Exhibit 99.1

Schnitzer Reports Third Quarter 2017 Financial Results

Significant Growth in Earnings Per Share

Auto and Metals Recycling Delivers Strongest Third Quarter Performance Since Fiscal 2012

Best First Nine Months Earnings Per Share Since Fiscal 2012

PORTLAND, Ore.--(BUSINESS WIRE)--June 26, 2017--Schnitzer Steel Industries, Inc. (Nasdaq: SCHN) today reported results for its third quarter ended May 31, 2017. The Company reported earnings per share from continuing operations of $0.60 and adjusted earnings per share of $0.56. These results reflect a significant increase compared to second quarter earnings per share from continuing operations of $0.40 and adjusted earnings per share of $0.37, and the prior year third quarter earnings per share from continuing operations of $0.41 and adjusted earnings per share of $0.46. For a reconciliation of the adjusted results to U.S. GAAP, see the Non-GAAP Financial Measures provided after the financial statements in this document.

Auto and Metals Recycling (AMR) operating income of $30 million increased by 13% compared to the second quarter and represents the best third quarter performance since fiscal 2012. Operating income per ferrous ton of $31 reflects operating leverage benefits driven by higher sales volumes, increased supply flows, seasonality, sustained benefits from our cost savings and productivity initiatives, and no material impact from average inventory accounting. The second quarter of fiscal 2017 included a favorable impact from average inventory accounting of $4 million, or $5 per ton, and the prior year third quarter also included a favorable impact of $3 million, or $3 per ton. For the first nine months of fiscal 2017 compared to the prior year first nine months, ferrous and nonferrous sales volumes increased 11% and 18%, respectively.

In the Steel Manufacturing Business (SMB), operating performance was slightly above break-even for the third quarter, an improvement of $2 million sequentially and slightly below prior year operating income of $1 million. Finished steel sales volumes increased 33% sequentially, reflecting seasonally higher construction activity.

Since the end of the third quarter, we integrated our SMB segment with AMR's Oregon metals recycling operations, forming a new division, Cascade Steel and Scrap (CSS). This change in organizational structure is intended to enhance our flexibility, improve customer service, generate internal synergies, and enable us to more effectively adjust to market changes across our recycling and steel production operations. We expect to report the results of CSS operations as a single reportable segment beginning in the fourth quarter of fiscal 2017.

"Our third quarter results benefited from our continued focus on profitable growth. In both our Auto and Metals Recycling and our Steel Manufacturing Businesses, higher volumes and operating leverage from our multi-year productivity initiatives drove increased operating income," commented Tamara Lundgren, President and Chief Executive Officer. "Through the first nine months of this year, we have achieved our best earnings performance since fiscal 2012."

"Our balance sheet continued to strengthen as we generated strong operating cash flow, driven primarily by higher profitability and also by lower working capital as compared to the second quarter. This enabled us to reduce debt while continuing to invest in our operations and to return capital to our shareholders," said Lundgren.

Auto and Metals Recycling

Volumes: Ferrous sales volumes in the third quarter increased 12% sequentially and 14% compared to the prior year third quarter, reflecting improved market conditions and benefits from global sales diversification activities. Nonferrous sales volumes were 32% higher sequentially and compared to the prior year third quarter, due to improved supply flows, benefits from higher production, and increased car purchase volumes from our retail stores of 13% sequentially and 37% compared to the prior year quarter. Export customers accounted for 58% of total ferrous sales volumes. Ferrous and nonferrous products were exported to 16 countries with India, Bangladesh, and Turkey the top export destinations for ferrous shipments.

Pricing: Average ferrous net selling prices increased 4% sequentially and 20% compared to the prior year third quarter. Nonferrous prices increased 2% sequentially and 12% compared to the prior year quarter, reflecting higher commodity prices.

Margins: Operating income of $30 million, or operating income per ferrous ton of $31, reflected the benefits of higher volumes. Operating income increased 13% sequentially and 11% compared to the prior year quarter, driven by higher ferrous and nonferrous sales volumes, increased supply flows, seasonally improved retail auto parts sales and sustained benefits from our cost savings and productivity initiatives. Third quarter operating results did not include a material impact from average inventory accounting, which compares to a favorable impact in both the second quarter and the prior year third quarter. Adjusted operating income excludes a gain of $1 million from an asset sale. For a reconciliation of the adjusted results to U.S. GAAP, see the Non-GAAP Financial Measures provided after the financial statements in this document.

