Steel Dynamics, Inc. announced the completion of the acquisition of a minority equity interest in New Process Steel, L.P. (“New Process Steel” or “New Process”). New Process Steel is a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications.
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“This minority equity interest enables us to expand our exposure to value-added manufacturing opportunities, while continuing to serve our other long-standing flat roll steel customer needs.” stated Mark D. Millett, Chairman and Chief Executive Officer. “New Process Steel has a reputation for high-quality standards and strong customer relationships. With Richard Fant and the New Process leadership team at the helm, we believe New Process will have a number of opportunities for value-added manufacturing growth. Steel Dynamics’ focus remains on providing the highest quality steel and service to all of our customers, while creating innovative supply-chain solutions.”
New Process Steel is a prominent North American metal products manufacturer and supply chain solutions provider, headquartered in Houston, Texas, with two manufacturing locations in Mexico and four manufacturing locations in the U.S., two of which are located at Steel Dynamics’ Butler and Columbus Flat Roll Steel divisions. New Process Steel was purchased in 1952 by Gene Fant, the father of New Process’ current Chief Executive Officer, Richard Fant. Richard Fant has significantly grown, modernized, and diversified New Process during his over 25-year tenure as CEO. He will independently operate New Process as the majority 55 percent equity holder, making all business decisions in the normal course of operations, including steel purchasing and customer supply decisions. New Process employs approximately 950 individuals and is currently Steel Dynamics’ single largest flat roll steel customer.
Steel Dynamics is one of the largest domestic steel producers and metals recyclers in the United States, based on estimated annual steelmaking and metals recycling capability, with facilities located throughout the United States, and in Mexico. Steel Dynamics produces steel products, including hot roll, cold roll, and coated sheet steel, structural steel beams and shapes, rail, engineered special-bar-quality steel, cold finished steel, merchant bar products, specialty steel sections and steel joists and deck. In addition, the company produces liquid pig iron and processes and sells ferrous and nonferrous scrap.