WATERLOO - Waterloo-based MetalX LLC has announced plans to invest $35 million to build a scrap processing plant in Delta, Ohio. The move follows the metal recycling company’s acquisition last month of Delta-based M&K Metal Processors.

MetalX says when the first phase is fully operational, the facility will employ more than 80 people and would have the ability to handle more than 500,000 tons per year. The company says it has future plans to grow to more than 100 employees and an annual volume of 700,000 tons. 

Construction is expected to begin this fall, pending approval of state and local economic development incentives. Once construction begins, the plant will be fully operational within 12 months, according to the company. 

"The site is ideally located with respect to logistics, given the proximity to the steel mill and concentration of industrial and wholesale generators in the region," Chief Executive Officer Danny Rifkin said in a news release. "These freight considerations, combined with the efficiencies associated with a state-of-the-art processing plant, will make us highly competitive in the marketplace."

After the recent acquisition, company rebranded the former M&K yard under the MetalX name. The company says that facility will remain open and will focus on community recycling and commercial customers.