Schnitzer Steel Board Declares Quarterly Dividend

PORTLAND, Ore.--Oct. 2, 20050, 2005--The Board of Directors of Schnitzer Steel Industries, Inc. ("Schnitzer") declared a cash dividend of $.017 per common share, payable November 24, 2005, to shareholders of record November 14, 2005. Schnitzer has paid a dividend every quarter since going public in November 1993.

Schnitzer Steel Industries, Inc. is one of the nation's largest recyclers of ferrous metals, a used auto parts retailer with more than 50 locations across the U.S. and in Canada, and a manufacturer of finished steel products. The Company has a significant metals presence on both the West Coast and Northeastern seaboard, as well as a trading business that principally sells recycled metal products in foreign markets. In addition, the Company's steel mill has an annual production capacity of approximately 700,000 tons of finished steel products.

Schnitzer's common stock is traded on the NASDAQ Stock Market System under the symbol "SCHN."

For more information about Schnitzer Steel Industries, Inc. go to www.schnitzersteel.com.