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Schnitzer Steel Completes its Acquisition 
of Regional Recycling

PORTLAND, OR (11/01/05) -- Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) today announced it has acquired substantially all the assets and certain liabilities of Regional Recycling, LLC ("Regional"), a metals recycling business with 10 locations in the Southeastern United States.

"Our acquisition of Regional provides us with a new and solid presence in the Southeast, and complements our metals recycling businesses and our recent acquisition of Greenleaf Auto Recyclers. With the acquisition of Regional, Schnitzer's ability to serve domestic and export markets from either coast is significantly enhanced," stated John D. Carter, Schnitzer Steel's President and Chief Executive Officer. "These are well-run operations that we believe will be smoothly integrated them into our existing businesses. We anticipate the Regional acquisition will be immediate accretive to earnings."

Carter continued, "We look forward to working with Regional's employees and talented management team, including Byron Kopman and David Romanoff. Byron and David will both hold positions as Executive Directors of Schnitzer Southeast. We have been very impressed by their success, and believe their experience and knowledge will help us continue to grow throughout the Southeastern U.S."

Mr. Kopman commented, "David, I and the entire Regional team are very pleased that our business has been acquired by a well recognized and established leader, like Schnitzer Steel, in the scrap business." Prior to this acquisition, Schnitzer Steel's metals recycling business consisted of 19 operations in 10 states, none in the Southeast. Mr. Romanoff added, "We like the prospects for growth in this region, and being part of the Schnitzer organization provides us the opportunity to be a part of it." The newly acquired assets will be operated under the name of Regional Recycling, a Schnitzer Company, with locations in Alabama (Attalla, Birmingham and Selma) and Georgia (Atlanta (3), Bainbridge, Cartersville, Gainesville and Rossville).

In calendar 2004, Regional reported revenues of $190.4 million and significant operating profit. Further, they sold 500,000 tons of ferrous metal and nearly 100 million pounds of non-ferrous metal. For more information on Regional Recycling, visit www.regionalrecycling.com.

The total consideration paid to Regional for these operations was $65.5 million in cash and the assumption of certain liabilities.

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 the East and West Coast, 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. For more information about Schnitzer Steel Industries, Inc., visit www.schnitzersteel.com.

Certain statements in this press release are "forward-looking statements" within the meaning of U.S. federal securities laws. The Company intends that these statements be covered by the safe harbors created under these laws. In particular, this press release includes a prediction that the Regional acquisition will be immediate accretive to the Company's earnings. These forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from future results expressed or implied by the forward-looking statements. The metals recycling business is subject to a number of risks, such as volatile supply and demand conditions affecting prices and volumes in the markets for products, services, and supply of raw materials; local and worldwide economic conditions; increased competition; weather; and business integration issues, all as discussed in more detail under the heading "Factors That Could Affect Future Results" in the Company's most recent quarterly report on Form 10-Q. One should understand that it is not possible to predict or identify all factors that could cause actual results to differ from the Company's forward-looking statements. Moreover, many of these factors and events are beyond the Company's ability to control or predict. Given these uncertainties, readers are cautioned not to place undue reliance on the forward-looking statements, which only speak as of the date of this press release. The Company does not undertake any obligation to release publicly any revisions to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

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