Tag: Worthington Steel

Worthington Steel said it did not receive sufficient approval from shareholders of German service center Kloeckner & Co. for a proposed domination and profit and loss transfer agreement (DPLTA). Under German law, a DPLTA gives a parent company the right to issue binding instructions to the management of a subsidiary. Kloeckner held an extraordinary general meeting on Friday, Oct. 23, in Dusseldorf, during which a shareholder vote on the DPLTA took place. At least 75% of the capital represented at the meeting had to vote in favor of the DPLTA for the measure to pass.

"Now, the problem is no longer the price. The problem is having access to steel." That would have made a good lead. But I can’t take credit for it. Those (very quotable) words are from Cleveland-Cliffs Chairman and CEO Lourenco Goncalves during the steelmaker’s quarterly earnings conference call on Monday. For a while, I thought the shortages we'd been hearing about might be mostly a problem for small- and mid-sized buyers. But we’re seeing even some of the biggest steel buyers talking openly about supply problems.

Worthington Steel said tight US steel supply, low imports, and extended lead times constrained shipments and quoting opportunities during its first fiscal quarter, even as the conditions supported pricing and spread sustainability.

Worthington Steel reported a surge in sales in its first quarterly results to include the Kloeckner acquisition, but the company posted a net loss as the acquisition reshaped its sales and operating mix.

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.

Worthington Steel remains focused on further acquisitions after the completion of its buy of service center group Kloeckner & Co.

Worthington Steel has opened the acceptance period for its public delisting tender offer for all outstanding Kloeckner & Co SE shares.

During Worthington Steel’s fiscal fourth-quarter earnings call on June 25, company executives cited interest rates as a market headwind.

Worthington Steel swung to a loss in its fiscal fourth quarter as the company completed its acquisition of Germany-based Kloeckner & Co.

Fresh off the closing of Worthington Steel’s acquisition of Kloeckner & Co., Worthington President and CEO Geoff Gilmore sat down with SMU to reflect on the transaction and outline the path forward.

Worthington Steel has completed its takeover offer for Germany-based service center group Kloeckner & Co. following the fulfillment of all closing conditions.

All regulatory conditions for Worthington Steel's acquisition of Germany-based service group Kloeckner have been met, a spokeswoman told SMU on Wednesday.

Worthington Steel said on Tuesday its subsidiary plans to raise $900 million through a senior secured notes offering to raise funds for the company’s proposed Kloeckner acquisition.

Klöckner & Co.’s North American business attributed its first quarter losses to reduced shipments, a knock-on effect of its divestment in 8 US-based distribution sites, at the end of 2025.

Worthington Steel has exceeded the minimum share threshold for its acquisition of Kloeckner and Co.

Worthington Steel reported steady progress on its planned acquisition of Kloeckner & Co., calling the deal a major strategic step as steel markets show early signs of tightening in the US and remain under pressure in Europe.

Worthington Steel reporter lower FY Q3 earnings on what its CEO described as "challenging" macroeconomic conditions.

Klockner & Co.'s North American business closed 2025 with its strongest fourth quarter on record, even as pricing and currency effects weighed on revenue. The update comes as Worthington Steel moves close to securing control of the German distributor through an ongoing public takeover bid.

Worthington Steel reduced its minimum acceptance threshold to 57.5% for its purchase of Kloeckner & Co.  

Reuters on Monday quoted Worthington Steel President and CEO Geoff Gilmore as saying the company has alternative targets if its deal to acquire Germany-based service center group Kloeckner & Co. doesn't happen.

The chief executives at Worthington Steel and Kloeckner Metals weren’t coy about hitting aggressive near-term financial targets in their fireside chat at the Tampa Steel Conference last week.  

I want to say a big thank you to everyone who attended the Tampa Steel Conference. More than 600 people – smashing the record we set last year.

SMU interviews Worthington Steel CEO Geoff Gilmore about the recent Kloeckner & Co. buy.

We’ve got some exciting announcements to make about the Tampa Steel Conference, which is now less than a month away! First, I’m very happy to say that Worthington Steel President and CEO Geoff Gilmore will be joining Kloeckner Metals CEO John Ganem on the stage for a fireside chat with my colleague David Schollaert.

Worthington Steel has announced it will acquire Germany's Kloeckner & Co, creating second-largest steel service company in North America.

Worthington Steel executives emphasized on an earnings conference call on Thursday that the company’s standout fiscal Q2 performance came from capturing new automotive business, with direct automotive shipments rising 26% year over year.

Worthington Steel reported higher profits and sales in its fiscal second quarter of 2026.

Worthington Steel is in talks to possibly take over German-based service center chain Klöckner & Co. SE, both companies have confirmed.

Worthington Steel saw a strong first quarter to kick off its fiscal 2026 as both profits and sales notched increases.

The American Iron and Steel Institute (AISI) has added Worthington Steel to its membership roster and elected Geoff Gilmore, president and chief executive officer of the steel processor, to its board of directors.