SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment 2)*
Schnitzer Steel Industries, Inc.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
806882106
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(CUSIP Number)
December 31, 2002 (Date of Event Which Requires
Filing of this Statement) Check the appropriate box to
designate the rule pursuant to which this schedule is
filed:
(X) Rule 13d-1(b)
( ) Rule 13d-1(c)
( ) Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
(Continued on following page(s))
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1) Name of Reporting Person SAFECO Asset Management
S.S. or I.R.S. Identifica- Company
tion No. of Above Person
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2) Check the Appropriate Box (a)
if a Member of a Group ___________________________
(See Instructions) (b)
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3) SEC Use Only
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4) Citizenship or Place of State of Washington
Organization
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Number of (5) Sole Voting
Shares Bene- Power 0
ficially ___________________________________________________
Owned by (6) Shared Voting
Reporting Power 218,300
Person With ___________________________________________________
(7) Sole Disposi-
tive Power 0
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(8) Shared Dispositive
Power 218,300
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9) Aggregate Amount Beneficially
Owned by Reporting Person 218,300(1)
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10) Check if the Aggregate
Amount in Row (9) Excludes
Certain Shares (See Instructions)
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11) Percent of Class Represented
by Amount in Row 9 4.34%
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12) Type of Reporting Person IA
(See Instructions)
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1 The Reporting Person disclaims any beneficial ownership of the
shares reported on this joint 13G. The reported shares are
owned beneficially by registered investment companies for
which the Reporting Person serves as an adviser.
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1) Name of Reporting Person SAFECO Corporation
S.S. or I.R.S. Identification
No. of Above Person
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2) Check the Appropriate Box (a)
if a Member of a Group ___________________________
(See Instructions) (b)
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3) SEC Use Only
---------------------------------------------------------------
4) Citizenship or Place of State of Washington
Organization
---------------------------------------------------------------
Number of (5) Sole Voting
Shares Bene- Power 0
ficially ___________________________________________________
Owned by (6) Shared Voting
Reporting Power 241,700
Person With ___________________________________________________
(7) Sole Dispositive
Power 0
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(8) Shared
Dispositive Power 241,700
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9) Aggregate Amount Beneficially
Owned by Reporting Person 241,700(2)
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10) Check if the Aggregate
Amount in Row (9) Excludes
Certain Shares (See Instructions)
---------------------------------------------------------------
11) Percent of Class Represented
by Amount in Row 9 4.81%
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12) Type of Reporting Person HC
(See Instructions)
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2 The Reporting Person disclaims any beneficial ownership of the shares
reported on this joint 13G. The reported shares are owned beneficially by
registered investment companies for which a subsidiary of the Reporting
Person serves as adviser and by employee benefit plans for which the
Reporting Person is a plan sponsor.
Item 1(a). Name of Issuer: See front cover
Item 1(b). Address of Issuer Principal Executive Offices:
3200 Northwest Yeon Avenue
P.O. Box 10047
Portland, OR 97296-0047
Item 2(a). Name of Person(s) Filing: See Item 1 on cover page (pp 2-3).
Item 2(b). Address of Principal Business Office or, If None, Residence:
SAFECO Corporation: SAFECO Plaza, Seattle, WA 98185
SAFECO Asset Management Company:
601 Union Street, Suite 2500, Seattle, WA 98101
Item 2(c). Citizenship: See Item 4 on cover page (pp 2-3).
Item 2(d). Title of Class of Securities: See front cover page.
Item 2(e). CUSIP Number: See front cover page.
Item 3. If this statement is filed pursuant to Rules 13d-1(b) or
13d-2(b) or (c), check whether the persons filing are:
(a)( )Broker or Dealer registered under Section 15 of the Act.
(b)( )Bank as defined in Section 3(a)(6) of the Act.
(c)( )Insurance Company as defined in Section 3(a)(19) of the Act.
(d)( )Investment Company registered under Section 8 of the Investment
Company Act of 1940.
(e)(X)Investment Advisor registered under Section 203 of the Investment
Advisers Act of 1940.
(f)( )Employee Benefit Plan, Pension Fund which is subject to
provisions of Employee Retirement Income Security Act of
1974 or Endowment Fund; see Rule 13d-1(b)(1)(ii)(F).
(g)(X)Parent Holding Company in accordance with Rule 13d-1(b)(ii)(G).
(h)( ) Savings Association as defined in Section 3(b) of the
Federal Deposit Insurance Act.
(i)( ) Church Plan that is excluded from the definition of an
investment company
under Section 3(c)(14) of the Investment Company Act of 1940.
(j)( )Group, in accordance with Rule 13d-1(b)(1)(ii)(H).
Item 4. Ownership:
Items (a) through (c): See items 1 and 5-11 of the cover pages
(pp 2-3).
SAFECO Asset Management Company and SAFECO Corporation
expressly declare that the filing of this statement on
Schedule 13G shall not be construed as an admission that they
are, for the purposes of Section 13(d) or 13(g) of the
Securities and Exchange Act of 1934, the beneficial owners of
any securities covered by this statement. Each of such
companies is filing this statement because it is considered an
indirect beneficial owner of such securities based on its
ownership or control of one or more investment companies or
its sponsorship of employee benefit plans which directly own
such shares.
Item 5. Ownership of 5% or Less of a Class: As of December 31, 2002 the
reporting persons have ceased to be reporting persons because
they no longer own 5% of the outstanding shares of
Schnitzer Steel Industries, Inc.
Item 6. Ownership of More than 5% on Behalf of Another Person: Not applicable.
Item 7. Identification and Classification of the Subsidiary Which Acquired the
Security Being Reported on by the Parent Holding
Company.
SAFECO Asset Management Company is the subsidiary on which
SAFECO Corporation is reporting as the parent holding company.
SAFECO Asset Management Company is an investment adviser as
specified in Item 12 on the cover page (p. 2), and reported
shares are owned beneficially by registered investment
companies for which SAFECO Asset Management Company serves as
investment adviser.
Item 8. Identification and Classification of Members of the Group.
Not applicable.
Item 9. Notice of Dissolution of Group. Not applicable.
Item 10.Certification.
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired and
are held in the ordinary course of business and were not
acquired and are not held for the purpose of or with the
effect of changing or influencing the control of the issuer of
such securities and were not acquired and are not held in
connection with or as a participant in any transaction having
that purpose or effect.
Exhibits.
The statement required by Rule 13d-1(f) is attached as Exhibit
A.
Signature.
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: February 11, 2003 SAFECO Corporation
By /s/ Ronald L. Spaulding
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Ronald L. Spaulding, Treasurer
SAFECO Asset Management Company
By /s/ David H. Longhurst
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David H. Longhurst, Secretary
EXHIBIT A
Agreement for filing Schedule 13-G.
Pursuant to the requirements of Regulation 13d-1(d), SAFECO Corporation and
SAFECO Asset Management Company each agree that Schedule 13-G filed by them with
regard to Schnitzer Steel Industries, Inc.'s common stock is filed on behalf of
each of them.
Date: February 11, 2003 SAFECO Corporation
By /s/ Ronald L. Spaulding
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Ronald L. Spaulding, Treasurer
SAFECO Asset Management Company
By /s/ David H. Longhurst
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David H. Longhurst, Secretary