FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * PHILIP ROBERT W   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 __X__ Officer (give title below) _____ Other (specify below) President (Last) (First) (Middle) 3200 NW YEON AVENUE 3. Date of Earliest Transaction (Month/Day/Year) 02/24/2005 (Street) PORTLAND, OR 97210 4. If Amendment, Date 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 (City) (State) (Zip) 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               150 (1) I See Note (2) Class A Common Stock 02/24/2005   C   12,000 A $ 0 12,000 (1) I By Voting Trust (7) Class A Common Stock 02/24/2005   Z V 12,000 D $ 0 0 (1) I By Voting Trust (7) Class A Common Stock 02/24/2005   Z V 12,000 A $ 0 26,805 (1) I By Trust (7) Class A Common Stock 02/24/2005   S   12,000 (9) D $ 39 14,805 (1) I By Trust (7) Class A Common Stock 02/25/2005   M   20,000 A $ 8.0833 20,000 (1) D   Class A Common Stock 02/25/2005   S   20,000 (9) D $ 40.05 0 (1) D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities (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 of Derivative Security: 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	(3)							(3)	(3)	Class A Common Stock	380,100		380,100 (1)	I	By Voting Trust (4)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	52,508		52,508 (1)	I	By Voting Trust (5)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	26,454		26,454 (1)	I	By Voting Trust (6)
Class B Common Stock	(3)	02/24/2005		C			12,000	(3)	(3)	Class A Common Stock	12,000	$ 0	207,359 (1)	I	By Voting Trust (7)
Class B Common Stock	(3)							(3)	(3)	Class A Common Stock	44,048.83		44,048.83 (1)	I	By Voting Trust (8)
Option to Buy	$ 8.0833	02/25/2005		M			20,000	(10)	06/24/2008	Class A Common Stock	20,000	$ 0	29,577 (1)	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
PHILIP ROBERT W 3200 NW YEON AVENUE PORTLAND, OR 97210	X	X	President
PHILIP RITA S 3200 NW YEON AVENUE PORTLAND, OR 97210		X

Signatures

Ilene Dobrow Davidson, Attorney-In-Fact		02/28/2005
**Signature of Reporting Person		Date

Explanation of Responses:

*	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).
(1)	All amounts set forth in this Form 4 give effect to a 3-for-2 stock split effected on March 25, 2004 and a 2-for-1 stock split effected on August 14, 2003.
(2)	Shares are held by Robert W. Philip, as custodian under Oregon Uniform Transfers to Minors Act, F/B/O Joshua Henry Philip.
(3)	Class B Common Stock is immediately convertible on a one-for-one basis into Class A Common Stock and has no expiration date.
(4)	Voting trust certificates or shares, as the case may be, are held by Rita S. Philip and Robert W. Philip, as Co-Trustees under Trust Agreement with Rita S. Philip dated 4/21/93 (the "Rita Trust").
(5)	Voting trust certificates or shares, as the case may be, are held by Rita S. Philip, Family Trustee, and Jill Schnitzer Edelson, Independent Trustee, U/A/D December 22, 1994, F/B/O Joshua Henry Philip.
(6)	Voting trust certificates or shares, as the case may be, are held by Rita S. Philip, Family Trustee, and Jill Schnitzer Edelson, Independent Trustee, U/A/D December 22, 1994, F/B/O Michele Babette Philip.
(7)	Voting trust certificates or shares, as the case may be, are held by Gayle S. Romain and Rita S. Philip, Trustees of Gayle S. Romain Family Trust U/A/D October 9, 1995.
(8)	Voting trust certificates or shares, as the case may be, are held by PFS Investors, LLC, of which the Rita Trust is a member. The number of shares is one-sixth of the total shares held by PFS Investors, LLC, consistent with the proportionate interest of the Rita Trust.
(9)	The shares were sold pursuant to a pre-established Rule 10b5-1 plan.
(10)	The option was granted for 63,462 shares on 6/24/98 and became exercisable for 20% of the shares on each of the first five anniversaries of the grant date.

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