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April 2004

Schnitzer Steel to Add three Stores to its Parts Business

Schnitzer Steel Industries, Inc. announced that its wholly owned subsidiary, PNP Auto Parts Canada Co., signed definitive agreements to buy the assets and will lease the sites of three self service used auto parts stores in Calgary and Edmonton, Alberta and Kelowna, British Columbia from Sheppard Holdings Ltd. of Calgary, Alberta Canada, or its affiliates. The three stores currently operate under the name of Pick Your Part.

Under the terms of the agreements, PNP Auto Parts Canada Co. will purchase the inventory, equipment and other assets from affiliates of Sheppard Holdings. The Pick Your Part stores have been in operation in Calgary and Edmonton since the mid-80’s and the Kelowna store opened in 2000.

Commenting on the agreement, Robert W. Philip, President and Chief Executive Officer of Schnitzer, said, “We anticipate the acquisition of the Pick Your Part stores will fit in nicely with our 23 existing Pick-N-Pull stores located in the United States. This acquisition expands the geographic scope of our auto parts business into the Canadian market as part of our strategy to aggressively grow the business in North America. These stores have operated profitably and enjoy a good reputation with their customer base. I am especially pleased by the quality of the management team and work force that will be retained at these three locations. Further, we anticipate that this acquisition will be immediately accretive to earnings.”

Philip went on to recognize the reputation and industry leadership of Pick Your Part in both Canada and the United States, calling attention to the fact that, “Pick-N-Pull’s first Canadian acquisition is with the Jack Sheppard family. I’m pleased that Jack Sheppard will be joining the board of directors for PNP Auto Parts Canada Co. and that he and members of his family will acquire a ten percent interest in that company.” Several Sheppard family members have been prominently involved in leadership positions with the Automotive Recyclers Association, the leading dismantler trade association in North America. Jack Sheppard served as President of ARA in 1988 and his son, Phil Sheppard, served as President in 2002.

PNP Auto Parts Canada Co. will do business at the three stores as Pick Your Part. The Pick Your Part stores will join Schnitzer’s existing network of 23 Pick-N-Pull stores located in six western and mid-western U.S. states. At each store, automobiles are displayed for customers to view and remove parts for purchase. The remaining recycled auto bodies are then sold for scrap to local metals recycling facilities, including Schnitzer recycling and processing yards where applicable.

The self-service used auto parts business is an important segment of growth. The acquisition of the Canada stores is the first follow-up to Schnitzer’s February 2003 acquisition to complete its 100% ownership of its previous 50% joint venture in Pick-N-Pull Auto Dismantlers and acquire the Stockton (CA) Pick-N-Pull.

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