Steel Manufacturing Business

Sales Volumes: Finished steel sales volumes in the third quarter increased 33% sequentially due to seasonally higher construction activity and 6% from the prior year third quarter.

Pricing: Average net sales prices for finished steel products increased 5% sequentially and 9% from the prior year quarter, primarily reflecting the impact of higher raw material prices.

Margins: Operating performance for the third quarter was slightly above break-even, an improvement of $2 million sequentially, reflecting seasonally higher shipped volumes. Third quarter results were slightly below prior year operating income of $1 million as benefits from higher sales volumes were offset by continued pressure from low-priced imports which limited increases in selling prices and compressed operating margins.

Corporate Items

In the third quarter, the Company substantially completed the execution of its targeted $30 million of annual cost savings and productivity measures announced in April 2016. Completion of this phase of savings represents the full execution of our multi-year cost reduction and productivity initiatives of $160 million which began at the end of fiscal 2012.

In the third quarter, the Company generated positive operating cash flow of $45 million reflecting improved profitability and benefits from lower working capital. Total debt at the end of the third quarter was $184 million and debt, net of cash was $169 million. The Company returned capital to shareholders through its 93^rd consecutive quarterly dividend.

The Company's effective tax rate was an expense of 0.9% in the third quarter which was lower than the federal statutory rate primarily due to the Company’s full valuation allowance positions partially offset by increases in deferred tax liabilities. The effective tax rate from continuing operations for fiscal 2017 is expected to be approximately 3%, subject to financial performance for the remainder of the year.

Analysts' Conference Call: Third Quarter of Fiscal 2017

A conference call and slide presentation to discuss results will be held today, June 26, 2017, at 11:30 a.m. EDT hosted by Tamara Lundgren, President and Chief Executive Officer, and Richard Peach, Senior Vice President, Chief Financial Officer, and Chief of Corporate Operations. The call and the slides will be webcast and accessible on the Company's website at www.schnitzersteel.com.

Summary financial data is provided in the following pages. The slides and related materials will be available prior to the call on the website.

Non-GAAP Financial Measures

This press release contains performance based on adjusted income (loss) and adjusted diluted earnings (loss) per share from continuing operations attributable to SSI and adjusted consolidated, AMR and SMB operating income (loss), which are non-GAAP financial measures as defined under SEC rules. As required by SEC rules, the Company has provided reconciliations of these measures for each period discussed to the most directly comparable U.S. GAAP measure. Management believes that presenting adjusted non-GAAP financial measures provides a meaningful presentation of our results from business operations excluding adjustments for a goodwill impairment charge, other asset impairment charges net of recoveries, restructuring charges and other exit-related activities, recoveries related to the resale or modification of previously contracted shipments, the non-cash write-off of debt issuance costs, and the income tax expense (benefit) associated with these adjustments, items which are not related to underlying business operational performance, and improves the period-to-period comparability of our results from business operations. Adjusted operating results in fiscal 2015 excluded the impact of the resale or modification of the terms, each at significantly lower prices due to sharp declines in selling prices, of certain previously-contracted bulk shipments for delivery during fiscal 2015. Recoveries resulting from settlements with the original contract parties, which began in the third quarter of fiscal 2016, are reported within SG&A expense in the quarterly statements of operations and are also excluded from these measures. Further, management believes that debt, net of cash is a useful measure for investors because, as cash and cash equivalents can be used, among other things, to repay indebtedness, netting this against total debt is a useful measure of our leverage. These non-GAAP financial measures should be considered in addition to, but not as a substitute for, the most directly comparable U.S. GAAP measures.

About Schnitzer Steel Industries, Inc.

