Aug. 17, 2006 — Schnitzer Steel Industries, Inc. has reached a definitive agreement to acquire the assets of Max Cohen and Sons, dba Advanced Recycling, a metals recycler with four processing facilities located in New Hampshire. Terms of the agreement 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 CEO. "The Cohen family and Schnitzer together have a long history of experience in the recycling business and this acquisition furthers Schnitzer's dedication to customer satisfaction, protection of the environment and the promotion of recycling throughout the New England region."

Schnitzer also announced that upon completion of the acquisition it has designated Steven Cohen, President of Advanced Recycling, as Director of its Northern New England operations.

"I am honored by the faith that Schnitzer has shown in our team. This will be the fulfillment of the dream my grandfather had when he started the business over 75 years ago," said Cohen. "Our first task is to insure that our suppliers and vendors, old and new, are welcomed into our new business."

The acquisition is expected to close in approximately 90 to 120 days.

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 metals products in the United States with 28 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. The company's auto parts business sells used auto parts through its 34 Pick-N-Pull self service facilities and 18 GreenLeaf full service facilities located in 14 states and western Canada. With an annual production capacity of approximately 700,000 tons, the company's steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products. The company commenced its 100th year of operations in 2006.