News-Sentinel.com Your Town. Your Voice.
This Weeks Deal
Basche's Martial Arts
Buy 1 Admission for Women's Self Defense Clinic for $20, and bring a friend for free
This Week Only
$20
50% off
Local Business Search
Stock Summary
Dow16960.57-123.23
Nasdaq4449.56-22.54
S&P 5001978.34-9.64
AEP53.22-0.79
Comcast54.39-0.74
GE25.79-0.15
ITT Exelis17.09-0.31
LNC52.82-0.26
Navistar37.25-0.43
Raytheon92.07-1.48
SDI21.66-0.08
Verizon51.280.23

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.