It really depends on how corse the shavings are, if you do any work to compress the metal shavings, and the density of the alloy. However I think you're right,

It really depends on how corse the shavings are, if you do any work to compress the metal shavings, and the density of the alloy. However I think you're right, because 53lb of steel is only about 0.1ft^3.