SEC FORM 4

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

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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^*

REYNOLDS JEAN S

(Last)

(First)

(Middle)

3200 NW YEON AVENUE

(Street)

PORTLAND

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
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
04/07/2004

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	04/07/2004		S		2,000	D	$36.05	51,950	I	By Trust⁽³⁾
Class A Common Stock	04/07/2004		S		2,000	D	$36.1	49,950	I	By Trust⁽³⁾
Class A Common Stock	04/08/2004		S		2,000	D	$35.2	47,950	I	By Trust⁽³⁾
Class A Common Stock	04/07/2004		S		1,000	D	$36.05	19,975	I	By Trust⁽⁵⁾
Class A Common Stock	04/07/2004		S		1,000	D	$36.1	18,975	I	By Trust⁽⁵⁾
Class A Common Stock	04/08/2004		S		1,000	D	$35.2	17,975	I	By Trust⁽⁵⁾
Class A Common Stock	04/07/2004		S		1,000	D	$36.05	19,975	I	By Trust⁽⁷⁾
Class A Common Stock	04/07/2004		S		1,000	D	$36.1	18,975	I	By Trust⁽⁷⁾
Class A Common Stock	04/08/2004		S		1,000	D	$35.2	17,975	I	By Trust⁽⁷⁾

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Common Stock	⁽²⁾							⁽²⁾	⁽²⁾	Class A Common Stock	75,000		75,000	I	By Trust⁽¹⁾
Class B Common Stock	⁽²⁾							⁽²⁾	⁽²⁾	Class A Common Stock	315,279		315,279	I	By Voting Trust⁽³⁾
Class B Common Stock	⁽²⁾							⁽²⁾	⁽²⁾	Class A Common Stock	39,645		39,645	I	By Voting Trust⁽⁴⁾
Class B Common Stock	⁽²⁾							⁽²⁾	⁽²⁾	Class A Common Stock	65,007		65,007	I	By Voting Trust⁽⁵⁾
Class B Common Stock	⁽²⁾							⁽²⁾	⁽²⁾	Class A Common Stock	18,261		18,261	I	By Voting Trust⁽⁶⁾
Class B Common Stock	⁽²⁾							⁽²⁾	⁽²⁾	Class A Common Stock	78,507		78,507	I	By Voting Trust⁽⁷⁾

Explanation of Responses:

1. Voting trust certificates are held by Jean S. Reynolds, Trustee for Jean S. Reynolds, et al, under Trust Agreement dated January 30, 1970.

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

3. Voting trust certificates or shares, as the case may be, are held by Jean S. Reynolds and Dori Schnitzer, Trustees U/A with Jean S. Reynolds dated November 30, 1992.

4. Voting trust certificates are held by Samantha Paige Davis, an immediate family member of the reporting person who may be deemed to share the same household.

5. Voting trust certificates or shares, as the case may be, are held by Jean S. Reynolds, Trustee, Trust B U/W/O Morris Schnitzer dated March 12, 1980 F/B/O Samantha Paige Davis.

6. Voting trust certificates are held by Alan Scott Davis, an immediate family member of the reporting person who may be deemed to share the same household.

7. Voting trust certificates or shares, as the case may be, are held by Jean S. Reynolds, Trustee, Trust B U/W/O Morris Schnitzer dated March 12, 1980 F/B/O Alan Scott Davis.

Remarks:

	Charlie A. Ford, Attorney-In-Fact	04/08/2004
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.