The heavy load apparently caused the accident, city spokeswoman Kate Reardon said.
The two men aboard the boat weren't wearing lifejackets, she said. One man survived. The other's body has not been found.
The 12-foot vessel capsized in Port Gardner, just north of Jetty Island. The wind was blowing and the water was choppy at the time.
Nearby boaters found one man, 49, of Everett, and brought him to shore. They said he was turning blue with cold. He was treated at a local hospital for hypothermia.
The boat's owner, Richard L. Irby Jr., also 49, of Everett, is presumed to have drowned. Rescuers spent more than 16 hours over two days searching the water for his body without success, Reardon said.
Everett police have been investigating the capsizing.
They have not determined where the scrap metal was salvaged from, officer Aaron Snell said Friday.
Irby's boat was recovered the next day after being spotted by a television news helicopter pilot.
The boat had been submerged in a shallow channel, Reardon said.
Rikki King: 425-339-3449; email@example.com
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