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

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.The Associated Press
Wednesday, November 14, 2012 11:16 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.

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