Steel Dynamics recently announced that it has entered into a definitive agreement to acquire the remaining 55% equity interest in New Process Steel, L.P.. 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.
“We have enjoyed a strong customer relationship with New Process since our founding,” stated Mark D. Millett, Chairman and Chief Executive Officer. “This acquisition expands our exposure to value-added manufacturing opportunities, while continuing to serve our other long-standing flat rolled steel customer needs. New Process has a reputation for high-quality standards and strong customer relationships. With this next step, we believe New Process will continue to have a number of opportunities for value-added manufacturing growth.”
“I have enjoyed a great, long-time relationship with the entire Steel Dynamics team,” stated Richard Fant, New Process Steel Chief Executive Officer. “I believe this is a great opportunity for New Process to grow our value-added metals solutions and supply-chain strategy, to continue to provide our customers with exceptional service and value. The entire New Process team and I are excited for this strategic step.”
New Process 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. New Process employs approximately 1,275 individuals and is currently Steel Dynamics’ single largest flat roll steel customer.
This transaction is subject to customary closing conditions and receipt of regulatory approvals.
Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico.
