News & Events

COLUMBUS, Ohio, October 6, 2026 – Worthington Steel, Inc. (NYSE: WS), a market-leading, value-added metals processing company, today reported financial results for the fiscal 2027 first quarter ended August 31, 2026. Except as otherwise noted, reported results reflect the impact of the Company’s acquisition of a majority interest in Klöckner & Co SE (“Kloeckner”).

First Quarter Highlights (all comparisons to the first quarter of fiscal 2026 on a continuing operations basis unless otherwise indicated):

• Net sales of $2,726.6 million increased 212% compared to $872.9 million.
• Operating income of $56.0 million compared to $48.3 million.
• Net loss attributable to controlling interest of $7.0 million compared to net earnings of $36.8 million in the prior year quarter.
• Diluted loss per share attributable to controlling interest (“Diluted EPS – Continuing Operations”) of $0.14, compared with Diluted EPS – Continuing Operations of $0.73 in the prior year quarter. Adjusted Diluted EPS – Continuing Operations per share of $0.57 compared to $0.77 in the prior year quarter.
• Adjusted EBIT of $78.5 million compared to $55.5 million.
• On June 3, 2026, subsequent to the end of fiscal 2026, the Company completed settlement of the offer and its acquisition of a majority interest in Kloeckner, securing approximately 62% of Kloeckner’s outstanding shares (the “Kloeckner Acquisition”), representing a significant milestone toward eventual operating control and value capture.
• On July 15, 2026, the Company commenced a public delisting tender offer for all outstanding Kloeckner shares not already held by the Company at a price of €11.00 per share. On August 12, 2026, the acceptance period ended and Kloeckner’s shares were delisted from the regulated market of the Frankfurt Stock Exchange at market closing. Upon settlement of the delisting tender offer, the Company acquired additional Kloeckner shares, increasing the ownership interest to approximately 62.11%.
• On September 8, 2026, subsequent to the end of the first quarter of fiscal 2027, the Company entered into a Domination and Profit and Loss Transfer Agreement (“DPLTA”) with Kloeckner. Effectiveness of the DPLTA remains subject to the required shareholder approvals and registration with the commercial register at Kloeckner’s registered seat and cannot occur before January 1, 2027.
• Declared a quarterly dividend of $0.16 per share payable on December 28, 2026, to shareholders of record at the close of business on December 14, 2026.
  
  

“This quarter marks an important milestone for Worthington Steel as we report our first results including Kloeckner,” said Geoff Gilmore, president and CEO. “The addition of Kloeckner significantly expands our capabilities and positions us as a more diversified metals processing and manufacturing company. At the same time, our core Worthington Steel business delivered solid operating performance, driven by higher direct volumes and improved pricing. As we move forward, our priorities remain clear: serving our customers, improving our operations and creating long-term value for our shareholders.”

Full results are available on our investor site here.