Rifkin family starts new scrap metal recycling company.
A new company founded by the Rifkin family, former co-owners of OmniSource Corp., has opened its first scrap metal facility in Waterloo, Ind.
The Rifkins sold their stake in OmniSource to Steel Dynamics Inc. (SDI) in 2007, ultimately leaving the company they help found. After selling the company the Rifkins started a venture capital firm while waiting for the end of a five-year non-compete contract they had signed with SDI. With that contract now concluded, family members have opened MetalX, which will handle both ferrous and nonferrous scrap.
According to the company, MetalX's recycling facility and corporate headquarters are already operational on a 70-acre site in Waterloo, Ind. The company says it is accepting wholesale and corporate business and is slated open to the general public on Dec. 1, 2012.
“We are excited to return to the scrap business,” says Danny Rifkin, MetalX president and CEO. “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.”
The company says the facility will use the latest technologies and has been designed for maximum efficiency, offering customers a new level of convenience and service.
The company says it expects to employ as many as 75 people by the spring of 2013, with the possibility of growing its employee ranks to more than 200 in three years.
In addition to Danny, Rick and Marty Rifkin, MetalX includes a number of other scrap industry veterans, including John Marynowski, Jim Ustian, Paul Everett, Jeff Rynearson, David Stage, Steve King, Brian Brown and Shari Zink.
“Even though we evaluated similar opportunities elsewhere in the country, we have a strong bias toward Northeast Indiana,” Rifkin says. “Our family settled here in 1943, so this is really home to us. Aside from long-standing relationships and knowledge of the region, our interests have always been aligned with area communities, and we are committed to continue that support and involvement.”
“The town of Waterloo has been excellent to work with, as has DeKalb County,” he continues. “We appreciate the warm reception from town officials and residents and look forward to becoming a part of the community. While we envision our company’s growth to eventually include operations in other regions, we see this as our base and plan to keep investing in Fort Wayne and Northeast Indiana.”