I haul into a steel mill on a somewhat regular basis, and they do take swarf or "turnings" as they call it, but they don't really care for it. Same thing with wire from shredded/recycled tires. It does not handle very well with a magnet, well, at least not as well as one might think, and is even worse to handle with a clam or grapple. They do store it all outside, and once it gets an initial coating of rust on it the rusting process seems to slow down. Once every few weeks they'll clean up the turnings pile, but the thing they dislike the most about the stuff is that it is difficult to make a good "recipe" with it, even though it may all be high quality steel. When they load the crucible, there is a lot of air space, and not a lot of tonnage. When they turn on the heat and melt it down, they don't get much of a pour out of it. As a result, the whole process gets backed up a bit while they try to run the stuff.
So the next question is "what do I do with mine?" It goes in the trash, not enough to bother about as far as recycling goes.
