Steel Dynamics announced that it has entered into a definitive agreement to acquire a minority stake. New Process Steel is a metal solutions and distribution supply chain management company headquartered in Houston, Texas, focused on growing value-added manufacturing applications.
“We have had a strong customer relationship with New Process since our founding,” said Mark D. Millett, Chairman and Chief Executive Officer. said. “This minority stake allows us to increase our exposure to value-added manufacturing opportunities while continuing to serve our other longstanding flat steel customer needs. New Process Steel has a reputation for high quality standards and strong customer relationships. Richard Fant and current New Process leadership team believes there will be numerous opportunities for value-added manufacturing growth. Steel Dynamics' focus remains on providing the highest quality steel and service to all our customers while creating innovative supply." said.
New Process Steel is a leading North American metal products manufacturer and supply chain solutions provider, headquartered in Houston, Texas, with two production sites in Mexico and four production sites in the USA, two of which are Steel Dynamics' Butler and Columbus Flat. New Process Steel was acquired in 1952 by Gene Fant, father of Richard Fant, current CEO of New Process. During his more than 25 years as CEO, Richard Fant has significantly grown, modernized and diversified New Process. It will operate New Process independently as a majority 55 percent shareholder, taking all business decisions in the normal course of operations, including steel purchasing and customer sourcing decisions. New Process employs approximately 950 people and is currently Steel Dynamics' single largest flat steel customer.
Comments
No comment yet.