SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT
                       Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934


                Date of Report (Date of earliest event reported):
                       October 23, 2003 (October 22, 2003)


                           PHILIP SERVICES CORPORATION
             (Exact name of registrant as specified in its charter)


                                                                          
             DELAWARE                                 0-30417                                98-0131394
   (State or other jurisdiction                  (Commission File                (IRS Employer Identification No.)
         of incorporation)                            Number)

5151 SAN FELIPE, SUITE 1600, HOUSTON, TEXAS                                                     77056
 (Address of principal executive offices)                                                     (Zip Code)



                                 (713) 623-8777
              (Registrant's telephone number, including area code)




ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.

     (a)  Financial Statements of Businesses Acquired.

          Not applicable.

     (b)  Pro Forma Financial Information.

          Not applicable.

     (c)  Exhibits.

          99.1 Monthly Operating Report of Philip Services Corporation for the
          period September 1, 2003 to September 30, 2003.

ITEM 9. REGULATION FD DISCLOSURE.

          On October 22, 2003 Philip Services Corporation (the "Company")
(OTC:PSCDQ.PK; TSE:PSC) filed its monthly operating report for the period
September 1, 2003 to September 30, 2003, with the United States Bankruptcy Court
for the Southern District of Texas, a copy of which is attached hereto as
Exhibit 99.1, in connection with the filing of the voluntary petitions for
reorganization pursuant to Chapter 11 of the United States Bankruptcy Code of
the Company and most of its wholly-owned U.S. subsidiaries (collectively, the
"Debtors"). The Debtors' cases have been consolidated and are being jointly
administered under case number 03-37718-H2-11.







         Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                   PHILIP SERVICES CORPORATION


Date: October 23, 2003             By: /s/ Michael W. Ramirez
                                       -----------------------------------------
                                       Michael W. Ramirez
                                       Senior Vice President and Chief Financial
                                       Officer



                                  EXHIBIT INDEX





EXHIBIT NO.       DOCUMENT
-----------       --------
               

   99.1           Monthly Operating Report of Philip Services Corporation for
                  the period September 1, 2003 to September 30, 2003.