AUBURN — MetalX, with locations in Waterloo, Auburn and Delta, Ohio, announced on Thursday the strategic direction that the company is headed following a binding agreement with MetalX and BlueScope on Nov. 4.
In the agreement, BlueScope, an Australian flat steel producer with resources in North America, acquired the ferrous business and assets of the MetalX.
“Completion of the transaction with BlueScope will allow us to direct all of our resources towards long-term growth in nonferrous metals, with particular emphasis on aluminum and copper recycling,” Danny Rifkin, MetalX CEO said. “We will be in position to redirect capital from the sale of the ferrous business into new investments in nonferrous, and expect those investments to include capacity additions, innovative applications of technologies and acquisitions that we consider to be strategic.”
Neal Rafkin, executive vice president, added, “Our initial focus will be on further development and expansion of three key areas of our current business — wire chopping, aluminum melting and aluminum shredding and separation technology.”
This will provide a broader range of products and services for customers.
MetalX is an independent scrap metals recycling business founded in 2012 by Danny and Neal Rifkin, third and fourth generation members of the Rifkin family, whose long history in the industry is well known.
MetalX currently handles more than 200 million pounds of nonferrous scrap annually, and post-closing will be solely engaged in nonferrous scrap processing and trading, consulting and management services for industrial generators and consumers and development of innovative value-added processes in the aluminum and copper recycling segments.