A method of making a metal-terephthalate polymer from polyester ethylene terephthalate includes reacting polyester ethylene terephthalate with a metal compound in a non-aqueous melt environment at an elevated temperature. The elevated temperature will be greater than 270° C., and preferably rises to a temperature of about 520° C. The method is preferably carried out at a low pressure. The method may be used in the recycling of passenger vehicle tire shreds to produce a carbon black rrich ppowder that is enriched in the metal-terephthalate polymer.