• Facebook
  • Twitter
  • RSS
43°
Saturday December 27, 2014
View complete forecast
News-Sentinel.com Your Town. Your Voice.
Local Business Search
Stock Summary
Dow18053.7123.5
Nasdaq4806.8633.39
S&P 5002088.776.89
AEP61.990.68
Comcast58.3850.315
GE25.78-0.05
ITT Exelis17.78-0.04
LNC58.50-0.08
Navistar33.70-0.11
Raytheon110.08-0.39
SDI19.38-0.015
Verizon47.860.19

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.