Philip Services Applies to be Delisted

Philip Services Corp., a Houston-based industrial and metals services companies, has applied to the Toronto Stock Exchange to voluntarily de-list its shares of common stock from the exchange.

The company has been in Chapter 11 reorganization in the United States since June 2, and filed together with its wholly owned Canadian subsidiaries under the Companies' Creditors Arrangement Act in Canada on Sept. 19, 2003.

Pursuant to the reorganization plan filed with and confirmed by the U.S. Bankruptcy Court, if and when the plan becomes effective the existing shares of common stock of the company will be extinguished by order of the U.S. bankruptcy court.

New shares of common stock, to be issued on the effective date of the plan, will not be offered to the public and will not be listed on the TSX. Current stockholders will not receive any distribution under the plan.

The effective date of the plan is subject to a number of conditions that have not yet been met, and the Company cannot assure that the plan will, in fact, become effective.

The existing shares of common stock will be de-listed after the close of trading on Dec. 24, 2003.