Steel Mills

Worthington Industries Results “Great”
Written by Sandy Williams
June 29, 2014
Worthington Industries announced it had “a great fiscal 2014” in its earnings report on Thursday. The company reported net earnings of $151.3 million for FY 2014. Net sales were up 20 percent year over year to $3,126.4 million due to the consolidation of joint venture Tailor Welded Blanks, higher steel processing volumes and the acquisitions in Pressure Cylinders.
Fourth quarter net sales for the company totaled $891.0 million with net earnings of $33.2 million. Impairment and restructuring charges reduced earnings by $23.7 million for the quarter.
“We had a great fiscal 2014 with the highest annual earnings per share in our Company’s history,” said John McConnell, Chairman and CEO. “The fourth quarter results showed improvement over the prior year period with Steel Processing leading the way. Our transformation efforts continue to help that business deliver strong results as it nears the peak volumes we saw prior to the downturn.”
McConnell added, “Pressure Cylinders had good retail and industrial sales but experienced a negative short-term impact from the severe winter weather conditions in the energy business. Transformation is underway with some early success in our Engineered Cabs business while it operates in a flat market environment.”
Regarding the outlook for 2014, McConnell said, “We anticipate continued year-over-year growth in fiscal 2015 as we pursue our strategy and our commitment to delivering consistent earnings growth. Automotive should remain strong and we are seeing some signs of positive growth in the construction markets. We also expect good results from key Pressure Cylinders markets in retail, industrial, alternative fuels and energy products. We will continue to drive improvements throughout our businesses and we will pursue acquisitions which enhance existing businesses, providing new products and higher growth markets.”
Sandy Williams
Read more from Sandy WilliamsLatest in Steel Mills
Wheeling-Nippon Steel raises Galvalume coating extras
The steelmaker released updated extras to customers on Oct. 15, marking the second adjustment in just six weeks following their early September revision
Cliffs offloading some FPT assets, considering HBI plant sale as well
Lourenco Goncalves confirmed that Cleveland-Cliffs is actively selling off portions of its Ferrous Processing and Trading (FPT) assets. Its direct reduction plant in Toledo, Ohio, may also be up for grabs...
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.
