Scrap is a term used to describe recyclable materials left over from every manner of product consumption, such as parts of vehicles, building supplies, and surplus materials. Often confused with waste, scrap in fact has significant monetary value. Overall, the scrap industry processes more than 145,000,000 short tons (129,464,286 long tons; 131,541,787 t) of recyclable material each year into raw material feedstock for industrial manufacturing around the world. In 2007 the United States' exported over 10 billion dollars worth of scrap steel.

Role in the American economy

The scrap industry contributed $65 billion in 2006 and is one of the few contributing positively to the U.S. balance of trade, exporting $15.7 billion in scrap commodities in 2006. This imbalance of trade has resulted in rising scrap prices during 2007 and 2008 within the United States. Scrap recycling also helps reduce greenhouse gas emissions and conserves energy and natural resources. For example, scrap recycling diverts 145,000,000 short tons (129,464,286 long tons; 131,541,787 t) of materials away from landfills. Recycled scrap is a raw material feedstock for 2 out of 3 pounds of steel made in the U.S., for 60% of the metals and alloys produced in the U.S.,ddd for more than 50% of the U.S. paper industry’s needs, and for 33% of U.S. aluminum. Recycled scrap helps keep air and water cleaner by removing potentially hazardous materials and keeping them out of landfills.