News-Sentinel.com Your Town. Your Voice.
Local Business Search
Stock Summary
Dow17826.30-279.47
Nasdaq4931.81-75.98
S&P 5002081.18-23.81
AEP55.73-0.12
Comcast58.42-1.25
GE27.25-0.03
ITT Exelis24.35-0.19
LNC56.79-1.26
Navistar28.94-0.43
Raytheon107.72-1.21
SDI20.44-0.48
Verizon48.90-0.37

Ex-OmniSource owners to open Waterloo recyling business, creating 200 jobs

Wednesday, November 14, 2012 - 11:32 am

The Rifkin family is back in the metal business. The family, which sold its OmniSource metal recycling business to Steel Dynamics Inc., is opening MetalX, a new metals recycling company, in Waterloo this month.

The company's flagship facility and corporate headquarters are already open for wholesale/industrial business and will open to the general public on Dec. 1, according to a news release. About 75 people will be employed by next spring and more than 200 will work there in three years.

Located on a 70-acre site, the facility will process ferrous and nonferrous scrap metals for recycling into new metal products in what the release calls a state-of-the-art facility will the latest technologies.

The family sold OmniSource in October 2007 in a $1.1 billion purchase agreement.