in Hawaii and Puerto Rico. The Company's integrated operating platform also includes its auto parts and steel manufacturing businesses. The Company's auto parts business sells used auto parts through its 50 self-service facilities located in 14 states and Western Canada. 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 products. The Company commenced 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]

Data provided by Thomson Reuters