I thought a ton was 2,000 lbs?

Well, yes and no. We weigh and pay our scrap steel based on a Gross Ton, which is 2,240 pounds, and often referred to as a Long Ton. The ton we learn about in school is actually a Net Ton, and is in fact 2,000 pounds. This is also commonly refers to as a Short Ton. Then, there is also a Metric Ton – which is 2,204 pounds.