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):
                    September 23, 2003 (September 22, 2003)

                           PHILIP SERVICES CORPORATION
             (Exact name of registrant as specified in its charter)

         DELAWARE                    0-30417                     98-0131394
(State or other jurisdiction     (Commission File              (IRS Employer
     of incorporation)               Number)                 Identification No.)

5151 SAN FELIPE, SUITE 1600, HOUSTON, TEXAS                        77056
 (Address of principal executive offices)                        (Zip Code)

                                 (713) 623-8777
              (Registrant's telephone number, including area code)



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  Monthly Operating Report of Philip Services Corporation for the
               period August 1, 2003 to August 31, 2003.

ITEM 9.   REGULATION FD DISCLOSURE.

         On September 22, 2003 Philip Services Corporation (the "Company")
(OTC:PSCD.PK; TSE:PSC) filed its monthly operating report for the period August
1, 2003 to August 31, 2003, with the United States Bankruptcy Court for the
Southern District of Texas, a copy of which is attached hereto as Exhibit 99.1,
in connection with the filing of the voluntary petitions for reorganization
pursuant to Chapter 11 of the United States Bankruptcy Code of the Company and
most of its wholly-owned U.S. subsidiaries (collectively, the "Debtors"). The
Debtors' cases have been consolidated and are being jointly administered under
case number 03-37718-H2-11.



         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: September 23, 2003                      By: /s/  Michael W. Ramirez
                                                  ----------------------------
                                                  Michael W. Ramirez
                                                  Senior Vice President and
                                                  Chief Financial Officer



                                  EXHIBIT INDEX

<Table>
<Caption>
EXHIBIT NO.       DOCUMENT
- -----------       --------
               
       99.1       Monthly Operating Report of Philip Services Corporation for
                  the period August 1, 2003 to August 31, 2003.
</Table>