Fiscal 2026 Highlights
Fiscal 2026 Highlights
Fiscal 2026 was a year of disciplined growth for Worthington Steel. Through strategic investments, operational improvements and the largest acquisition in company history, the company continued executing its long-term strategy while preparing for its next chapter of growth.
In his annual shareholder letter, President and CEO Geoff Gilmore reflects on the progress made during the year, the opportunities ahead and the continued commitment to creating long-term value for our customers, employees, shareholders and communities.
Acquisition
Largest in Company History
Expanded Capacity
Electrical Steel Manufacturing
Safety
Record Performance
Investment
AI and Automation
Kloeckner
Preparing for Integration
Building for the Future
One of the defining moments of fiscal 2026 was Worthington Steel's acquisition of Kloeckner & Co, the largest in its history.
The acquisition broadens Worthington Steel's product offering, strengthens its processing capabilities and expands its geographic reach. Together, the combined organization is building one of North America's largest and most diversified metals processing companies.
Beyond adding scale, the acquisition creates a more balanced portfolio, expands opportunities to serve customers and supports more consistent performance over time.
Geoff Gilmore, president and CEO, Worthington Steel
This is the largest acquisition in our history and an important step in building our future.
Investing Where Demand is Growing
Worthington Steel continued investing in its electrical steel platform to meet growing demand driven by electrification, energy infrastructure and hybrid vehicles.
A major milestone was the opening of Tempel's new Burlington, Ontario facility. The investment expands transformer core manufacturing capacity, introduces amorphous transformer core technology and strengthens the company's ability to support modernization of North America's electrical grid.
Demand for transformer cores continues to grow as utilities modernize infrastructure, while hybrid vehicle production remains a long-term driver for electrical steel across North America.
Improving How We Work
Transformation remains the foundation of how Worthington Steel operates.
Across the company, teams continue applying Lean principles to improve flow, reduce waste and better align production with customer demand. At the company's Delta, Ohio facility, implementation of a demand-driven pull system reduced work-in-process inventory by more than 60 percent—creating a model that can be expanded across the organization.
Worthington Steel is also accelerating the use of automation and artificial intelligence to improve efficiency throughout both manufacturing and administrative operations. From customer order processing to finance functions, these technologies are reducing manual work, improving accuracy and allowing employees to focus on higher-value activities.
As predictive capabilities continue to expand, from demand forecasting to maintenance planning, the company expects these investments to further strengthen operational performance.
Powered by Our People
Worthington Steel's performance is driven by its people and guided by Our Philosophy.
During fiscal 2026, the company achieved record safety performance, ending the year with a recordable injury rate of 1.20 while improving both recordable and DART rates compared to the prior year.
The company also received significant recognition from customers, employees and the communities it serves, including:
- General Motors Supplier of the Year (5th time)
- John Deere Partner-level Supplier (14th consecutive year)
- John Deere Community Engagement Award
- Columbus CEO Top Workplace (14th consecutive year)
- Columbus Business First Corporate Citizenship Award
These recognitions reflect Worthington Steel's continued commitment to safety, customer partnerships, community involvement and a culture grounded in the Golden Rule.
Now and Ahead
During fiscal 2027, the focus remains on disciplined execution.
A key priority will be integrating Kloeckner while realizing the long-term value and synergies envisioned through the acquisition. The company will continue emphasizing customer service, operational excellence and bringing together two strong cultures as one organization.
Worthington Steel also plans to continue investing in strategic growth opportunities while taking a measured approach to capital allocation, including aggressively reducing debt following the acquisition.
With a clear strategy, a strong culture and continued focus on execution, the company is well positioned for the future.
Geoff Gilmore, president and CEO, Worthington Steel
We are growing with purpose and are confident in the path ahead.