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 *
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)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
(Last)
(First)
(Middle)
SCHNITZER INVESTMENT CORP., 1211 SW FIFTH AVENUE, SUITE 2250		 3. Date of Earliest Transaction (Month/Day/Year)
05/08/2007
(Street)

PORTLAND, OR 97204		 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 05/08/2007   C   1,200 A (1) 1,200 I See note. (2)
CLASS A COMMON STOCK 05/08/2007   S   1,200 D $ 55 0 I See note. (2)
CLASS A COMMON STOCK 05/09/2007   C   2,000 A (3) 2,000 I See note. (4)
CLASS A COMMON STOCK 05/09/2007   S   2,000 D $ 55 0 I See note. (4)
CLASS A COMMON STOCK 05/09/2007   C   6,800 A (5) 6,800 I See note. (2)
CLASS A COMMON STOCK 05/09/2007   S   6,800 D $ 55 0 I See note. (2)

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 (1) 05/08/2007   C     1,200   (1)   (1) CLASS A COMMON STOCK 1,200 (1) 7,158 I See note. (2)
CLASS B COMMON STOCK (3) 05/09/2007   C     2,000   (3)   (3) CLASS A COMMON STOCK 2,000 (3) 11,563 I See note. (4)
CLASS B COMMON STOCK (5) 05/09/2007   C     6,800   (5)   (5) CLASS A COMMON STOCK 6,800 (5) 358 I See note. (2)

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
PHILIP ROBERT W
SCHNITZER INVESTMENT CORP.
1211 SW FIFTH AVENUE, SUITE 2250
PORTLAND, OR 97204		     X    
PHILIP RITA S
SCHNITZER INVESTMENT CORP.
1211 SW FIFTH AVENUE, SUITE 2250
PORTLAND, OR 97204		     X    

Signatures

 /s/ Robert W. Philip   05/10/2007
**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) The Class B Common Stock is convertible into Class A Common Stock at any time on a one-for-one basis, and has no expiration date. On May 8, 2007, Michele B. Philip converted a total of 1,200 shares of Class B Common Stock to 1,200 shares of Class A Common Stock. Michele B. Philip is the daughter of Robert W. Philip and Rita S. Philip.
(2) Held personally by Michele B. Philip, daughter of Robert W. Philip and Rita S. Philip.
(3) The Class B Common Stock is convertible into Class A Common Stock at any time on a one-for-one basis, and has no expiration date. On May 9, 2007, the Michele B. Philip Trust dated December 22, 1994, Rita S. Philip Trustee, converted a total of 2,000 shares of Class B Common Stock to 2,000 shares of Class A Common Stock. Michele B. Philip is the daughter of Robert W. Philip and Rita S. Philip.
(4) Held by Michele B. Philip Trust dated December 22, 1994, Rita S. Philip Trustee. Michele B. Philip is the daughter of Robert W. Philip and Rita S. Philip.
(5) The Class B Common Stock is convertible into Class A Common Stock at any time on a one-for-one basis, and has no expiration date. On May 9, 2007, Michele B. Philip converted a total of 6,800 shares of Class B Common Stock to 6,800 shares of Class A Common Stock. Michele B. Philip is the daughter of Robert W. Philip and Rita S. Philip.

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