Danny Rifkin, a trailblazer in the scrap metal industry and the founder of MetalX, passed away at the age of 70, surrounded by family. A respected entrepreneur, business leader, and philanthropist, Rifkin leaves behind a legacy of innovation and growth in the metals recycling sector.
A Legacy Rooted in Business and Leadership
Born and raised in Fort Wayne, Indiana, Rifkin was deeply involved in the scrap industry from an early age. After graduating from Elmhurst High School in 1972, he pursued higher education at the Wharton School of Business at the University of Pennsylvania before earning his degree from the University of Miami in 1977.
His professional career began at OmniSource Corp., a Fort Wayne-based scrap metal recycling company that had been established by his family in 1943. Over the years, he rose through the ranks, eventually serving as president and CEO. Under his leadership, OmniSource became a powerhouse in the scrap metal industry, expanding its operations and solidifying its reputation.
Rifkin also played a pivotal role in the founding of Steel Dynamics Inc. (SDI), a major player in the steel production sector, further demonstrating his influence in the metals industry.
Expanding the Industry: The MetalX Era
In 2007, OmniSource was acquired by SDI, and Rifkin transitioned into an executive role, serving as executive vice president, president, and chief operations officer of SDI’s Metals Recycling Segment while also holding a seat on the company’s board.
However, his entrepreneurial spirit led him to embark on a new venture. In 2008, Rifkin established North River Capital, a private equity firm based in Fort Wayne. Just a few years later, in 2012, he co-founded MetalX LLC alongside his son, Neal Rifkin. The company quickly gained recognition as an innovative leader in the scrap metal industry, focusing on ferrous and nonferrous recycling.
In 2021, MetalX sold its ferrous scrap business to Australia-based BlueScope and shifted its focus to the nonferrous sector. At the time, Rifkin expressed his vision for the company, stating, “We see tremendous opportunity for the future in the nonferrous segment, especially related to copper and aluminum. As the world moves towards more electrification and lighter-weight materials, the demand for copper and aluminum will continue to grow, creating outstanding opportunities for long-term expansion.”
Pioneering Aluminum Recycling and Innovation
Continuing its expansion, MetalX acquired the assets of SRT Aluminum, a secondary aluminum melter in Wabash, Indiana, in late 2022. This acquisition positioned the company as a key player in the aluminum recycling market, converting scrap aluminum into remelt scrap ingot (RSI).
In early 2024, MetalX took another significant step by selecting a 190-acre site in Defiance, Ohio, to build a state-of-the-art aluminum recycling campus. The ambitious project, developed in partnership with Manna Capital Partners, included plans for:
- A high-tech aluminum slab manufacturing plant
- A scrap shredding and advanced sortation facility
- A dedicated logistics hub
A Lasting Impact on the Industry
Rifkin’s career was defined by visionary leadership, industry innovation, and strategic growth. His contributions to metal recycling not only shaped the companies he led but also influenced the broader industry by advancing sustainability and technological advancements in metal processing.
Beyond his business acumen, Rifkin was known for his generosity and philanthropy, supporting various initiatives in his community and mentoring the next generation of industry professionals.
His passing marks the end of an era, but his impact will be felt for years to come. He is survived by his family, including his son Neal, who continues to carry forward the MetalX legacy.
As the industry reflects on Rifkin’s contributions, his dedication to innovation, sustainability, and leadership remains an enduring inspiration.