Business
Succession and Estate Management Strategies
Buying
surplus U.S. government property, including scrap and usables, may not be
for everyone, but some recyclers swear by this niche market.
For
Sale: Surplus U.S. Army Jeeps--Yours for Only $100!
Does
this pitch line sound familiar? It should. Such claims have appeared in
advertisements in national magazines for decades, no doubt piquing the
interest of many individuals and businesses seeking great opportunities in
the U.S. government's plethora of surplus materials. The fact is,
however, that many of these ads are misleading at best and scams at worst,
according to representatives at the Defense Reutilization and Marketing
Service (DRMS) (Battle Creek. Mich.), the arm of the Defense Department
that oversees sales of surplus and scrap materials. Thus, that $100 jeep
could, in reality, be a $25 pile of scrap metal (to learn why, see
"What's Not for
Sale").
While
this may be a letdown for those in search of a cheap vehicle, it reveals a
glimpse of the U.S. military's position as a large, valuable, and unique
source of high-quality materials for many scrap traders, processors, and
consumers. When it comes to scrap, in fact, the DRMS is the largest single
source of material for the domestic recycling industry, selling more
than half a million tons of ferrous and nonferrous metals valued at more
than $69 million in fiscal year 1993.
And
these metals account for only part of the picture. The government's
selling program, which includes nonmetallics such as old corrugated containers and surplus usables such as machinery,
office furniture, and boots, adds up to hundreds of millions of dollars
worth of goods sold each year.
Basics
of the System
Government
scrap and surplus materials are offered in local as well as national
sales, with the type, value, and quantity of the material determining
whether it is sold locally or nationally. For example, under current
rules, local bases cannot sell non-munitions scrap metal in
quantities of more than 20,000 pounds or with a market value greater
than $2,500. This policy may soon change, however: The expected closure of
30 or more major military bases and the scaling back or reorganizing of
134 others in the years ahead are expected to increase the scrap sales
potential at the local and national levels in the short term, so
government officials are set to meet this year to discuss the sales
guidelines.
Local
sales, which are conducted by local military bases through what are known
as the Defense Reutilization and Marketing Offices (DRMOs), are usually
advertised through fliers mailed to individuals on local DRMO bidding
lists. National sales, on the other hand, are administered by the DRMS
office in Memphis, Tenn., and
are advertised through sales catalogs mailed to all interested
parties. These catalogs, which are more thorough than local announcements, describe the property for sale, where the
property is located, the location of the sale, inspection and sale dates,
and contacts for more information. In addition, the Commerce Business Daily, a federal government publication, contains
notices of all scheduled national sales.
Anatomy
of a National Sale
Before
bidding on property listed in a sales catalog, however, advise many
recyclers experienced in the process, it's important to physically inspect
the material. Why? For one reason, catalog descriptions for like-sounding
material vary considerably from base to base, says Gay Searle, sales
manager of Acme
Trading & Supply Co. (Portland, Ore.). Also, he notes, the actual
material may be a far cry from how it has been described and advertised in
the catalog-something you'll never know unless you inspect it in person.
Nevertheless,
many bidders don't inspect the property, instead relying on a call to the
base for more details on the material or an extremely low bid as a way of
hedging their risk. While most bases do a credible
job in properly segregating the various types of metallic scrap, and while
some will provide photos, or even samples, of the scrap, Searle and others
maintain that base personnel are simply not qualified to answer detailed
questions on scrap items that may not even be properly sorted and
segregated.
Following
careful inspection, interested parties fill out bids that are then sealed for opening at a specified date and
time, depending on the size and type of sale. Bidders enter their tenders
on the bid forms in the catalog, complete other forms as specified by the
catalog, and return them to the DRMS, along with the required bid
deposit-usually 20 percent of the bid amount. The deposit must be in the
form of cash or a guaranteed financial instrument such as a certified or
cashier's check, or even a credit card. Bidders who have secured an
irrevocable letter of credit from their bank or an approved bid bond
backed by an insurance carrier also have the option of submitting their
deposit by personal or company check. But even then, this form of deposit
is limited to the amount of the letter of credit or the penal sum of the
bond.
Seasoned
bidders note that their initial bids are usually biased on the low side,
in part because DRMS policy allows for bid revisions up to 3 p.m. on the
day before bids are opened, and these changes can be faxed in on an
item-by-item basis. This policy not only gives buyers maximum price
flexibility as market conditions dictate, but also enables the
seller--that is, the government--to maximize the revenue it receives.
