Photo courtesy of Steel Dynamics Inc.
Fort Wayne, Indiana-based Steel Dynamics Inc. (SDI) says it has entered into a definitive agreement to acquire the remaining 55 percent equity interest in New Process Steel LP, a Houston-based metals service center and distributor. SDI bought an initial 45 percent stake in New Process in 2022.
“We have enjoyed a strong customer relationship with New Process since our founding,” says Mark D. Millett, board chair and CEO of SDI. “This acquisition expands our exposure to value-added manufacturing opportunities, while continuing to serve our other long-standing flat rolled steel customer needs.”
On its website, New Process lists hot-rolled, cold-rolled, painted and galvanized steel as products it offers, along with some types of stainless steel and aluminum. SDI recently has started producing aluminum at its Aluminum Dynamics facility in Mississippi.
Comments Richard Fant, CEO of New Process Steel, “I have enjoyed a great, long-time relationship with the entire Steel Dynamics team. 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.”
SDI describes New Process as operating two manufacturing locations in Mexico and four in the United States, two of which are co-located at SDI recycled-content electric arc furnace (EAF) mill sites in Butler, Indiana, and Columbus, Mississippi.
New Process Steel was purchased in 1952 by Gene Fant, the father of current CEO Richard Fant. SDI says Richard Fant has “significantly grown, modernized and diversified New Process during his over 25-year tenure as CEO,” and the company now employs about 1,275 people “and is currently Steel Dynamics’ single largest flat-roll steel customer.”