Company Announcements
June 25, 2026
Worthington swings to fiscal Q4'26 loss
Written by Ethan Bernard
Worthington Steel Inc.
| Fourth quarter ended May 31 | 2026 | 2025 | % Change |
|---|---|---|---|
| Net sales | $929.2 | $832.9 | 11.6% |
| Net earnings (loss) | $(48.7) | $55.7 | -187.4% |
| Per diluted share | $(0.98) | $1.10 | -189.1% |
| Twelve months ended May 31 | |||
| Net sales | $3,443.8 | $3,093.3 | 11.3% |
| Net earnings (loss) | $17.3 | $110.7 | -84.4% |
| Per diluted share | $0.34 | $2.19 | -84.5% |
Worthington Steel swung to a loss in its fiscal fourth quarter as the company completed its acquisition of Germany-based Kloeckner & Co.
The Columbus, Ohio-based service center group posted a net loss attributable to controlling interest of $48.7 million in its fiscal fourth quarter ended May 31. This compares with net income attributable to controlling interest of $55.7 million a year earlier. Net sales rose 12% to $929.2 million in the same comparison.
The company reported volumes of 938,589 short tons (st), off 4% from a year earlier.
“Fourth-quarter results reflected solid execution in a mixed market with tighter year-over-year value-added spreads, which are beginning to normalize,” Geoff Gilmore, president and CEO, said in a statement on Wednesday.
“The completion of the Kloeckner transaction shortly after year-end marks the largest acquisition in our history and a defining step in building a stronger, more diversified metals processing platform,” he added.
Worthington announced the completion of the deal for German service center group Kloeckner earlier this month. The companies had signed a formal agreement in January.
Operating loss
Meanwhile, Worthington logged an operating loss in Q4’26 of $57.6 million, a decrease of $124.0 million vs. the prior-year quarter.
The company said the decrease was driven primarily by $94.5 million of goodwill and long-lived assets impairment charges, a $22.3 million increase in selling, general, and administrative expense, and an $8.9 million decrease in gross margin.
This was partially offset by a $1.7 million favorable change in restructuring and other (income), expense, net, Worthington said.
