In an official press release, Mark D. Millett, SDI’s president and chief executive, said that “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.”

Houston, Texas, USA-based New Process Steel operates six metal processing and distribution centers across North America, including two located at SDI facilities in Butler, Ind., and Columbus, Miss. New Process Steel is also SDI’s largest flat-rolled steel customer, according to the press release.

New Process Steel’s chief executive Richard Fant will retain majority ownership of the company and continue to operate independently, SDI said.