Rifkin family starts new scrap metal recycling company.
, a new scrap metal recycling company founded by the Rifkin family, former owners of OmniSource, will open its first scrap metal facility in Waterloo, Ind., to the general public Dec. 1, 2012. The company is already serving wholesale and industrial customers.
The Rifkins sold OmniSource to Steel Dynamics Inc. (SDI) in 2007, ultimately leaving the company that they help found. The family started a venture capital firm while waiting for the end of the five-year noncompete contract signed with SDI. After the end of the noncompete, the company opened MetalX, which handles ferrous and nonferrous scrap.
MetalX' recycling facility and corporate headquarters located on a 70-acre site in Waterloo. According to the company, the site uses the latest technologies and has been designed to provide customers with a new level of convenience and service.
“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.”
MetalX says it expects to employ 75 people by this spring, 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, such as 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.”
He continues, “The town of Waterloo has been excellent to work with, as has DeKalb County. 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,” Rifkin adds.