Steel Dynamics to Acquire Balance Equity Interest in New Process Steel

SEATTLE (Scrap Monster): Steel Dynamics, Inc., with its headquarters located in Fort Wayne, Indiana, announced that it has reached a final agreement to purchase the remaining 55% ownership interest in New Process Steel, L.P., a distribution supply-chain management and metals solutions firm based in Houston, Texas. Customary closing conditions and obtaining the required regulatory clearances are prerequisites for the transaction.

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Chairman and CEO Mark D. Millett commented on the development, saying that the acquisition will allow the company to continue providing services to its long-standing flat rolled steel clients while increasing its exposure to value-added manufacturing prospects. He further emphasized that since its inception, the business has had a solid client connection with New Process.

The whole New Process team is thrilled about the deal, which is anticipated to present a fantastic opportunity for New Process to expand our supply-chain strategy and value-added metals solutions, according to Richard Fant, CEO of New Process Steel.

The Butler and Columbus Flat Roll Steel divisions of Steel Dynamics are home to two of New Process Steel's four manufacturing facilities in the United States and two in Mexico. The company has about 1,275 employees.