After
the bids are opened, the high bidders are chosen, and the award
results--which note the winning bidders, their bids, and the quantity of
material sold--are announced. Because this information can reportedly take
a week or so to reach the successful bidders, some participants rely on
the information services of other independent firms that attend the bid
openings specifically to record the results and usually have the complete
rundown in the hands of their subscribers within days of the awards.
Unsuccessful bidders, meanwhile, get their bid deposits returned, usually
within seven days after the awards are made.
Following
the awards, successful bidders must pay for their material in full within
30 days, unless the sale was a "term sale" in which specified
quantities of material--usually ferrous scrap--are released over a defined
period. In these sales, winning bidders are billed at the end of the month
for material picked up that month, with transacted prices pegged to a
published scrap price.
Buyers
must also arrange to pick -up the material within a specified period,
usually ranging from three weeks to a month following an award. If
material isn't removed within the specified period, buyers can face
storage charges--which do vary--or forfeiture of their bid deposit.
Naturally, there are exceptions to this rule for both the buyer and
seller. For example, the government will usually grant extensions, without
penalty, should the buyer be unable to remove material due to such factors
as inclement weather and equipment breakdowns.
When
it comes to picking up purchased material, each government facility has
scales for proper weighing and documentation. Don't be surprised if these
scales reveal that the actual volume of material varies from the original
weight awarded, experienced buyers point out. Government policy allows a
variance of plus or minus 25 percent, they note, adding that it is
generally more common for buyers to take away more material than less. In
this case, the buyer is obligated to pay for the additional material at
the same unit price as the original lot. Of course, if the lot comes up
short, the buyer isn't charged for material not received.
As
a whole, the timeline of a national sale is such that you could bid on
material in one month, be notified of the award the next month, and not
pick up all the material until the following month. Thus, by the time you
take possession, you may have already sold the material to a third
party--not an uncommon occurrence--and may need a little luck to ensure
that market conditions won't have changed to make what may have first been
a profitable-looking bid into a loss on the sell side.
The
System's Downsides
Overall,
regular participants rate national sales conducted by the DRMS highly. In
fact, a national sales office customer service survey, conducted last year
by the DRMS, gleaned generally positive remarks from the 350 national
sales customers that responded out of a total of 700 solicited. But one
complaint from the respondents was that they weren't receiving copies of
the award list in a timely fashion, if at all. Others claimed that bid
deposits weren't returned quickly enough and that award documents weren't
being received within 10 days following bid openings.
Many
customers also noted displeasure with the requirement that bids be
accompanied by guaranteed deposits, as opposed to simple company or
personal checks. But government officials point out that this "hard
dollars" policy was implemented in 1986 because of problems with
deposit checks that bounced. In fact, according to Defense Department
auditors, about $2.9 million in uncertified deposit checks was dishonored
in one 18-month period during 1981 and 1982. There's always the option of
obtaining a bond to cover deposits, but some individuals and small firms
complain that it is either too hard or too expensive for them to do so.
Still, this is the most cost-effective and efficient way for serious
bidders to do business with the government, some say. "It's no big
deal getting a bid bond," remarks one large processor. "It's
certainly worth my time and cost. It effectively turns what would be a
tie-up in money into nothing more than a clerical exercise." The
underlying truth, he maintains, is that some individuals and firms don't
want to subject themselves to a detailed credit analysis by the issuing
insurance company.
On
the other side of the fence, the DRMS can have its own problems with the
system. For example, there have been instances in which awards were not
honored by the buyer, usually due to changing market conditions. In such
cases, however, the bidder's deposit is forfeited, thus giving
participants a potent incentive not to abandon their bids. There have also
been cases in which successful bidders supposedly cherry picked"
through their purchased materials, leaving unwanted scrap behind at the
government site. Moreover, it's been alleged that top bidders have
contacted second-highest bidders to cut deals that would enable the former
to lower their average prices for the awarded materials. Naturally, these
last two actions are considered serious ethical breaches that the
government as well as the scrap industry condemn.
Taking
the Local Sales Route
If
you're interested in local sales, the more than 100 DRMOs in the
continental United States sell material through regular auctions, spot
bids, and "cash-and-carry" sales, which are restricted to small
quantities of usables at fixed prices based on current market values.
