On July 25, 2017, the Compensation Committee of the Board of Directors of Schnitzer Steel Industries, Inc. (the “Company”), in consultation with its independent compensation consultant and taking into account that the annual base salary of the President and Chief Executive Officer of the Company had not been increased since May 1, 2011, approved an increase in the annual base salary of the President and Chief Executive Officer of the Company from $1,000,000 to $1,100,000 effective July 25, 2017, and the Company entered into an amendment to the employment agreement between the Company and Tamara L. Lundgren, President and Chief Executive Officer of the Company, to that effect. No other changes were made to Ms. Lundgren’s employment agreement.

About SCHNITZER STEEL INDUSTRIES, INC. (NASDAQ:SCHN)

Schnitzer Steel Industries, Inc. is a recycler of ferrous and nonferrous scrap metal, including end-of-life vehicles, and a manufacturer of finished steel products. The Company operates through two segments: the Auto and Metals Recycling (AMR) business and the Steel Manufacturing Business (SMB). The AMR segment collects and recycles auto bodies, rail cars, home appliances, industrial machinery, manufacturing scrap and construction and demolition scrap from bridges, buildings and other infrastructure. AMR’s primary products include recycled ferrous and nonferrous scrap metal. The SMB segment produces finished steel products such as rebar, wire rod, coiled rebar, merchant bar and other specialty products using 100% recycled metal sourced from AMR. SMB’s products are primarily used in nonresidential and infrastructure construction in North America. SMB operates a steel mini-mill in McMinnville, Oregon that produces finished steel products using recycled metal and other raw materials.