News-Sentinel.com Your Town. Your Voice.
Local Business Search
Stock Summary
Dow16912.11-70.48
Nasdaq4442.70-2.21
S&P 5001969.95-8.96
AEP54.09-0.56
Comcast54.990.26
GE25.45-0.14
ITT Exelis16.91-0.18
LNC52.21-0.69
Navistar36.50-0.27
Raytheon92.49-0.79
SDI21.44-0.23
Verizon51.970.39

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.