Steel Dynamics to Acquire a 45% Minority Interest in New Process Steel
Steel Dynamics, Inc. announced that it has entered into a definitive agreement to acquire a minority equity interest in New Process Steel, L.P.
FORT WAYNE - Steel Dynamics, Inc. (NASDAQ/GS: STLD) announced that it has entered into a definitive agreement to acquire 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.
'We have enjoyed a strong customer relationship with New Process since our founding,' stated Mark D. Millett, Chairman and Chief Executive Officer. 'This minority equity interest enables us to grow our exposure to value-added manufacturing opportunities, while continuing to serve our other long-standing flat roll steel customer needs. New Process Steel has a reputation for high-quality standards and strong customer relationships. With Richard Fant and the current New Process leadership team at the helm, we believe there will be numerous 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 metals 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.
'I am excited to further our long-time relationship with Mark and the excellent team at Steel Dynamics,' stated Richard Fant, New Process Steel Chief Executive Officer. 'I believe this is a great opportunity to accelerate our growth within our value-added metals solutions and supply-chain strategy. The entire New Process team and I are thrilled with this strategic step.'
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