News-Sentinel.com Your Town. Your Voice.
Local Business Search
Stock Summary
Dow17856.78-278.94
Nasdaq4927.37-55.44
S&P 5002071.26-29.78
AEP55.01-2.07
Comcast60.370.045
GE25.42-0.4
ITT Exelis23.94-0.11
LNC58.920.59
Navistar29.86-0.44
Raytheon105.22-1.75
SDI18.23-0.53
Verizon48.29-0.63

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.