Dec. 19, 2006 — Schnitzer Steel Industries, Inc. has finalized its acquisition of the assets of Max Cohen and Sons, dba Advanced Recycling, a metals recycler with four processing facilities located in New Hampshire.

Terms of the acquisition were not disclosed.

“This acquisition is consistent with our strategy of expanding our presence in New England and leveraging the infrastructure investments we have been making at our facilities in the area,” said John Carter, Schnitzer’s President and Chief Executive Officer.

Advanced Recycling President Steven Cohen has joined the Schnitzer management team as director of its Northern New England metals recycling operations.

Advanced Recycling handles approximately 250,000 tons of ferrous scrap metal and 25 million pounds of non-ferrous scrap metal annually.

Schnitzer Steel Industries is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 32 operating facilities located in 11 states throughout the country, including six export facilities located on both the East and West Coasts and in Hawaii. The company’s vertically integrated operating platform also includes its auto parts and steel manufacturing businesses. With an annual production capacity of 700,000 tons, the company’s steel manufacturing business—Cascade Steel Rolling Mills—produces finished steel products, including rebar, wire rod and other specialty products. The company commenced its 100th year of operations in 2006.