Philip Services to Appeal Decision of New York Stock Exchange to Apply for Delisting of Philip Shares

HAMILTON, ONTARIO--(BUSINESS WIRE)--April 23, 1999--

Philip Services Corp (TSE:PHV.) (ME:PHV.) Philip Services Corp. today announced that the New York Stock Exchange ("NYSE") will suspend trading of Philip's common stock and the 7- 1/4 percent convertible subordinated debentures of its subsidiary, Philip Industrial Services Group, Inc., formerly Allwaste, Inc., ticker symbol PHV and ALW 14 respectively. The decision of the NYSE was based on a determination that the Company currently fails to meet the continued listing criteria of the NYSE.

Trading of Philip shares have been halted on the NYSE since January 13, 1999. Philip shares continue to trade on the Toronto and Montreal Stock Exchanges under the ticker symbol PHV.

Philip intends to request a hearing before the Board of Directors of the NYSE to appeal the decision. The NYSE will not make an application to the Securities and Exchange Commission to delist the issues until the Company's appeal has been formally reviewed.

Philip Services is an integrated metals recovery and industrial services company with operations throughout the United States, Canada and Europe. Philip provides diversified metals services, together with by-product management, utilities management and industrial outsourcing services, to all major industry sectors.