This paper deals with compressive property of a composite material developed at NIT, Raipur and Cummins College of Engineering for Women, Nagpur. The composite material being developed has two main ingredients Polyethylene terephthalate (PET) waste and Steel Wool.In this material steel wool has been added to PET to take advantage of mechanical properties of both ingredients. The combination of PET and Steel wool has been tried and developed for the first time.PET-Polyethylene terephthalate is a thermoplastic polymer having melting point above 250 °C. Moisture prevention of PET has resulted into its application in the field of bottle manufacturing. Steel wool powder used is a waste product of drawing operation of mild steel bars.The newly developed composite can be preferred for various applications where high strength but with a lighter weight characteristic are required along with less cost when compared to traditional material. Results of tests found this new composite material are to be applicable for number of industrial/medical applications.Compression moulding technique was used for sample formation. Samples were developed in the laboratory by varying the composition of Steel Wool from 0 to 5%. After compression test on all samples, the composite material with 1% steel wool content was found to be having maximum Compressive strength. The properties achieved were found to be suitable for development of various applications like manufacturing of bricks in construction sector.