The facility will process ferrous and nonferrous scrap metal for recycling into new metal products and is located on a 70-acre site in Waterloo, which also is the headquarters for the startup company.
The company expects the new operation to employ 75 people by next spring and more than 200 in three years. MetalX also plans to accelerate growth by making strategic acquisitions, according to a news release.
The new company is a return to the scrap metal industry for the Rifkin family. “We are excited to return to the scrap businsess,” said Danny Rifkin, president and CEO of Metal X. “We followed the metal sector during our hiatus and believe the effects of consolidation and the recession have created new opportunities.”