Steel Product Producers

Worthington Steel earnings soar in first full quarter as standalone company
Written by Ethan Bernard
March 21, 2024
Worthington Steel
Third quarter ended Feb. 29 | 2024 | 2023 | % Change |
---|---|---|---|
Net sales | $805.8 | $780.7 | 3.2% |
Net earnings (loss) | $49.0 | $5.4 | 807.4% |
Per diluted share | $0.98 | $0.11 | 790.9% |
Nine months ended Feb. 29 | |||
Net sales | $2,519.6 | $2,723.7 | -7.5% |
Net earnings (loss) | $101.5 | $19.8 | 412.6% |
Per diluted share | $2.05 | $0.40 | 412.5% |
Worthington Steel’s profits jumped in its fiscal third quarter of 2024 vs. a year earlier, its first quarter as a standalone company.
The Columbus, Ohio-based steel processor reported net earnings attributable to controlling interest of $49.0 million in its Q3’24 ended Feb. 29, up a whopping 807% from $5.4 million a year earlier on net sales that increased 3% to $805.8 million.
“The Worthington Steel team delivered a strong third quarter and I want to thank and congratulate our employees on their great performance in our first quarter as a standalone company,” Geoff Gilmore, president and CEO, said in a statement on Thursday.
“We saw improvements in sales, operating income, and net income over the same quarter in 2023, and our teams are laser-focused on finishing the fiscal year strong,” he added.
The company said that on Dec. 1 of last year, a $150 million distribution was paid to the former parent firm, now Worthington Enterprises, in connection with the separation.
Recall that Worthington Industries completed its planned split into two separate companies, Worthington Steel Inc. and Worthington Enterprises Inc., on Dec. 1.
Worthington also noted that on March 13 its joint venture TWB Co. signed a licensing agreement with AcerlorMittal Tailored Blanks for a patented ablation technology. This will expand the organization’s capabilities in North America.
Looking ahead, Gilmore was bullish.
“Our team is aligned and focused on creating value for our shareholders and working with our customers to ensure the products the world uses every day are stronger, better performing, and more durable,” he said. “I’m optimistic about our future and confident in our team, our growth plans, and our strategy.”

Ethan Bernard
Read more from Ethan BernardLatest in Steel Product Producers

O’Neal CEO Parnell discusses technology, flexibility, and camaraderie
Her insatiable curiosity and desire to solve complex problems remain at the forefront of O’Neal Steel President and CEO Jodi Parnell’s success in the steel industry. Parnell is as fluent in employee management styles as she is in managing successful client technology adoption.

Olympic remains acquisitive despite Q2 earnings slide
Olympic Steel's earnings fell in the second quarter amid an "unprecedented" environment in the metals industry.

Atlas completes Evraz NA deal, renames firm, and hires former USS exec as CEO
Atlas Holdings has completed its acquisition of Evraz North America (Evraz NA) and its subsidiaries.

ArcelorMittal: As tariffs slow global growth, Calvert could be a bright spot
ArcelorMittal expects less demand growth across most of the markets it operates in, including the US, because of President Donald Trump’s tariffs. But the Luxembourg-based steelmaker also thinks it stands to benefit from an increasingly regionalized world thanks to investments like the new EAF at its mill in Calvert, Ala.

Ternium posts solid Q2, expects further shipment growth
Latin American steel producer Ternium delivered a solid performance in the second quarter of 2025. Performance was driven primarily by higher realized steel prices in Mexico, even as shipment volumes declined slightly across its regional portfolio.