Steel Dynamics, Inc. announced its completion of the acquisition of the remaining 55% 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.
“The acquisition of New Process expands our exposure to value-added manufacturing opportunities, while continuing to serve our other long-standing flat rolled steel customer needs,” stated Mark D. Millett, Chairman and Chief Executive Officer. “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 value-added manufacturing growth opportunities. We welcome the New Process teams to the Steel Dynamics family.”
New Process Steel Investment Overview
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, Indiana and Columbus, Mississippi divisions. New Process Steel was purchased in 1952 by Gene Fant, the father of New Process’ 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.
Steel Dynamics is a leading industrial metals solutions company, with facilities located throughout the United States, and in Mexico. The company operates using a circular manufacturing model, producing lower-carbon-emission, quality products with recycled scrap as the primary input. Steel Dynamics is one of the largest domestic steel producers and metal recyclers in North America, combined with a meaningful downstream steel fabrication platform. The company is also currently investing in aluminum operations to further diversify its product offerings, with plans to supply aluminum flat rolled products with high recycled content to the countercyclical sustainable beverage can industry, in addition to the automotive and industrial sectors.
