WWW.EXFILE.COM, INC. -- 14069 -- SCHNITZER STEEL INDUSTRIES, INC. -- EXHIBIT 10.4 TO FORM 10-Q


    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 its expanded premises
      in
      the 3200 Building.

    C.           Capitalized
      terms which are used in this Amendment and which are defined
      in the Lease shall have the meanings given to them in the Lease, unless
      expressly amended by this Amendment.

    Agreements:

    NOW,
      THEREFORE, in consideration of the mutual promises of the parties
      set forth in this Amendment, the receipt and sufficiency of which are
      acknowledged, the parties agree as follows:

    1.            Termination
      of Lease. Effective on the later of:
      (a) the date on which Tenant vacates the Premises and returns possession of
      the
      Premises to Landlord in the condition required by the Lease, and (b) the
      Expansion Space Commencement Date, as defined in the 3200 Lease Amendment (the
      “Effective Date”), the Lease shall terminate and all rights and obligations of
      Landlord and Tenant under the Lease shall terminate except for rights and
      obligations accrued as of the Effective Date.

    2.            Effect
      of Amendment. Landlord and Tenant ratify
      and confirm all provisions of the Lease. Except as expressly amended by this
      Amendment, the Lease remains unmodified and in full force and
      effect.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
    

    IN
      WITNESS WHEREOF, the parties have executed this Amendment effective as
      of the date first set forth above.

    
      	
               

            	
              LANDLORD:

            	
              SCHNITZER
                INVESTMENT CORP., an Oregon
                corporation

            


    

     

    By:                                          
                                            

    Its:                                          
                                            

    
      	
               

            	
              TENANT:

            	
              SCHNITZER
                STEEL INDUSTRIES, INC., an Oregon
                corporation

            


    

     

    By:                                          
                                            

    Its: