A system (10) for recycling asphalt shingle scrap. There is a cold process, hot process, and a separation process. In the hot process, all of the components are ground except for the course surface granules. In the cold process, a type of grind is formed that is the same as the hot process except it is a dry powder. A horizontal mixer (20) can be used either hot or cold. The hot process and cold process can be run in combination with one another or independently. The component separation process uses a screen or the like (34) to separate the cold process material into surface granules, filled asphalt coating, and saturated felt component, while a magnet (38) may be used to help separate nails and other metal objects from the mixture.