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* NOVACK KENNETH M (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 Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 01/02/2004
	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								9,380(1)	I	By Trust(2)
Class A Common Stock								200(1)	I	See Note(3)

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	(4)	01/02/2004		G	V	358		(4)	(4)	Class A Common Stock	358	$0	16,653(1)	I	By Voting Trust(2)
Class B Common Stock	(4)	01/02/2004		G	V	358		(4)	(4)	Class A Common Stock	358	$0	12,868(1)	I	By Voting Trust(5)
Class B Common Stock	(4)	01/02/2004		G	V	358		(4)	(4)	Class A Common Stock	358	$0	13,371(1)	I	By Voting Trust(6)
Class B Common Stock	(4)	01/02/2004		G	V	358		(4)	(4)	Class A Common Stock	358	$0	164,463(1)	I	By Voting Trust(7)
Class B Common Stock	(4)							(4)	(4)	Class A Common Stock	109,000		109,000(1)	I	By Trust(8)

1. Name and Address of Reporting Person* NOVACK KENNETH M (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 Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* NOVACK DEBORAH S (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. Amounts reported on this Form 4 are as of January 2, 2004 and do not give effect to the stock split effected on March 25, 2004.

2. Voting trust certificates or shares, as the case may be, are held by Kenneth M. Novack and Deborah S. Novack, Trustees U/A/D July 31, 1991 F/B/O Kenneth M. Novack.

3. Shares are held by Kevin P. Novack, an immediate family member of the reporting persons who may be deemed to share the same household.

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

5. Voting trust certificates or shares, as the case may be, are held by the 1997 Melanie Novack Trust, dated 8/17/97, Deborah S. Novack and Kenneth M. Novack, collectively as Trustees.

6. Voting trust certificates or shares, as the case may be, are held by the 1997 Kevin Novack Trust, dated 8/17/97, Deborah S. Novack and Kenneth M. Novack, collectively as Trustees.

7. Voting trust certificates are held by Deborah S. Novack and Kenneth M. Novack, Trustees U/A/D July 31, 1991 F/B/O Deborah S. Novack.

8. Shares are held by Deborah Novack, Trustee for Deborah Novack, et al under Trust Agreement dated January 30, 1970.

Remarks:

	Charles 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).
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