Universal Scrap Metals Continues After Philip Zeid’s Death

Universal Scrap Metals (USM), based in Chicago, has announced that with the death of its 27-year president Philip Zeid on Feb. 9, the company is continuing according to its in-place succession and growth-continuation plan.

“While Philip Zeid is deeply missed, the company he left behind has never been stronger,” says Barry Riback, Zeid’s business partner of 26 years.

Riback will assume Zeid’s recent role as president of USM, while Philip’s son Jason Zeid will continue as vice president and manager of daily operations.

Philip and Riback grew USM from a small local business to a leading U.S. metal recycler, with $85 million in sales and 78 full-time employees.

Riback says Zeid had planned to withdraw from his remaining management responsibilities this year. “He had implemented a solid succession plan based on the conviction that USM growth requires an energetic and motivated management team,” he continues. “We’ve added talented young management and increased our sales team by 30 percent in just the last year.”

Zeid had transferred most of the active management of the business to his son, who has spent the last 18 years with the company. Jason Zeid also will become president of USM Processing, which is focused on the collection and processing of specification and off-spec used beverage cans (UBCs), and USMe LLC, its electronics recycling operation, the company’s newest venture.

Jason attributes USM’s growth to his father’s oversight. “He grew up in the scrap business, and no one better understood how it worked,” he says. “He made sure we focused on ROI with every investment. Thanks to that guidance, we can further invest in growth.”

USM’s expansion plans include existing and complementary markets, such as USMe.

“USMe is a good example of how we see the future,” Jason says. “We’ll grow by delivering high-value services that solve specific customer problems.”