Steel Dynamics (STLD) has entered into a definitive agreement to acquire the remaining 55% equity interest in New Process Steel, a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with two manufacturing locations in Mexico and four manufacturing locations in the U.S., two of which are located at Steel Dynamics’ Butler and Columbus Flat Roll Steel divisions. New Process Steel was purchased in 1952 by Gene Fant, the father of New Process’ current CEO, Richard Fant. New Process employs approximately 1,275 individuals and is currently Steel Dynamics’ single largest flat roll steel customer. This transaction is subject to customary closing conditions and receipt of regulatory approvals.
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