Metals recycling company to bring 200 jobs to Waterloo

WATERLOO, Ind. (WANE) A new metals recycling company founded by a family with extensive background in the business has already begun operations in Waterloo, Indiana.   MetalX expects to employ about 75 people by the spring of 2013 and more than 200 people in three years.

The company was founded by the Rifkin family who used to own  OmniSource .  They sold that metals recycling company to Steel Dynamics in 2007.  As part of the sale, Rifkin agreed to a five-year non-compete clause with SDI.  That agreement expired in October.

"We never intended to leave the business," Rifkin said at Wednesday's grand opening.  "But as it's widely known, we had a difference of opinion with the management of SDI on how the scrap operation should run.  While we tried to pursue other things, and have done a number of other things, I guess scrap is in our blood."

Rifkin said the recession was a good reason to get out of the business, but now is the time to get back into it.

"We see an opportunity to come in and compete," he said.

According to a press release issued Wednesday, MetalX's recycling facility and corporate headquarters are already operational on a 70-acre site located at 295 South Commerce Drive in Waterloo. The company is already accepting wholesale and corporate business and will open to the general public on December 1, 2012.

According to Waterloo Town Manager, DeWayne Nodine, the MetalX property had been vacant for about a year-and-a half.

"I think the area is still feeling the effects of the recession from four years ago," Nodine said.  "It's something that is definitely still needed in the area.  Although there has been some major job announcements in the county in the past year or so.  I don't think you can ever have too many, in my opinion.  Especially good jobs.  These will be good jobs with decent wages."

MetalX will process ferrous and non-ferrous scrap metal which will then be turned into new products.

“We are excited to return to the scrap business. We followed the metals sector during our hiatus and believe the effects of consolidation and the recession have created new opportunities. Even though the landscape has changed dramatically, an independent company with a different approach and more efficient cost structure can be successful," said Danny Rifkin, MetalX president and CEO.  

Rifkin said Wednesday he planned to investment more than $50 million in the Waterloo property.  And he projected sales to exceed $400 million a year, when the business reaches close to 200 employees.

About MetalX

MetalX is a privately held, independent metals firm engaged in the business of recycling, processing, and trading scrap and secondary metals, as well as providing raw material consulting and management services.  Based in Waterloo, the company is focused on creating value through relationship with suppliers and consumers while utilizing the most current industry technologies.