Steel and iron are both ferrous scrap metals. These metals are classified into one of 80 grades before recycling.
Nonferrous scrap includes any metal other than steel or iron, such as copper, aluminum, lead, nickel and zinc. Nonferrous scrap metals fetch more money per pound than ferrous scrap metals.
Home scrap includes metal generated at a refinery, mill or foundry that is remelted and reused at the same facility. Home scrap can be either ferrous or nonferrous metal.
Industrial scrap involves metal that is drilled or cut out of a piece of metal and not used in the finished product. The automotive industry creates most industrial scrap.
Obsolete scrap is any metal that is unusable or worn out. Obsolete scrap includes old radiators, used photography film, old pipes and major appliances.