The addition of Messrs. Anderson and Hicks expands the board to thirteen and results in the majority of the board being independent directors.

From 1998 to March 2009, Hicks served as director and vice chairman of United Rentals, Inc. and served as chief executive officer from December 2003 to June 2007.

John Carter, chairman of the board, stated, “Both Dave and Wayland bring extensive public company governance and management experience to the Schnitzer Board, and they have each achieved broad success in their respective industries. We are pleased to have them join us.”

Tamara Lundgren, president and CEO of Schnitzer, called attention to the global careers of Messrs. Anderson and Hicks. She stated that, “At each of their companies, Dave and Wayland successfully generated business growth, both organically and through the successful integration of domestic and international acquisitions. Their strategic experience will benefit the Board as the Company continues to expand.”

Anderson and Hicks will serve their terms as directors until Schnitzer’s 2010 annual meeting of shareholders.