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Worthington Steel's earnings, sales rise in fiscal Q1'26

Written by Ethan Bernard

September 24, 2025

Worthington Steel

Fiscal first quarter ended Aug. 3120252024% Change
Net sales$872.9$834.04.7%
Net earnings (loss)$36.8$28.429.6%
Per diluted share$0.72$0.5628.6%
(in millions of dollars except per share)

Worthington Steel saw a strong first quarter to kick off its fiscal 2026 as both profits and sales notched increases.

The Columbus, Ohio-based steel processor’s net earnings jumped nearly 30% to $36.8 million in its fiscal Q1’26 ended Aug. 31. This compares with $28.4 million a year earlier. Net sales rose ~5% to $872.9 million in the same time frame.

Volumes fell 6.6% to 928,866 tons year over year in fiscal Q1’26.

The company cited higher direct volumes and slightly higher average direct-selling prices as the main drivers for higher sales. These were partially offset by lower toll volumes, along with slightly lower average toll selling prices.

Worthington highlighted lower demand from mill customers as the primary factor for the decrease in toll volumes.

Additionally, the company pointed to lower volumes out of Worthington Samuel Coil Processing (WSCP). This was due to the closure of WSCP’s toll processing facility in Cleveland earlier this year.

Still, Worthington Steel’s top executive was upbeat on results.

“Worthington Steel is off to a strong start in fiscal 2026, driven by disciplined execution in a soft market,” company President and CEO Geoff Gilmore said in a statement after markets closed on Wednesday.

“This quarter reflects the strength of our base business, our team’s ability to adapt in a dynamic market, and the benefits of our transformation mindset,” he added.

Gilmore also said Worthington was pleased to welcome Sitem into the company in fiscal Q1.

Through its Tempel Steel subsidiary, Worthington closed on its acquisition of a controlling stake in Italy-based Sitem SpA in the quarter.

With six manufacturing sites across Italy, Switzerland, Slovakia, and France, the deal expands Worthington’s presence in the European market.

Ethan Bernard

Ethan Bernard is managing editor for Steel Market Update. He previously worked for American Metal Market as a copy editor in the New York office for two years, starting in 2008. Later, he copy edited AMM’s monthly magazine on a freelance basis from 2015 until 2017. With experience in financial copywriting and textbook publishing, he holds a BA in Comparative Literature from UC Berkeley, and an MFA. in Creative Writing from New York University. He can be reached at ethan@steelmarketupdate.com or 724-759-7871.

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