SC 13G/A
 

     
 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G/A

Under the Securities Exchange Act of 1934
(Amendment No. 1)*

Schnitzer Steel Industries, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
806882106
(CUSIP Number)
December 31, 2005
(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

     o Rule 13d-1(b)

     þ Rule 13d-1(c)

     o Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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 control number.

 
 

 

                     
CUSIP No.
  
806882106 

 

           
1   NAMES OF REPORTING PERSONS:
Glenhill Advisors, LLC
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 
     
13-4153005
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)   o
  (b)   þ
     
3   SEC USE ONLY:
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  Delaware
       
  5   SOLE VOTING POWER:
     
NUMBER OF   1,613,071
       
SHARES 6   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   1,613,071
       
WITH: 8   SHARED DISPOSITIVE POWER:
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  1,613,071
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
   
  7.2%
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
  IA, HC

Page 2 of 6 pages

 

                     
CUSIP No.
  
806882106 

 

           
1   NAMES OF REPORTING PERSONS:
Glenn J. Krevlin
   
  I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY): 
   
     
2   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS):
  (a)   o
  (b)   þ
     
3   SEC USE ONLY:
   
   
     
4   CITIZENSHIP OR PLACE OF ORGANIZATION:
   
  United States
       
  5   SOLE VOTING POWER:
     
NUMBER OF   1,613,071
       
SHARES 6   SHARED VOTING POWER:
BENEFICIALLY    
OWNED BY   0
       
EACH 7   SOLE DISPOSITIVE POWER:
REPORTING    
PERSON   1,613,071
       
WITH: 8   SHARED DISPOSITIVE POWER:
     
    0
     
9   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON:
   
  1,613,071
     
10   CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE INSTRUCTIONS):
   
  o
     
11   PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9):
   
  7.2%
     
12   TYPE OF REPORTING PERSON (SEE INSTRUCTIONS):
   
  HC

Page 3 of 6 pages

 

     
Item 1(a).
   Name of Issuer:
 
   Schnitzer Steel Industries, Inc.
 
    
Item 1(b).
   Address of Issuer’s Principal Executive Offices:
 
   3200 NW Yeon Avenue, P.O. Box 10047
 
   Portland, OR 07296-0047
 
    
Item 2(a).
   Name of Persons Filing:
 
   Glenhill Advisors, LLC (formerly Krevlin Advisors, LLC) and Glenn J. Krevlin.
 
    
 
   Glenn J. Krevlin is the managing member and control person of Glenhill Advisors, LLC. Glenhill Advisors, LLC is the managing member of each of Glenhill Capital Management, LLC and Glenhill Overseas Management, LLC. Glenhill Capital Management, LLC is investment advisor to each of Glenhill Capital LP, Glenhill Concentrated Long Master Fund, LLC and Glenhill Concentrated Long Absolute Fund, LP, each of whom is a security holder of the Issuer. Glenhill Overseas Management, LLC is investment Advisor to Glenhill Capital Overseas Master Fund, LP a security holder of the issuer.
 
    
Item 2(b).
   Address of Principal Business Office or, if none, Residence:
 
   598 Madison Avenue, 12th Floor
 
   New York, NY 10022
 
    
Item 2(c).
   Citizenship:
 
   See the response(s) to Item 4 on the attached cover page(s).
 
    
Item 2(d).
   Title of Class of Securities:
 
   Common Stock
 
    
Item 2(e).
   CUSIP Number:
 
   806882106
 
    
Item 3.
   If this statement is filed pursuant to Rules 13d-1(b) or 13d-2(b) or (c), check whether the person filing is a:
 
             Not Applicable

Page 4 of 6 Pages

 

             
Item 4.       Ownership.
 
            
    (a).   Amount beneficially owned:
        See the response(s) to Item 9 on the attached cover page(s).
 
            
    (b).   Percent of Class:
        See the response(s) to Item 11 on the attached cover page(s).
 
            
    (c).   Number of shares as to which such person has:
 
            
 
       (i).   Sole power to vote or to direct the vote: See the response(s) to Item 5 on the attached cover page(s).
 
            
 
       (ii).   Shared power to vote or to direct the vote: See the response(s) to Item 6 on the attached cover page(s).
 
            
 
       (iii).   Sole power to dispose or to direct the disposition of: See the response(s) to Item 7 on the attached cover page(s).
 
            
 
       (iv).   Shared power to dispose or to direct the disposition of: See the response(s) to Item 8 on the attached cover page(s).
 
            
Item 5.       Ownership of Five Percent or Less of a Class.
 
           Not Applicable
 
            
Item 6.       Ownership of More than Five Percent on Behalf of Another Person.
 
           Not Applicable
 
            
Item 7.       Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company.
 
           Not Applicable
 
            
Item 8.       Identification and Classification of Members of the Group.
 
           Not Applicable
 
            
Item 9.       Notice of Dissolution of Group.
 
           Not Applicable
 
            
Item 10.       Certification.
        By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

Page 5 of 6 Pages

 

SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: February 14, 2006
         
  GLENHILL ADVISORS, LLC
 		  
  By:   /s/ GLENN J. KREVLIN    
  Name:  Glenn J. Krevlin   
  Title:  Managing Member   
 
     
  /s/ GLENN J. KREVLIN    
  Name:   Glenn J. Krevlin   
     
 

Page 6 of 6 Pages