Schnitzer Steel Industries, Inc. is one of the largest manufacturers and exporters of recycled metal products in the United States with operating facilities located in 23 states, Puerto Rico and Western Canada. Schnitzer has seven deep water export facilities located on both the East and West Coasts and in Hawaii and Puerto Rico. The Company's integrated operating platform also includes auto parts stores with approximately 5 million annual retail visits. The Company's steel manufacturing business produces finished steel products, including rebar, wire rod and other specialty products. The Company began operations in 1906 in Portland, Oregon.

Safe Harbor for Forward-Looking Statements

Statements and information included in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and are made pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Except as noted herein or as the context may otherwise require, all references in this press release to “we,” “our,” “us,” “Company,” “Schnitzer,” and “SSI” refer to Schnitzer Steel Industries, Inc. and its consolidated subsidiaries.

Forward-looking statements in this press release include statements regarding future events or our expectations, intentions, beliefs and strategies regarding the future, which may include statements regarding trends, cyclicality and changes in the markets we sell into; the Company's outlook, growth initiatives or expected results or objectives, including pricing, margins, sales volumes and profitability; strategic direction or goals; targets; changes to manufacturing and production processes; the cost of and the status of any agreements or actions related to our compliance with environmental and other laws; expected tax rates, deductions and credits; the realization of deferred tax assets; planned capital expenditures; liquidity positions; ability to generate cash from continuing operations; the potential impact of adopting new accounting pronouncements; obligations under our retirement plans; benefits, savings or additional costs from business realignment, cost containment and productivity improvement programs; and the adequacy of accruals.

Forward-looking statements by their nature address matters that are, to different degrees, uncertain, and often contain words such as “outlook,” “target,” “aim,” “believes,” “expects,” “anticipates,” “intends,” “assumes,” “estimates,” “evaluates,” “may,” “will,” “should,” “could,” “opinions,” “forecasts,” “projects,” “plans,” “future,” “forward,” “potential,” “probable,” and similar expressions. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. We may make other forward-looking statements from time to time, including in reports filed with the Securities and Exchange Commission, press releases, presentations and on public conference calls. All forward-looking statements we make are based on information available to us at the time the statements are made, and we assume no obligation to update any forward-looking statements, except as may be required by law. Our business is subject to the effects of changes in domestic and global economic conditions and a number of other risks and uncertainties that could cause actual results to differ materially from those included in, or implied by, such forward-looking statements. Some of these risks and uncertainties are discussed in “Item 1A. Risk Factors” in Part I of our most recent Annual Report on Form 10-K, as supplemented in “Item 1A. Risk Factors” in Part II of subsequent Quarterly Reports on Form 10-Q. Examples of these risks include: potential environmental cleanup costs related to the Portland Harbor Superfund site or other locations; the cyclicality and impact of general economic conditions; instability in international markets; volatile supply and demand conditions affecting prices and volumes in the markets for both our products and raw materials we purchase; imbalances in supply and demand conditions in the global steel industry; the impact of goodwill impairment charges; the impact of long-lived asset and joint venture investment impairment charges; the realization of expected benefits or cost reductions associated with productivity improvement and restructuring initiatives; difficulties associated with acquisitions and integration of acquired businesses; customer fulfillment of their contractual obligations; changes in the relative value of the U.S. dollar; the impact of foreign currency fluctuations; potential limitations on our ability to access capital resources and existing credit facilities; restrictions on our business and financial covenants under our bank credit agreement; the impact of the consolidation in the steel industry; inability to realize expected benefits from investments in technology; freight rates and the availability of transportation; the impact of equipment upgrades, equipment failures and facility damage on production; product liability claims; the impact of legal proceedings and legal compliance; the adverse impact of climate change; the impact of not realizing deferred tax assets; the impact of tax increases and changes in tax rules; the impact of one or more cybersecurity incidents; costs associated with compliance with environmental regulations; inability to obtain or renew business licenses and permits; compliance with greenhouse gas emission regulations; reliance on employees subject to collective bargaining agreements; and the impact of the underfunded status of multiemployer plans in which we participate.

CONTACT:
Schnitzer Steel Industries, Inc.
Investor Relations:
Alexandra Deignan, 646-278-9711
adeignan@schn.com
or
Company Info:
www.schnitzersteel.com
ir@schn.com