SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* SCHNITZER GARY (Last) (First) (Middle) 3200 NW YEON AVENUE (Street) PORTLAND OR 97210 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol SCHNITZER STEEL INDUSTRIES INC [ SCHN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director X 10% Owner X Officer (give title below) Other (specify below) Ex. VP - CA Scrap Operations
	3. Date of Earliest Transaction (Month/Day/Year) 05/11/2004
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	05/11/2004		C		6,984	A	$0	6,984	I	By Voting Trust(2)
Class A Common Stock	05/11/2004		Z	V	6,984	D	$0	0	I	By Voting Trust(2)
Class A Common Stock	05/11/2004		Z	V	6,984	A	$0	10,884	D
Class A Common Stock	05/11/2004		M		18,016	A	$4.5	28,900	D
Class A Common Stock	05/11/2004		S		5,000	A	$24.5	23,900	D
Class A Common Stock	05/11/2004		S		5,000	D	$24.6	18,900	D
Class A Common Stock	05/11/2004		S		5,000	D	$24.7	13,900	D
Class A Common Stock	05/11/2004		S		5,000	D	$24.8	8,900	D
Class A Common Stock	05/11/2004		S		5,000	D	$24.9	3,900	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(1)	05/11/2004		C			6,984	(1)	(1)	Class A Common Stock	6,984	$0	1,000(6)	I	By Voting Trust(2)
Class B Common Stock	(1)							(1)	(1)	Class A Common Stock	104,861		104,861(6)	I	By Trust(3)
Class B Common Stock	(1)							(1)	(1)	Class A Common Stock	1,420		1,420(6)	I	By Voting Trust(4)
Option to Buy	$4.5	05/11/2004		M			18,016	(5)	06/01/2010	Class A Common Stock	18,016	$0	6,242(6)	D

1. Name and Address of Reporting Person* SCHNITZER GARY (Last) (First) (Middle) 3200 NW YEON AVENUE (Street) PORTLAND OR 97210 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director X 10% Owner X Officer (give title below) Other (specify below) Ex. VP - CA Scrap Operations

1. Name and Address of Reporting Person* WILDER SANDRA (Last) (First) (Middle) 3200 NW YEON AVENUE (Street) PORTLAND OR 97210 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) Other (specify below)

Explanation of Responses:

1. Class B Common Stock is immediately convertible on a one-for-one basis into Class A Common Stock and has no expiration date.

2. Voting trust certificates are held by Gary Schnitzer.

3. Shares are held by Gary Schnitzer, Trustee for Gary Schnitzer et al. under Trust Agreement dated January 30, 1970.

4. Voting trust certificates are held by Sandra Wilder.

5. The option was granted for 72,774 shares on 6/1/01 and became exercisable for 1/3 of the shares after 12 months from the grant date; 2/3 of the shares after 24 months from the grant date; and 100% of the shares after 30 months from the grant date.

6. All amounts set forth on this Form 4 give effect to a 3-for-2 stock split effected on March 25, 2004 and a 2-for-1 stock split effected on August 14, 2003.

Remarks:

	Charles A. Ford, Attorney-In-Fact	05/12/2004
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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