A receptor modeling approach has been applied to identify and apportion sources of airborne particulate matter in Thessaloniki, Greece. The absolute principal component analysis source apportionment technique used, provided quantitative information regarding both source particle characteristics and impacts. The analysis identified four major sources of heavy metals within total suspended particles (TSP) in the centre of the city: oil burning, pyrometallurgical non‐ferrous metal processes, motor vehicles and soil resuspension. Their contributions to TSP estimated by regression on absolute principal component scores (APCS) were 12%, 8%, 5% and 4%, respectively. A similar analysis conducted for a sampling site close to the industrial area identified five major sources: oil burning, industrial Cr source, soil resuspension, pyrometallurgical non‐ferrous metal processes and motor vehicles with contributions 20%, 15%, 9%, 8% and 4%, respectively.