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NEW YORK ( TheStreet) -- The ex-dividend date for Schnitzer Steel Industries (Nasdaq: SCHN) is tomorrow, May 15, 2012. Owners of shares as of market close today will be eligible for a dividend of 19 cents per share. At a price of $35.33 as of 9:30 a.m. ET, the dividend yield is 2%. The average volume for Schnitzer has been 326,700 shares per day over the past 30 days. Schnitzer has a market cap of $931.6 million and is part of the basic materials sector and metals & mining industry. Shares are down 15.3% year to date as of the close of trading on Friday. Schnitzer Steel Industries, Inc. engages in recycling ferrous and nonferrous scrap metals, and used and salvaged vehicles; and manufacturing finished steel products. The company has a P/E ratio of 369.2, above the average metals & mining industry P/E ratio of 11.9 and above the S&P 500 P/E ratio of 17.7.