Midrex Technologies Inc., a wholly owned subsidiary of Japan’s Kobe Steel, attributes its 50-year longevity and success to a well-established culture of prioritizing people — from its employees and partners to its suppliers and customers.
“Our purpose is to love and serve others,” said Midrex President and CEO Stephen Montague, adding, “I get strange looks when I say that, but I make no apologies about our purpose. There’s a greater purpose to what we do than just business. We believe in people, as well as profits. We have to please our shareholder and take care of our people at the same time.”
The 250 teammates of Midrex Technologies have designed and built nearly 100 MIDREX® Direct Reduction Modules in 21 countries worldwide, with an additional two on the drawing board. Its patented direct reduction technology improves the lives of millions of people around the world by contributing to environmental and economic sustainability and supporting various nonprofit organizations and charities.
Midrex Direct Reduction Technology plays a leading role in the decarbonization of the global steel industry. It is highly flexible in regard to reductant sources, iron oxide feed, and product discharge options. Plants can be configured to operate using 100% hydrogen (Midrex H2™) or start with about 60% hydrogen by reforming natural gas while hydrogen is increased over time (Midrex Flex™).
As it commemorates the 40th anniversary of its acquisition by Kobe Steel, Midrex Technologies is grateful for the trust shown by its parent company throughout their relationship.
“Kobe Steel has been an incredible shareholder. The steel industry usually goes through its ups and downs, and many parent companies don’t have the patience for that. When the market swings, Kobe Steel has always shown a deep understanding that ups follow downs. They get it. Their patience, along with their willingness to let Midrex manage its business while holding us accountable, has worked really well,” Montague said.