Soda cans and others are recycled by being sent to factories ground into little metal chips and then they are melted down into solid aluminum bars. The bars are then rolled into sheets of aluminum and sold to can makers, who make new cans.
There is no limit on how many times aluminum can be melted down, recycling saves energy as well as material, it takes a lot of power to make aluminium.
Remember to recycle all types not just soda cans, some other items are pet food cans, aluminum foil, pie plates, etc. Just remember to make sure they are clean!