Ownership Submission
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 *
SCHNITZER GILBERT
   2. Issuer Name and Ticker or Trading Symbol
SCHNITZER STEEL INDUSTRIES INC [SCHN] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
3200 NW YEON AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
02/05/2007
(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 02/05/2007   C   106,558 A $ 0 106,558 I By Voting Trust (1)
Class A Common Stock 02/05/2007   Z V 106,558 D $ 0 0 I By Voting Trust (1)
Class A Common Stock 02/05/2007   Z V 106,558 A $ 0 106,558 I By Trust (1)
Class A Common Stock 02/05/2007   G V 106,558 D $ 0 0 I By Trust (1)

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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 (2) 02/05/2007   C     106,558   (2)   (2) Class A Common Stock 106,558 $ 0 213,648 I By Voting Trust (1)
Class B Common Stock (2)               (2)   (2) Class A Common Stock 320,206   320,206 I By Voting Trust (3)
Class B Common Stock (2)               (2)   (2) Class A Common Stock 120,905   120,905 I By Voting Trust (4)
Class B Common Stock (2)               (2)   (2) Class A Common Stock 120,905   120,905 I By Voting Trust (5)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
SCHNITZER GILBERT
3200 NW YEON AVENUE
PORTLAND, OR 97210		     X    
SCHNITZER THELMA
3200 NW YEON AVENUE
PORTLAND, OR 97210		     X    

Signatures

 Richard C. Josephson, Attorney-In-Fact   02/05/2007
**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) Voting trust certificates or shares, as the case may be, are held by Gilbert Schnitzer and Thelma S. Schnitzer, Trustees U/A/D February 7, 1989 with Gilbert Schnitzer.
(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 Thelma S. Schnitzer and Gilbert Schnitzer, Trustees U/A/D February 7, 1989 with Thelma S. Schnitzer.
(4) Voting trust certificates or shares, as the case may be, are held by the Gilbert Schnitzer 2004 Annuity Trust I, dated 10/1/04.
(5) Voting trust certificates or shares, as the case may be, are held by the Thelma Schnitzer 2004 Annuity Trust I, dated 10/1/04.

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