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Schnitzer Steel Declares
a 3-for-2 Stock Split

Jan. 28, 2004 — Schnitzer Steel Industries, Inc.’s Board of Directors declared a three-for-two stock split for both classes of its common stock.

The stock split will be affected as a share dividend, so shareholders will receive one additional share of Class A common stock for every two shares of Class A common stock held, and one additional share of Class B common stock for every two shares of Class B common stock held. The share dividend is payable March 25, 2004, to shareholders of record on March 4, 2004. In addition, in lieu of issuing any fractional shares, the company shall pay cash for such fractional shares based on the closing market price for the company's Class A common stock on the record date.

"The Board of Directors is pleased to announce the company's second stock split in the last year," said Robert W. Philip, Chairman and CEO. "The decision to split the stock reflects the Board of Director's confidence in the long-term fundamentals of our business. We also continue to believe that over time, the stock split can contribute to increased market liquidity for the company's stock and greater trading volumes."

Schnitzer Steel Industries, Inc. is one of the nation's largest recyclers of ferrous metals, a manufacturer of finished steel products and a leading self-service auto parts and dismantling company. The company, with its joint venture partners, processes approximately 4.9 million tons of recycled ferrous metals per year. In addition, the company's steel mill — Cascade Steel Rolling Mills — has an annual production capacity of approximately 700,000 tons of finished steel products. The company and its joint venture partners operate primarily along the West Coast and Northeastern seaboard of the United States.

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