Acquisitions and Investments	12 Months Ended
Dec. 31, 2021
Acquisitions and Investments
Acquisitions and Investments	Note 2. Acquisitions and Investments New Process Steel, L.P. – 45% Minority Equity Interest On January 31, 2022, the company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS), a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. As the company does not have power to control NPS, the company will account for the investment using the equity method of accounting. Zimmer The company acquired 100% of Zimmer in August 2020 for cash consideration of $60.0 million. The acquisition of Zimmer is part of the company’s raw material procurement strategy to support its new Southwest-Sinton Flat Roll Division. Headquartered in Monterrey, Mexico, Zimmer operates several ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources, and several third-party scrap processing locations, located throughout Central and Northern Mexico. Zimmer’s post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment. United Steel Supply The company purchased a 75% equity interest in United Steel Supply, LLC (USS) on March 1, 2019, for cash consideration of $97.1 million. Headquartered in Austin, Texas, USS is a leading distributor of painted Galvalume® flat roll steel used for roofing and siding applications, with distribution centers strategically located in Mississippi, Indiana, and Oregon. USS provides the steel operations segment a new, complementary distribution channel and connects it to a rapidly growing industry segment with customers that do not traditionally purchase steel directly from a steel producer. USS’s post-acquisition operating results are reflected in the company’s financial statements in the steel operations segment. The company has an option to purchase, and the sellers have the option to require the company to purchase, after the third anniversary of the transaction (March 1, 2022), 12.5% of the equity interest of USS, and the company has an option to purchase and the sellers have the option to require the company to purchase, after the fourth anniversary of the transaction (March 1, 2023), the remaining 12.5% equity interest of USS. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets.

Acquisitions and Investments

12 Months Ended

Dec. 31, 2021

Note 2. Acquisitions and Investments

New Process Steel, L.P. – 45% Minority Equity Interest

On January 31, 2022, the company purchased a 45% minority equity interest in New Process Steel, L.P. (NPS), a metals solutions and distribution supply-chain management company headquartered in Houston, Texas, with a focus toward growing its value-added manufacturing applications. As the company does not have power to control NPS, the company will account for the investment using the equity method of accounting.

Zimmer

The company acquired 100% of Zimmer in August 2020 for cash consideration of $60.0 million. The acquisition of Zimmer is part of the company’s raw material procurement strategy to support its new Southwest-Sinton Flat Roll Division. Headquartered in Monterrey, Mexico, Zimmer operates several ferrous and nonferrous scrap facilities strategically positioned near high-volume industrial scrap sources, and several third-party scrap processing locations, located throughout Central and Northern Mexico. Zimmer’s post-acquisition operating results are reflected in the company’s financial statements in the metals recycling operations segment.

United Steel Supply

The company purchased a 75% equity interest in United Steel Supply, LLC (USS) on March 1, 2019, for cash consideration of $97.1 million. Headquartered in Austin, Texas, USS is a leading distributor of painted Galvalume® flat roll steel used for roofing and siding applications, with distribution centers strategically located in Mississippi, Indiana, and Oregon. USS provides the steel operations segment a new, complementary distribution channel and connects it to a rapidly growing industry segment with customers that do not traditionally purchase steel directly from a steel producer. USS’s post-acquisition operating results are reflected in the company’s financial statements in the steel operations segment.

The company has an option to purchase, and the sellers have the option to require the company to purchase, after the third anniversary of the transaction (March 1, 2022), 12.5% of the equity interest of USS, and the company has an option to purchase and the sellers have the option to require the company to purchase, after the fourth anniversary of the transaction (March 1, 2023), the remaining 12.5% equity interest of USS. The USS noncontrolling interest is therefore reflected in redeemable noncontrolling interest in the consolidated balance sheets.