Because scrap metal has value to scrap yards, it represents an opportunity for an enterprising scrapper to earn extra cash. Although only about 10% of recycled scrap metal is non-ferrous, the higher value means that non-ferrous metals account for 50% of the industry's revenue. Both types of metal are worth collecting for scrap, and you can use a magnet to identify ferrous scrap metal and separate it from non-ferrous metal.