Plunging metal prices worry small recycling outfit

My scrap metal recycling company is more than a small business. It's a family tradition.

I started Scrap Metals Recycling in Spartanburg, S.C., in honor of my relatives, who made metal recycling their life. They taught me everything I know about automotive, industrial and scrap material. They drove from junkyard to junkyard in a small truck, buying material and selling to whomever paid the most. In contrast, people bring me metal, which I sell to locals or ship overseas.

It's up to me to keep the tradition going. But the recession has made that difficult.

Last summer, metal prices were soaring. I was paid from $14 to $15 per hundred pounds of steel. This year, it's around $5 per hundred pounds. Copper garnered top dollar last summer at $4 per pound. This year, I am down to $1.50.

I have five employees on whom I depend every day to keep my business running. Without them, I couldn't make it on my own. Previously, I paid them $500 a week. Now, I can only afford to pay them $8 an hour. This is hard work, and I know they deserve higher pay. I am so thankful they have stuck with me.

There is competition, too. I'm up against a number of scrap metal recyclers near Spartanburg every day. Some have better prices; some are just better known.

I am hoping the country breaks free from this recession. I know my business will have its ups and downs, but it seems lately we are down more. I'm now considering selling my building and buying something cheaper so my overhead won't be as expensive. If metal prices don't rise soon, I'm afraid I will have to close my doors and end a dream passed down from generation to generation.