Chopper 7 was over the scene near Central Avenue and the Eisenhower Expressway about 4:30 p.m., and a large plume of black smoke was visible coming from Central Metal Recycling on West Fillmore Street.
It was not immediately clear what led up to the blaze or if anyone was injured.
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CFD said they responded just after 4 p.m. to the fire, and gained control of it shortly before 5 p.m.
All employees of the scrapyard are accounted for, CFD said.