Scrap is reportedly never sold in cash-and-carry sales.
While
government limits on local sales volumes mean large quantities of scrap
aren't found at the local level, enough material moves through the DRMOs
to attract scrap pros, as well as novices. In fact, a typical announced
auction can attract "hundreds," says one East Coast processor,
who adds, "That's part of the problem, too." According to this
recycler, many who attend local sales are "amateurs" who bid for
items, including scrap, without fully understanding the market dynamics of
buying and selling the material. As a result, he asserts, it's common for
bidders to overpay and end up walking away from what they just bought. He
sees the same problem with usables, noting that he some times sees items
at auction that were supposedly sold the previous month.
This
issue has become more important recently, with interest in DRMO sales
reportedly increasing in the past year due to anticipated base closures,
the recent economic recession, and the numerous seminars that promise hot
opportunities in buying and selling government surplus. These seminars,
presented by private concerns, tend to promise more than they deliver, say
those familiar with such programs. "They're not much different than
the come-ons that advertise jeeps for $100," remarks one scrap
recycler. He, in fact, blames the seminars for "muddying-up the
waters" by attracting novice buyers to local sales, which disrupts
the flow of scrap by making it harder for legitimate industry buyers to
purchase material to sell to their regional scrap processing buyers.
And,
of course, local sales, like national sales, have their elements of
intrigue. One time, an experienced local sales participant says, he saw
several buyers collude prior to a sale, while another time he recalls
seeing a bidder deliberately overbid just to get onto a base to remove
items that weren't even for sale. Fortunately, in both instances, the
guilty parties were discovered and were barred from participating in
future DRMO sales.
Despite
these inherent problems with purchasing scrap, usables, and surplus from
the U.S. government, Uncle Sam remains a valuable source of material for
many in the scrap industry. Still, veterans warn, government sales are an
extremely competitive niche market that requires careful attention to
detail, not to mention business acumen, as margins are reportedly slim.
"It's not an untapped gold mine," observes one scrap broker. In
his view, echoed by many others, buying scrap from the federal government
ought to be left to the professionals.
[SIDEBAR]
Whats
Not for Sale
While
the U.S. government sells a dizzying array of materials, there are a few
items it wont sell. DRMS policy, for instance, prohibits the sale of
real estate, confiscated or seized property, and most contractor
inventory, such as property--including scrap--generated and/or owned by
government contractors. In addition, arms, ammunition, combat aircraft,
and other items termed offensive or defensive in nature are
never sold in original form to the general public. Instead, these items
are demilitarized prior to sale to preclude reconditioning.
Even
Army jeeps cant be sold in their original form because theyre deemed
unsafe for public highway use by the Department of Transportation.
Government guidelines require the jeeps to be rendered unusable, which
means their major engine components must be removed and their bodies
destroyed. Thats why theres no such thing as a driveable $100 U.S.
Army jeep, as they come-on ads suggest. Anyone who tells you youre
going to buy a jeep for anything other than scrap is lying, states one
DRMS official.
Of
the items the government does sell, some have been put to some rather
imaginative uses. The University of Utah Hospital, for example, used
scrapped government equipment to build the Jarvik 7 artificial heart
that sustained the life of Barney Clark, the worlds first artificial
heart recipient. In addition, the mobile life support system used during
the implant operation was made entirely of surplus goods. And the same
hospital has used scrap aluminum to make artificial joints and adapted a
calibration machine used by the Air Force to measure skin for grafting and
calibrate the exact placement of corneal implants.
[SIDEBAR]
DRMS
Scrap Sales, 1991 to 1993*
Ferrous
1991
294,710
tons
$19,210,582
revenue
1992
363,622
tons
$23,146,832
revenue
1993
411,931
tons
$21,415,997
revenue
Total
1,070,263
tons
$63,773,411
revenue
Nonferrous
1991
80,995
tons
$52,208,870
revenue
1992
79,025
tons
$42,636,309
revenue
1993
91,334
tons
$47,707,716
revenue
Total
251,354
tons
$142,552,895
Nonmetallic
1991
208,738
tons
$11,712,265
revenue
1992
219,619
tons
$11,127,675
revenue
1993
221,499
tons
$9,785,984
revenue
Total
649,856
tons
$32,625,924
revenue
*
Based on DRMS fiscal year figures, covering Oct. 1 to Sept. 30.
