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.
“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
Read more from Michael CowdenLatest in Steel Mills
SSAB cites US strength but flags tariff-driven uncertainty
The Americas segment of Swedish steelmaker SSAB delivered a stable third quarter, but with weaker shipments and continuing cautious demand. Plate prices held, but tariffs, slowing end-user demand, and...
AHMSA drama deepens as drawn-out bankruptcy slowly progresses
A former CEO goes to court for swiping tin. An OEM distributor slams the bankruptcy trustee for failing workers and creditors. The steelmaker fires back. Angry employees demand back pay as tensions rise in Monclova's steel saga.
Cliffs aligns with US critical mineral policy, moves forward with DOE-funded projects
Cleveland-Cliffs is positioning itself as a key player in America’s push for industrial independence.
SDI execs tout progress on Mississippi biocarbon facility
SDI shipped the first product from its biocarbon facility in Columbus, Miss., in September as the project continues to accelerate.
SDI profits soar in Q3’25 amid ‘record’ steel shipments
Steel Dynamics Inc.’s third-quarter profits jumped year over year as the company saw “record” quarterly steel shipments
