AMENDMENT TO YEON BUSINESS CENTER LEASE AGREEMENT

Office Lease Agreement

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SCHNITZER STEEL INDUSTRIES INC | SCHNITZER INVESTMENT CORP., | Yeon Business Center

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Title: AMENDMENT TO YEON BUSINESS CENTER LEASE AGREEMENT
Date: 1/9/2006
Industry: Iron and Steel

EXHIBIT 10.4

AMENDMENT TO YEON BUSINESS CENTER LEASE AGREEMENT

(3330 NW Yeon)

DATED:

_________________, 2005

BETWEEN:

SCHNITZER INVESTMENT CORP.,

an Oregon corporation

(“Landlord”)

AND:	SCHNITZER STEEL INDUSTRIES, INC.,

an Oregon corporation

(“Tenant”)

Recitals :

A. Landlord and Tenant are parties to a Yeon Business Center (3330 NW Yeon) Lease Agreement dated August 7, 2003 (the “Lease”).

B. Contemporaneously with the execution of this Amendment to Yeon Business Center Lease Agreement (the “ Amendment ”), the parties are executing an Amendment to Yeon Business Center (3200 NW Yeon) Lease Agreement (the “3200 Lease Amendment”) pursuant to which Tenant will expand its premises in the building in the Project located at 3200 NW Yeon Avenue (the “3200 Building”). Landlord and Tenant desire to terminate the Lease after Tenant vacates the Premises and relocates into

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