Rifkins return to scrap arena with auto shredder
Steel News | 2012-11-02 06:09:04
Less than one week after the Oct. 26 expiration of a five-year no-compete agreement, the former owners of scrap recycler OmniSource Corp. have announced their return to the industry with the construction of an auto shredder in northeast Indiana.
By Paul Ploumis
PITTSBURGH (Scrap Monster): Less than one week after the Oct. 26 expiration of a five-year no-compete agreement, the former owners of scrap recycler OmniSource Corp. have announced their return to the industry with the construction of an auto shredder in northeast Indiana.
MetalX, the Rifkin brothers’ new scrap-processing facility in Waterloo, Ind., will serve as the flagship scrapyard once it is complete, one of many they say are in the works.
The Rifkins sold Fort Wayne, Ind.-based OmniSource to Steel Dynamics Inc. (SDI), also of Fort Wayne, in 2007 for more than $1 billion (Oct. 1, 2007), and the three Rifkin brothers walked out after less than a year when the marriage apparently soured (June 16, 2008).