[SIDEBAR]
For
More Information
Business
Succession and Estate Management Strategies
Buying
surplus U.S. government property, including scrap and usables, may not be
for everyone, but some recyclers swear by this niche market.
For
Sale: Surplus U.S. Army Jeeps--Yours for Only $100!
Does
this pitch line sound familiar? It should. Such claims have appeared in
advertisements in national magazines for decades, no doubt piquing the
interest of many individuals and businesses seeking great opportunities in
the U.S. government's plethora of surplus materials. The fact is,
however, that many of these ads are misleading at best and scams at worst,
according to representatives at the Defense Reutilization and Marketing
Service (DRMS) (Battle Creek. Mich.), the arm of the Defense Department
that oversees sales of surplus and scrap materials. Thus, that $100 jeep
could, in reality, be a $25 pile of scrap metal (to learn why, see
"What's Not for
Sale").
While
this may be a letdown for those in search of a cheap vehicle, it reveals a
glimpse of the U.S. military's position as a large, valuable, and unique
source of high-quality materials for many scrap traders, processors, and
consumers. When it comes to scrap, in fact, the DRMS is the largest single
source of material for the domestic recycling industry, selling more
than half a million tons of ferrous and nonferrous metals valued at more
than $69 million in fiscal year 1993.
And
these metals account for only part of the picture. The government's
selling program, which includes nonmetallics such as old corrugated containers and surplus usables such as machinery,
office furniture, and boots, adds up to hundreds of millions of dollars
worth of goods sold each year.
Basics
of the System
Government
scrap and surplus materials are offered in local as well as national
sales, with the type, value, and quantity of the material determining
whether it is sold locally or nationally. For example, under current
rules, local bases cannot sell non-munitions scrap metal in
quantities of more than 20,000 pounds or with a market value greater
than $2,500. This policy may soon change, however: The expected closure of
30 or more major military bases and the scaling back or reorganizing of
134 others in the years ahead are expected to increase the scrap sales
potential at the local and national levels in the short term, so
government officials are set to meet this year to discuss the sales
guidelines.
Local
sales, which are conducted by local military bases through what are known
as the Defense Reutilization and Marketing Offices (DRMOs), are usually
advertised through fliers mailed to individuals on local DRMO bidding
lists. National sales, on the other hand, are administered by the DRMS
office in Memphis, Tenn., and
are advertised through sales catalogs mailed to all interested
parties. These catalogs, which are more thorough than local announcements, describe the property for sale, where the
property is located, the location of the sale, inspection and sale dates,
and contacts for more information. In addition, the Commerce Business Daily, a federal government publication, contains
notices of all scheduled national sales.
Anatomy
of a National Sale
Before
bidding on property listed in a sales catalog, however, advise many
recyclers experienced in the process, it's important to physically inspect
the material. Why? For one reason, catalog descriptions for like-sounding
material vary considerably from base to base, says Gay Searle, sales
manager of Acme
Trading & Supply Co. (Portland, Ore.). Also, he notes, the actual
material may be a far cry from how it has been described and advertised in
the catalog-something you'll never know unless you inspect it in person.
Nevertheless,
many bidders don't inspect the property, instead relying on a call to the
base for more details on the material or an extremely low bid as a way of
hedging their risk. While most bases do a credible
job in properly segregating the various types of metallic scrap, and while
some will provide photos, or even samples, of the scrap, Searle and others
maintain that base personnel are simply not qualified to answer detailed
questions on scrap items that may not even be properly sorted and
segregated.
Following
careful inspection, interested parties fill out bids that are then sealed for opening at a specified date and
time, depending on the size and type of sale. Bidders enter their tenders
on the bid forms in the catalog, complete other forms as specified by the
catalog, and return them to the DRMS, along with the required bid
deposit-usually 20 percent of the bid amount. The deposit must be in the
form of cash or a guaranteed financial instrument such as a certified or
cashier's check, or even a credit card. Bidders who have secured an
irrevocable letter of credit from their bank or an approved bid bond
backed by an insurance carrier also have the option of submitting their
deposit by personal or company check. But even then, this form of deposit
is limited to the amount of the letter of credit or the penal sum of the
bond.
Seasoned
bidders note that their initial bids are usually biased on the low side,
in part because DRMS policy allows for bid revisions up to 3 p.m. on the
day before bids are opened, and these changes can be faxed in on an
item-by-item basis. This policy not only gives buyers maximum price
flexibility as market conditions dictate, but also enables the
seller--that is, the government--to maximize the revenue it receives.
