Schnitzer Steel Industries Reports Increased Growth

PORTLAND, OR--June 30, 2011: Schnitzer Steel Industries, Inc. today reported diluted earnings per share from continuing operations of $1.17 for its fiscal 2011 third quarter ended May 31, 2011. This compares with diluted earnings per share from continuing operations of $1.43 in the third quarter of fiscal 2010 and $1.10 in the second quarter of fiscal 2011.

“APB once again demonstrated its ability to deliver operational growth, increasing car purchases 15% sequentially through a balanced contribution of organic growth and strategic acquisitions, while maintaining strong profitability”

Schnitzer reported fiscal 2011 year-to-date revenues of $2.4 billion, operating income of $130 million and diluted earnings per share from continuing operations of $2.91. "We are pleased to report another strong quarter of performance with revenues and operating income up sequentially by 36% and 20%, respectively. Year-to-date we have generated a 43% increase in revenues and a 28% increase in operating income," said Tamara Lundgren, President and Chief Executive Officer. "Our results demonstrate a steady upward

trend throughout fiscal 2011, driven by continued global demand for our recycled metal products as well as the early contributions from our recent acquisitions." "We closed two acquisitions during the third quarter, bringing the total to ten acquisitions year-to-date," said Lundgren. "We have begun to realize the benefits of the additional market scale from these investments. We are on track to achieve the operational synergies from the new facilities we have added in the last nine months, and we are focused on implementing the longer-term growth strategies associated with our investments."