Steel Dynamics acquires minority interest in New Process Steel

Steel producer Steel Dynamics Inc., Fort Wayne, Ind., has completed the acquisition of a minority equity interest in New Process Steel L.P., a metals distribution supply chain management company based in Houston.

"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," said Mark D. Millett, chairman/CEO.

New Process’ current CEO, Richard Fant, will operate New Process independently as the majority 55% equity holder. New Process employs about 950 individuals and is currently Steel Dynamics’ single largest flat-roll steel customer.