FT. WAYNE, INDIANA — November 9, 1999 — Steel Dynamics, Inc.
(NASDAQ: STLD) announced today that it has joined with New Process
Steel Corporation of Houston, Texas and six management investors to form
New Millennium Building Systems, a limited liability company which will
manufacture building components. The newly created venture will employ
200-300 people. The joint venture owners will be Steel Dynamics, Inc.,
New Process Steel Corporation, and the New Millennium management team.
The new facility, to be constructed at a site near SDI’s Butler,
Indiana steel mill, is expected to be operational by midyear 2000. New
Millennium expects to produce approximately 60,000 tons per year of
steel joists, girders and trusses, as well as 40,000 tons per year of
steel roof and floor deck. These products are for use primarily in the
construction of commercial, industrial and public buildings. The
majority of the steel consumed by the new venture will be provided by
SDI’s steel mill. Capital costs are estimated at $30 million.
Bert Hollman, who has 33 years of experience in the joist, deck and
structural steel fabricating businesses, will lead the management team
as President.
New Process Steel is a premier flat products service center, with locations in the Midwest, Southeast and Southwest.
SDI is one of the nation’s premier producers of low cost flat rolled steels. |