After
the bids are opened, the high bidders are chosen, and the award
results--which note the winning bidders, their bids, and the quantity of
material sold--are announced. Because this information can reportedly take
a week or so to reach the successful bidders, some participants rely on
the information services of other independent firms that attend the bid
openings specifically to record the results and usually have the complete
rundown in the hands of their subscribers within days of the awards.
Unsuccessful bidders, meanwhile, get their bid deposits returned, usually
within seven days after the awards are made.
Following
the awards, successful bidders must pay for their material in full within
30 days, unless the sale was a "term sale" in which specified
quantities of material--usually ferrous scrap--are released over a defined
period. In these sales, winning bidders are billed at the end of the month
for material picked up that month, with transacted prices pegged to a
published scrap price.
Buyers
must also arrange to pick -up the material within a specified period,
usually ranging from three weeks to a month following an award. If
material isn't removed within the specified period, buyers can face
storage charges--which do vary--or forfeiture of their bid deposit.
Naturally, there are exceptions to this rule for both the buyer and
seller. For example, the government will usually grant extensions, without
penalty, should the buyer be unable to remove material due to such factors
as inclement weather and equipment breakdowns.
When
it comes to picking up purchased material, each government facility has
scales for proper weighing and documentation. Don't be surprised if these
scales reveal that the actual volume of material varies from the original
weight awarded, experienced buyers point out. Government policy allows a
variance of plus or minus 25 percent, they note, adding that it is
generally more common for buyers to take away more material than less. In
this case, the buyer is obligated to pay for the additional material at
the same unit price as the original lot. Of course, if the lot comes up
short, the buyer isn't charged for material not received.
As
a whole, the timeline of a national sale is such that you could bid on
material in one month, be notified of the award the next month, and not
pick up all the material until the following month. Thus, by the time you
take possession, you may have already sold the material to a third
party--not an uncommon occurrence--and may need a little luck to ensure
that market conditions won't have changed to make what may have first been
a profitable-looking bid into a loss on the sell side.
The
System's Downsides
Overall,
regular participants rate national sales conducted by the DRMS highly. In
fact, a national sales office customer service survey, conducted last year
by the DRMS, gleaned generally positive remarks from the 350 national
sales customers that responded out of a total of 700 solicited. But one
complaint from the respondents was that they weren't receiving copies of
the award list in a timely fashion, if at all. Others claimed that bid
deposits weren't returned quickly enough and that award documents weren't
being received within 10 days following bid openings.
Many
customers also noted displeasure with the requirement that bids be
accompanied by guaranteed deposits, as opposed to simple company or
personal checks. But government officials point out that this "hard
dollars" policy was implemented in 1986 because of problems with
deposit checks that bounced. In fact, according to Defense Department
auditors, about $2.9 million in uncertified deposit checks was dishonored
in one 18-month period during 1981 and 1982. There's always the option of
obtaining a bond to cover deposits, but some individuals and small firms
complain that it is either too hard or too expensive for them to do so.
Still, this is the most cost-effective and efficient way for serious
bidders to do business with the government, some say. "It's no big
deal getting a bid bond," remarks one large processor. "It's
certainly worth my time and cost. It effectively turns what would be a
tie-up in money into nothing more than a clerical exercise." The
underlying truth, he maintains, is that some individuals and firms don't
want to subject themselves to a detailed credit analysis by the issuing
insurance company.
On
the other side of the fence, the DRMS can have its own problems with the
system. For example, there have been instances in which awards were not
honored by the buyer, usually due to changing market conditions. In such
cases, however, the bidder's deposit is forfeited, thus giving
participants a potent incentive not to abandon their bids. There have also
been cases in which successful bidders supposedly cherry picked"
through their purchased materials, leaving unwanted scrap behind at the
government site. Moreover, it's been alleged that top bidders have
contacted second-highest bidders to cut deals that would enable the former
to lower their average prices for the awarded materials. Naturally, these
last two actions are considered serious ethical breaches that the
government as well as the scrap industry condemn.
Taking
the Local Sales Route
If
you're interested in local sales, the more than 100 DRMOs in the
continental United States sell material through regular auctions, spot
bids, and "cash-and-carry" sales, which are restricted to small
quantities of usables at fixed prices based on current market values.
