• Facebook
  • Twitter
  • RSS
35°
Thursday December 25, 2014
View complete forecast
News-Sentinel.com Your Town. Your Voice.
Local Business Search
Stock Summary
Dow18030.216.04
Nasdaq4773.478.05
S&P 5002081.88-0.29
AEP61.311.2
Comcast58.070.17
GE25.83-0.05
ITT Exelis17.820.18
LNC58.58-0.1
Navistar33.81-0.11
Raytheon110.470.29
SDI19.3950.055
Verizon47.670

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.