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<P align="center"><FONT size="4"><B>SECURITIES AND EXCHANGE COMMISSION</B>
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<P align="center"><FONT size="3"><B>WASHINGTON, D.C. 20549</B>
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<P><FONT size="2">&nbsp;
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<P align="center"><FONT size="5"><B>FORM 8-K</B>
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<P><FONT size="2">&nbsp;
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<P align="center"><FONT size="3"><B>CURRENT REPORT</B>
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<P align="center"><FONT size="3">Pursuant to Section&nbsp;13 or 15(d) of<BR>
the Securities Exchange Act of 1934
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<P><FONT size="2">&nbsp;
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<P align="center"><FONT size="3">Date of Report (Date of earliest event reported):&nbsp;&nbsp;&nbsp;November&nbsp;21, 2002
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<P><FONT size="2">&nbsp;
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<P align="center"><FONT size="6"><B>Philip Services Corporation</B></FONT><BR>
<FONT size="2">(Exact name of registrant as specified in its charter)
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<P><TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="20%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
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    <TD align="center"><FONT size="2"><B>Delaware</B><BR>
(State or other jurisdiction<BR>
of incorporation)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>0-30417</B><BR>
(Commission File Number)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2"><B>98-0131394</B><BR>
(IRS Employer Identification No.)</FONT></TD>
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<P><TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="41%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
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    <TD align="center"><FONT size="2"><B>5151 San Felipe, Suite&nbsp;1600, Houston, Texas</B><BR>
(Address of principal executive offices)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center"><FONT size="2"><B>77056</B><BR>
(Zip Code)</FONT></TD>
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<P align="center"><FONT size="2"><B>(713)&nbsp;623-8777</B><BR>
(Registrant&#146;s telephone number, including area code)
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<P align="left"><FONT size="2"><B>Item&nbsp;5.&nbsp;&nbsp;&nbsp;Other Events and Required FD Disclosure.</B>
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<P align="left"><FONT size="2">On November&nbsp;21, 2002, Philip Services Corporation (&#147;PSC&#148;) issued a press
release announcing that it is combining the activities of its Industrial
Outsourcing Group (&#147;IOG&#148;)&nbsp;and its Environmental
Services Group (&#147;ESG&#148;)&nbsp;under the
leadership of Brian Recatto, who previously headed ESG, that it is pursuing the
sale of a unit of IOG, and that Dave Fanta, currently Senior Vice President of
PSC and President of IOG, is leaving PSC. A copy of PSC&#146;s press release dated
November&nbsp;21, 2002 relating thereto is filed herewith as Exhibit&nbsp;99.1.
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<P align="left"><FONT size="2"><B>Item&nbsp;7.&nbsp;&nbsp;&nbsp;Financial Statements, Pro Forma Financial Information and Exhibits.</B>
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    <TD width="1%" align="left" nowrap><FONT size="2">(a)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Financial Statements of Businesses Acquired.</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Not applicable.</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(b)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Pro Forma Financial Information.</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Not applicable.</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="1%" align="left" nowrap><FONT size="2">(c)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">Exhibits.</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">&nbsp;</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="93%"><FONT size="2">99.1 Press Release dated November&nbsp;21, 2002</FONT></TD>
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<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
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    <TD width="45%">&nbsp;</TD>
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    <TD width="2%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" align="left"><FONT size="2"><B>PHILIP SERVICES CORPORATION</B></FONT></TD>
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<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Date:&nbsp;&nbsp;November 21, 2002</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">By:</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">/s/&nbsp;&nbsp;Robert L. Knauss</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><HR size="1" noshade></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">Robert L. Knauss</FONT></TD>
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<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">Chairman of the Board and Principal Executive Officer</FONT></TD>
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e8vk
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):   November 21, 2002
Philip Services Corporation
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction
of incorporation)
0-30417
(Commission File Number)
98-0131394
(IRS Employer Identification No.)
5151 San Felipe, Suite 1600, Houston, Texas
(Address of principal executive offices)
77056
(Zip Code)
(713) 623-8777
(Registrant's telephone number, including area code)
Item 5.   Other Events and Required FD Disclosure.
On November 21, 2002, Philip Services Corporation ("PSC") issued a press
release announcing that it is combining the activities of its Industrial
Outsourcing Group ("IOG") and its Environmental
Services Group ("ESG") under the
leadership of Brian Recatto, who previously headed ESG, that it is pursuing the
sale of a unit of IOG, and that Dave Fanta, currently Senior Vice President of
PSC and President of IOG, is leaving PSC. A copy of PSC's press release dated
November 21, 2002 relating thereto is filed herewith as Exhibit 99.1.
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 Press Release dated November 21, 2002
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:  November 21, 2002
By:
/s/  Robert L. Knauss
Robert L. Knauss
Chairman of the Board and Principal Executive Officer