UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549


                                    FORM 8-K


                                 CURRENT REPORT
                     PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934


       Date of report (Date of earliest event reported): October 29, 2007

                        Schnitzer Steel Industries, Inc.
                        --------------------------------
             (Exact Name of Registrant as Specified in Its Charter)


            Oregon                         0-22496               93-0341923
            ------                         -------               ----------
(State or Other Jurisdiction of   (Commission File Number)     (IRS Employer
        Incorporation)                                       Identification No.)

          3200 N.W. Yeon Ave.
            P.O. Box 10047
             Portland, OR                                     97296-0047
             ------------                                     ----------
(Address of Principal Executive Offices)                      (Zip Code)

Registrant's Telephone Number Including Area Code:          (503) 224-9900

                                    NO CHANGE
                                    ---------
          (Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act
    (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
    (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
    Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
    Exchange Act (17 CFR 240.13e-4(c))



Item 2.02   Results of Operations and Financial Condition

On October 29, 2007, Schnitzer Steel Industries, Inc. (the "Company") issued a
press release announcing financial results for the fiscal year ended August 31,
2007. A copy of this press release is being furnished as Exhibit 99.1 to this
report on Form 8-K.




Item 9.01   Financial Statements and Exhibits

(d)         Exhibits
            --------

99.1        Press Release of Schnitzer Steel Industries, Inc. issued on
            October 29, 2007.



                                    SIGNATURE

         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                          Schnitzer Steel Industries, Inc.
                                          (Registrant)


Dated: October 29, 2007                   By:    /s/ Gregory J. Witherspoon
                                                 --------------------------
                                          Name:  Gregory J. Witherspoon
                                          Title: Chief Financial Officer




                                  Exhibit Index
                                  -------------

Exhibit No.       Description
-----------       -----------

99.1              Press Release of Schnitzer Steel Industries, Inc. issued on
                  October 29, 2007