Company Announcements
September 10, 2026
Worthington moves closer to full Kloeckner integration
Written by Ethan Bernard
Worthington Steel marked another step in its takeover of Kloeckner & Co.
The Columbus, Ohio-based service center group announced on Sept. 8 that it had signed a domination and profit-and-loss transfer agreement (DPLTA) with Kloeckner. This was pursuant to the rules of the German Stock Corporation Act (AktG).
The DPLTA continues the process of integrating the German service center group.
This follows Worthington’s successful voluntary takeover offer for Kloeckner in June and the delisting of Kloeckner shares on the regulated market of the Frankfurt Stock Exchange, effective Aug. 12. (For a history of the deal, click here.)
“We are pleased to have reached another important milestone in bringing Worthington Steel and Kloeckner together,” Geoff Gilmore, Worthington Steel president and CEO, said in a statement. “We continue to make good progress through the planned steps in the process.”
Worthington said the DPLTA is subject to approval by Kloeckner shareholders. At least 75% of the share capital represented must approve the agreement at a Kloeckner general meeting, expected to take place on Oct. 23.
Following shareholder approval and completion of further required steps, the agreement could become effective upon registration with the commercial register at Kloeckner’s registered seat, no earlier than Jan. 1, 2027.
