Tag: Worthington Industries

Worthington Industries said on Thursday its board of directors has approved the previously announced separation of its Steel Processing business, Worthington Steel Inc.

Steel Dynamics Inc. (SDI) reported a drop in third quarter profits on lower prices for flat-rolled steel as well as for fabricated products.

Worthington Industries Inc. announced on Oct. 5 the expansion of its Tempel Steel facility in Apodaca, Mexico.

Worthington Industries said it has so far been little impacted by the United Auto Workers (UAW) strike.

Worthington Industries Inc. on Wednesday reported net income of $96.1 million in its fiscal 2024 first quarter, up 49.9% from a year earlier despite net sales falling 15.3% over the same period. The Columbus, Ohio-based service center and manufacturer said the drop resulted mostly from lower average prices in its steel processing division as well as lower overall sales volumes.

Worthington Industries announced on Tuesday the names and branding for the two companies resulting from its planned separation, which could happen earlier than previously stated.

Kenwal Steel has hired Dean Kreuzer to the newly created position of vice president of strategy and business development.

Here’s the program for the final day of SMU's Steel Summit on Wednesday, Aug. 23, at the Georgia International Convention Center in Atlanta.

Worthington Industries Inc. announced strong earnings for its fiscal 2023 fourth quarter, boosted by an exceptional performance from its steel processing business. The Columbus, Ohio-based manufacturing and steel processing company reported net earnings of $129.9 million for fiscal Q4 ended May 31, a 62% increase from $80.3 million in the same period one year prior.   […]

We are counting down the days until SMU’s Steel Summit Conference on Monday-Wednesday, Aug. 21-23, in Atlanta. It’s only a little over two months away. Approximately 755 people have already registered. Our discounted room blocks are almost gone. Register here. The event will again be held at the Georgia International Convention Center, a massive conference center in close […]

Worthington Industries’ plan to split into two separate companies by early 2024 is full-steam ahead, and the man getting ready to helm the ship of the new Worthington Steel is Geoff Gilmore. Gilmore joined Worthington in 1998, and has served as EVP and COO since August 2018. He will be the CEO of Worthington Steel, […]

Geoff Gilmore, future president and CEO of Worthington Steel, will be the featured speaker on the next SMU Community Chat on Wednesday, June 14, at 11 a.m. ET. The live webinar is free to attend. A recording will be available to SMU members. You can register here. We’ll talk about current steel market dynamics, the […]

Geoff Gilmore, future president and CEO of Worthington Steel, will be the featured speaker on the next SMU Community Chat on Wednesday, June 14, at 11 am ET. The live webinar is free to attend. A recording will be available to SMU members. You can register here. We’ll talk about current steel market dynamics, the […]

As you make your travel plans for this summer, don’t forget about this year’s Steel Summit Conference in Atlanta. The event will again be held at the Georgia International Convention Center, a world-class conference facility adjacent to the Hartsfield-Jackson Atlanta International Airport—think low airfares and easy access. So mark your calendar for Monday-Wednesday, Aug. 21-23. The […]

Worthington Industries reported lower net earnings in its fiscal 3Q ended Feb. 28 vs. the same period a year earlier on lower steel prices. The Columbus, Ohio-based service center and processor posted 3Q 2023 net earnings of $46.3 million, down 18% from $56.3 million a year earlier on net sales that fell 20% to $1.1 billion. […]

Worthington Industries Inc. has announced the senior leadership teams for New Worthington and Worthington Steel.  The appointments will be effective on completion of Columbus, Ohio-based Worthington’s planned separation of the steel processing business, tentatively set for early 2024. “The leadership teams of New Worthington and Worthington Steel reflect the unique focus and strategic priorities of […]

Worthington Industries is building cash to strengthen its balance sheet as it prepares to move its Steel Processing segment into a separate business. The Columbus, Ohio-based company said it had had $129.6 million of cash at the end of its fiscal second 2023 quarter ended Nov. 30, an increase of $95.1 million from May 31, […]

