WIP Logo (Please give ideas)

Honestly, it isn't too bad. The concept is decent, although I would have gone a different route with it; however it gets the point across.

As for improvements, the actual texture on the BP looks too soft, if you see what I mean. Try adding a sharper, clearer grunge effect to it, maybe a metal texture overlayed or something to that effet.

For the background, I would suggest a simple grunge type effect, ranging from a light gray to a darker one on the edges.

The drop shadow should be a little larger, however more subtle. Try widening the area of the blur, and moving it down and to the left a bit. See where that takes you.

Just a few suggestions, of course go where ever your creativeness leads