Scrap is reportedly never sold in cash-and-carry sales.
While
government limits on local sales volumes mean large quantities of scrap
aren't found at the local level, enough material moves through the DRMOs
to attract scrap pros, as well as novices. In fact, a typical announced
auction can attract "hundreds," says one East Coast processor,
who adds, "That's part of the problem, too." According to this
recycler, many who attend local sales are "amateurs" who bid for
items, including scrap, without fully understanding the market dynamics of
buying and selling the material. As a result, he asserts, it's common for
bidders to overpay and end up walking away from what they just bought. He
sees the same problem with usables, noting that he some times sees items
at auction that were supposedly sold the previous month.
This
issue has become more important recently, with interest in DRMO sales
reportedly increasing in the past year due to anticipated base closures,
the recent economic recession, and the numerous seminars that promise hot
opportunities in buying and selling government surplus. These seminars,
presented by private concerns, tend to promise more than they deliver, say
those familiar with such programs. "They're not much different than
the come-ons that advertise jeeps for $100," remarks one scrap
recycler. He, in fact, blames the seminars for "muddying-up the
waters" by attracting novice buyers to local sales, which disrupts
the flow of scrap by making it harder for legitimate industry buyers to
purchase material to sell to their regional scrap processing buyers.
And,
of course, local sales, like national sales, have their elements of
intrigue. One time, an experienced local sales participant says, he saw
several buyers collude prior to a sale, while another time he recalls
seeing a bidder deliberately overbid just to get onto a base to remove
items that weren't even for sale. Fortunately, in both instances, the
guilty parties were discovered and were barred from participating in
future DRMO sales.
Despite
these inherent problems with purchasing scrap, usables, and surplus from
the U.S. government, Uncle Sam remains a valuable source of material for
many in the scrap industry. Still, veterans warn, government sales are an
extremely competitive niche market that requires careful attention to
detail, not to mention business acumen, as margins are reportedly slim.
"It's not an untapped gold mine," observes one scrap broker. In
his view, echoed by many others, buying scrap from the federal government
ought to be left to the professionals.
[SIDEBAR]
Whats
Not for Sale
While
the U.S. government sells a dizzying array of materials, there are a few
items it wont sell. DRMS policy, for instance, prohibits the sale of
real estate, confiscated or seized property, and most contractor
inventory, such as property--including scrap--generated and/or owned by
government contractors. In addition, arms, ammunition, combat aircraft,
and other items termed offensive or defensive in nature are
never sold in original form to the general public. Instead, these items
are demilitarized prior to sale to preclude reconditioning.
Even
Army jeeps cant be sold in their original form because theyre deemed
unsafe for public highway use by the Department of Transportation.
Government guidelines require the jeeps to be rendered unusable, which
means their major engine components must be removed and their bodies
destroyed. Thats why theres no such thing as a driveable $100 U.S.
Army jeep, as they come-on ads suggest. Anyone who tells you youre
going to buy a jeep for anything other than scrap is lying, states one
DRMS official.
Of
the items the government does sell, some have been put to some rather
imaginative uses. The University of Utah Hospital, for example, used
scrapped government equipment to build the Jarvik 7 artificial heart
that sustained the life of Barney Clark, the worlds first artificial
heart recipient. In addition, the mobile life support system used during
the implant operation was made entirely of surplus goods. And the same
hospital has used scrap aluminum to make artificial joints and adapted a
calibration machine used by the Air Force to measure skin for grafting and
calibrate the exact placement of corneal implants.
[SIDEBAR]
DRMS
Scrap Sales, 1991 to 1993*
Ferrous
1991
294,710
tons
$19,210,582
revenue
1992
363,622
tons
$23,146,832
revenue
1993
411,931
tons
$21,415,997
revenue
Total
1,070,263
tons
$63,773,411
revenue
Nonferrous
1991
80,995
tons
$52,208,870
revenue
1992
79,025
tons
$42,636,309
revenue
1993
91,334
tons
$47,707,716
revenue
Total
251,354
tons
$142,552,895
Nonmetallic
1991
208,738
tons
$11,712,265
revenue
1992
219,619
tons
$11,127,675
revenue
1993
221,499
tons
$9,785,984
revenue
Total
649,856
tons
$32,625,924
revenue
*
Based on DRMS fiscal year figures, covering Oct. 1 to Sept. 30.
[SIDEBAR]
For
More Information