Worthington Industries posted steeply lower net earnings in its fiscal 2023 second quarter ended Nov. 30 compared with the same quarter a year ago, driven mainly by declining steel prices. The Columbus, Ohio-based manufacturer and service center reported net earnings of $16.2 million in its second quarter, down 85% from $110.3 million in the year-ago period, […]

Marubeni-Itochu Steel America Inc. (MISA) has acquired Worthington Specialty Processing (WSP), a joint venture between Worthington Industries and United States Steel Corp. The New York-based value-added steel and aluminum processor and North American subsidiary of Japan’s Marubeni-Itochu Steel Inc. acquired WSP’s only remaining facility in Jackson, Mich. in an all-cash deal for an undisclosed sum. […]

Worthington Industries announced it will be splitting off its steel business and creating two separate, publicly traded businesses. Worthington’s Steel Processing business segment will become the independent Worthington Steel, with an aim to be a processor with expanded offerings in electrical steel laminations and automotive lightweighting solutions. Worthington’s current chief operating officer, Geoff Gilmore, will serve as the […]

Worthington Industries reported sharply lower profits in its fiscal 2023 first quarter results ended Aug. 31, 2022, despite a boost in sales. The Columbus, Ohio-based manufacturer and service center said the drop resulted largely from inventory holding losses at its steel processing division, which negatively impacted results by an estimated $48.6 million. All told, Worthington […]

Worthington Industries reported sharply lower profits for both its fiscal 2022 fourth quarter and its full fiscal year ended May 31, 2021. The Columbus, Ohio-based manufacturer and service center said the drop resulted partly from inventory holding losses at its steel processing division. All told, Worthington reported net earnings of $80.3 million in its fiscal […]

The SMU Steel Summit Conference was, at its inception, about two things: networking and forecasting. Our conference aims to expand our attendees’ knowledge of the economy, the flat rolled and plate industries, and key market segments. It’s also about getting to know one another better as companies look to improve or expand their relationships with […]

Worthington Industries today reported fiscal third-quarter results that included an 82% jump in sales versus the same quarter last year, driven by higher average selling prices and contributions from the acquisitions of Tempel Steel Co. and Shiloh Industries’ U.S. BlankLight business. Net sales for the quarter ended Feb. 28 totaled $1.4 billion, producing net earnings of $56.3 […]

Worthington Industries Inc. reported net earnings of $110.3 million for the second quarter of its fiscal 2022 ended Nov. 30 on total sales of $1.2 billion. Revenues for the Columbus, Ohio-based steel processor jumped by 69% or $501.8 million from the same period last year, driven primarily by higher average direct selling prices in its Steel […]

The 33rd Tampa Steel Conference will be live and in-person as we return to the Marriott Water Street Hotel in Tampa, Fla. The conference dates are Feb. 14 (networking opportunities and first day of Introduction to Hedging Workshop), Feb. 15 (golf outing, boat tour, and hedging workshop in the morning followed by the beginning of the […]

The 33rd Tampa Steel Conference will be live and in-person as we return to the Marriott Water Street Hotel in Tampa, Fla. The conference dates are Feb. 14 (networking opportunities and first day of Introduction to Hedging Workshop), Feb. 15 (golf outing, boat tour, and hedging workshop in the morning followed by the beginning of the […]

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 […]

Whether they believe steel prices are in for a sharp or a gradual correction, most of the service center and manufacturing executives responding to SMU’s latest survey agree the market is at a turning point. Here are a few of their recent observations: “Yes, I think we are at the inflection point. The market appears to be […]

Worthington Industries Inc. reported net sales for the first quarter of fiscal 2022 totaling $1.1 billion, up 58% from $702.9 million in the year-ago quarter. The increase was driven primarily by higher average direct selling prices in Steel Processing and by higher overall volume improvements, the company said. “We again delivered record adjusted earnings per […]