A composite material comprises a particulate material generated as a waste by-product of an industrial process, and a binder for binding the particulate material into a uniform mass. The particulate material and binder are combined in preselected proportions and compressed to form a counterweight having a preselected density and a fixed configuration. A counterweight is manufactured by selecting a first proportion of a particulate material generated as a waste by-product of an industrial process, selecting a second proportion of a binder for binding the particulate material into a uniform mass, combining the first proportion of the particulate material with the second proportion of the binder into a uniform mass, forming the counterweight from the uniform mass, and incorporating the counterweight into a finished product.