SCHN 2017 Proxy Statement

Proxy Summary Total Debt (in thousands) $ 192,518 2016 2017 $ 145,124 Total Debt, Net of Cash (in thousands) * $165,699 $137,837 2016 2017 * See pages 47-49 of the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on October 24, 2017 for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures. In addition to the significant improvements in operating performance and in earnings per share as shown in the charts above, our fiscal 2017 year-over-year accomplishments included: ✓ 95% adjusted operating income growth* ✓ 10% growth in ferrous volumes ✓ 15% growth in nonferrous volumes ✓ $100 million operating cash flow generated ✓ 25% reduction in total debt to its lowest level since first quarter of fiscal 2011 ✓ 48% total shareholder return** * Year-over-year percentage change in GAAP consolidated operating income is not meaningful. ** Total Shareholder Return (TSR) is the total return on the Company’s Class A common stock over a specified period, expressed as a percentage (calculated based on the change in stock price over the relevant measurement period and assuming reinvestment of dividends). Our current directors and executive officers, as a group, own approximately 1,000,000, or approximately 4%, of our outstanding shares, and their interests are closely aligned with the interests of the other shareholders and the financial performance of the Company. Notice of Annual Meeting of Shareholders and 2017 Proxy Statement | 9