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.

SDI“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

Michael Cowden is managing editor for Steel Market Update. Cowden has covered the steel industry since 2007. He has since 2014 specialized in flat-rolled steel but has previously reported on steel long products, steel pipe and tube as well as aluminum. Before joining SMU, Cowden held reporting jobs at Fastmarkets AMM in Chicago - where he was involved in launching AMM's daily hot-rolled coil index, the Associated Press in Pittsburgh, and the Cambodia Daily in Phnom Penh. He has also worked as a copy editor and in marketing at the University of Chicago Press. Cowden has a BA in English from the University of Chicago and an MSJ journalism from Northwestern University’s Medill School of Journalism. Contact him at michael@steelmarketupdate.com or 724-759-7872.

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