Steel Mills
SDI Completes New Process Acquisition
Written by Michael Cowden
February 1, 2022
Steel Dynamics Inc. (SDI) has closed its acquisition of a 45% stake in New Process Steel LP, a manufacturer and distributor that is also the company’s largest flat-rolled steel customer.
The Fort Wayne, Ind.-based steelmaker announced the deal in mid-October. Terms were not disclosed.
“This minority equity interest enables us to expand our exposure to value-added manufacturing opportunities, while continuing to serve our other long-standing flat roll steel customer needs,” SDI Chairman and CEO Mark Millett said in a statement.
New Process CEO Richard Fant and the company’s current leadership team will remain at the helm. Fant will hold a 55% stake in Houston-based New Process and will operate the company independently – including when it comes to decisions about steel purchasing, SDI said.
New Process has two locations in Mexico and four in the U.S., including two operations on the campuses of SDI’s flat-rolled steel mills in Butler, Ind., and Columbus, Miss.
By Michael Cowden, Michael@SteelMarketUpdate.com
Michael Cowden
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