Steel Mills
Done Deal: Worthington Finalizes Tempel Acquisition
Written by David Schollaert
December 3, 2021
Worthington Industries Inc. completed its acquisition of Tempel Steel Company, a manufacturer of precision motor and transformer laminations for the electrical steel market.
The deal, originally valued around $255 million, expands the Columbus, Ohio-based manufacturer’s steel processing segment in the growing electric vehicle (EV) market.
Tempel Steel, headquartered in Chicago and founded 1945, specializes in electrical steel – highly engineered steel used for the core of electric motors, transformers and generators.
“The addition of Tempel makes us a world leader in the rapidly growing electrical steel market that includes transformers, machine motors and electric vehicle motors,” Worthington President and CEO Andy Rose said. “Tempel expands our sustainable mobility offerings beyond lightweighting and hydrogen to more widely serve the global market for hybrids, EVs and the electricity infrastructure needed to support them. Tempel has a rich history and dedicated workforce and we’re excited to officially welcome them to Worthington.”
Tempel reported sales of $377 million and earnings of $35 million for the 12 months ending Sept. 30. For its most recent fiscal year, Worthington Industries reported sales of $3.2 billion. The transaction, backed largely with existing cash, includes Tempel’s headquarters and five manufacturing facilities located in Chicago, Canada, China, India and Mexico.
By David Schollaert, David@SteelMarketUpdate.com
David Schollaert
Read more from David SchollaertLatest in Steel Mills
Cliffs moves sheet prices up by $60/st, seeks $900/st HRC
Cleveland-Cliffs aims to increase sheet prices by $60 per short ton (st) and is seeking a new target base for hot-rolled coil (HRC) of $900/st. That's according to a press release circulated on Wednesday morning, March 27.
SSAB could use DOE funding to expand US operations
With the help of a large government grant, SSAB may soon expand its operations in the US – including constructing a fossil-fuel-free green ironmaking facility in Mississippi.
Iron, steel win big in Dept. of Energy’s $6B decarb initiative
The Department of Energy (DOE) announced on Monday six projects that will receive up to $1.5 billion in funding to further decarbonize the iron and steel industry.
Cliffs to use DOE grant to replace Middletown BF with DRI, EMF plant
Cleveland-Cliffs Inc. has plans to replace the blast furnace at its Middletown Works in Ohio with a direct-reduced iron (DRI) plant and two electric melting furnaces (EMFs).
CMC’s Arizona 2 micro-mill shifts focus on West Coast rebar glut
A temporary surplus of rebar on the West Coast is forcing CMC to alter the planned ramp-up of its Arizona 2 micro-mill, the company's leader said on Thursday.