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Why Transparency is the Future of Any Business: Lessons from the Scrap Metal Industry
The scrap metal industry is one of dinosaurs.
Since 2012, I have worked for my brother full-time for the scrap metal business our Dad started in 1977.
Despite it not being a glamorous industry, it has a large footprint on the US economy – having an impact of $117 billion in the US in 2021 (according to ISRI.org)
That number should be taken seriously, especially when discussing a product and service that is a byproduct of other industries.
What is scrap metal recycling?
Some people may see junk collectors sifting through curbside trash and auto salvage companies selling parts, but that’s just the tip of the iceberg in scrap.
Scrap metal recycling and its materials can be categorized into three main sectors;
Non-Ferrous Metals
These are higher-valued metals that have specific applications and are non-magnetic. These metals are of higher value due to their complex mining processes, limited supplies, and non-corrosive characteristics. These metals do not stick to magnets. Some popular examples are:
- Copper – which is used in electrical and plumbing systems
- Aluminum – which is used in food, technology, automotive…