Distributors/Service Centers
June 3, 2026
Worthington Steel completes takeover of Kloeckner
Written by Ethan Bernard
Worthington Steel has completed its takeover offer for Kloeckner & Co. following the fulfillment of all closing conditions.
The Columbus, Ohio-based service center group said on Wednesday it has currently secured ~62% of Kloeckner’s outstanding shares.
“This is an important milestone for Worthington Steel and a meaningful step forward in our growth strategy,” Geoff Gilmore, Worthington president and CEO, said in a statement. “Kloeckner brings strong capabilities, a talented team, and a shared commitment to performance.”
The company expects the transaction to broaden its product portfolio, diversify end-market exposure, and strengthen its geographic footprint.
Guido Kerkhoff, CEO of Germany-based service center group Kloeckner, also applauded the deal.
“This is the outcome of a deliberate strategic journey: focusing our business on higher-value products and services, building scale in North America and Europe, and finding in Worthington Steel a partner that shares our vision,” he said.
Delisting of Kloeckner
Worthington said it intends to launch a public delisting tender offer for all outstanding Kloeckner shares not already held by Worthington Steel. Additionally, the company expects to offer remaining Kloeckner shareholders €11.00 in cash per Kloeckner share.
When the delisting is completed, Kloeckner shares will no longer be admitted to trading on a regulated market in Germany or on a comparable market abroad. Worthington noted this may “result in significantly reduced liquidity and limited price discovery for Kloeckner shares.”
Worthington said the delisting offer will not be subject to any closing conditions and will not include a minimum acceptance threshold.
Background
Worthington confirmed in December it was in talks to acquire Düsseldorf, Germany-based metal distributor Kloeckner. The companies signed a formal agreement in January. At the end of March, Worthington said it had exceeded the share threshold for the deal, which was 57.5%.
Kloeckner’s American subsidiary is Kloeckner Metals Corp., headquartered in Alpharetta, Ga.
