SDI Completed Minority Interest Acquisition in New Process Steel

SEATTLE (Scrap Monster): Fort Wayne, Indiana-based Steel Dynamics Inc. (SDI) announced that it has completed acquisition of a 45% minority interest in New Process Steel, L.P.- the Houston, Texas-headquartered metals solutions and distribution supply-chain management company.

New Process Steel has two manufacturing locations in Mexico and four manufacturing locations in the U.S. Two of its U.S. facilities are located at SDI’s Butler and Columbus Flat Roll Steel divisions.

The company’s current Chief Executive Officer, Richard Fant has significantly grown, modernized and diversified the company over the past 25 years. He will continue to independently operate the company as the majority 55% equity holder. Fant will be responsible for making all business decisions. New Process employs approximately 950 people across its various facilities.

Mark D. Millett, Chairman and Chief Executive Officer, SDI stated that the minority equity interest will enable the company to expand its exposure to value-added manufacturing opportunities, while continuing to serve its long-standing flat roll steel customer needs. The company’s focus remains on providing the highest quality steel and service to all its customers, while creating innovative supply-chain solutions, he added.

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