Radius Recycling (RDUS) 8-K Schnitzer Steel Board Elects Jill Schnitzer Edelson as Director and Takes Steps to Have a Majority of Independent Directors

EXHIBIT 10.1

Non-Employee Director Compensation Summary¹

The following is a summary of the compensation provided to our non-employee directors effective as of September 1, 2005.

Annual fee for all non-employee directors	$	35,000
Board meeting and Board committee meeting fees (where committee meeting held other than on the same day as a meeting of the Board)	$	1,200
Chairperson retainer – Audit Committee	$	5,000
Chairperson retainer – Compensation Committee	$	5,000
Chairperson retainer – Nominating and Corporate Governance Committee	$	3,500
Annual grant of restricted Class A common stock to all non-employee directors	$	87,500

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¹ The Chairman of the Board may receive additional compensation as determined by the Compensation Committee.