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Schnitzer Steel to acquire Steel Pacific Recycling

Portland, Oregon. December 15, 2010 ––(BUSINESS WIRE)–Schnitzer Steel Industries, Inc. (NASDAQ:SCHN) today announced that it has entered into a definitive agreement to acquire substantially all of the assets of Selkirk Recovery, Inc., dab Steel Pacific Recycling, of Duncan, British Columbia.

“Schnitzer Steel and Steel Pacific Recycling have been working closely together for many years”

“Our acquisition of Steel Pacific Recycling provides Schnitzer Steel with an opportunity for continued growth in Western Canada,” said Tamara Lundgren, CEO of Schnitzer Steel Industries. “Together with Schnitzer’s recently announced acquisition of Amix Salvage & Sales of Vancouver, BC, we are adding to our export-based recycling platform to better serve our customers around the world.”

“Schnitzer Steel and Steel Pacific Recycling have been working closely together for many years,” said Don Hamaker, President of Schnitzer Steel’s Metals Recycling Business. “The strength of that working relationship and Steel Pacific Recycling’s historic emphasis on customer and community relations will remain at the forefront of our business.”

“I know our customers and employees will be well-served by Schnitzer Steel’s commitment to operational excellence and sustainability,” said Barry Waters of Steel Pacific Recycling. “We are excited to join Schnitzer Steel and appreciate that the core values of our business are so closely aligned,” added Andrew Ketch of Steel Pacific Recycling.

Steel Pacific is the largest metal recycler in the Vancouver Island region of British Columbia with six facilities located along the eastern coast of the island, including a waterfront facility in Victoria, two sites In Campbell River, and facilities in Duncan, Courtenay and Nanaimo. Steel Pacific has operated from its current base of operations at Duncan on Vancouver Island of British Columbia for over 50 years. Terms of the transaction were not disclosed.

Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled ferrous metal products in the United States with 46 operating facilities located in 14 states and Puerto Rico. The Company has seven export facilities located on both the West and East coasts as well as in Hawaii and Puerto Rico. The Company’s vertically integrated operating platform includes the metals recycling business and as well as its auto parts and steel manufacturing businesses. The Company’s auto parts business sells used auto parts through its 45 self-service facilities located in 14 states and in two Canadian provinces. With an effective annual production capacity of approximately 800,000 tons, the Company’s steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty items. The Company commenced its 105th year of operations in fiscal year 2011.