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Formerly | The Worthington Steel Company (1955–1971), Worthington Industries (1971–2023) |
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Company type | Public |
NYSE: WS | |
Industry |
|
Founded | June 3, 1955 |
Founder | John H. McConnell |
Headquarters | Columbus, Ohio |
Key people | Geoff Gilmore, President and CEO, Jeff Klinger, COO and Tim Adams, CFO |
Products | steel processing, electrical steel laminations, tailor welded solutions |
Number of employees | Approximately 5,000 |
Website | www.worthingtonsteel.com |
Worthington Steel is a publicly traded (NYSE:WS) steel processing company headquartered in Columbus, Ohio. Worthington Steel is an independent, intermediate processor of carbon flat-rolled steel in the United States, purchasing steel from integrated steel mills and mini-mills and custom processing it in areas such as type, length, width, thickness, shape and surface quality. [1] Worthington Steel provides steel processing capabilities such as pickling, galvanizing and slitting, electrical steel laminations and tailor welded blanks for end-use markets including automotive, agriculture, construction, energy and heavy truck. [2]
1955-1971: The Worthington Steel Company. Operated under this name from its founding until 1971. [3]
1971-2023: Worthington Industries. In 1971, The Worthington Steel Company purchased Lennox Industries, a Columbus-based pressure cylinder business. [4] With this acquisition, a new name was formed for the company, Worthington Industries.
December 2023-Now: Worthington Steel, Inc. In late 2023, Worthington Industries separated into two stand-alone, public companies, Worthington Steel (NYSE: WS) and Worthington Enterprises (NYSE: WOR), bringing its steel processing business back to its original name, Worthington Steel. [5]
On June 3, 1955, Worthington Steel was founded by John H. McConnell. [3]
The Worthington Steel Company started with a single slitter line and a few employees, grossing $342,000 in its first year. During the late 1950s and into the 1960s, the company added steel processing capabilities to its operations and reached sales of $12.5 million in 1967. [3]
The Worthington Steel Company became a publicly traded company in 1968 through the National Association of Securities Dealers Automated Quotations (now known as Nasdaq). Shareholders purchased 150,000 shares at $7.50 each. [3] [4] [6]
Throughout the 1960s and 1970s, The Worthington Steel Company acquired new companies. In 1971, with the acquisition of a pressure cylinder business, The Worthington Steel Company name changed to Worthington Industries. [4]
Operating under the name Worthington Industries, the company expanded its operations throughout the 1980s. [4] [6]
In 1992, Worthington Industries launched a joint venture called the TWB Company, expanding into the tailor welded blank market in North America. [4] [6]
In 2000, Worthington Industries moved from Nasdaq to the New York Stock Exchange (NYSE: WOR). Throughout the 2010s, Worthington acquired new businesses and facilities, including Rome Strip Steel Company, Inc., and Heidtman Steel Product Inc.'s pickling and slitting operation in Cleveland, Ohio. [7] [8]
In 2021, Worthington Industries acquired Chicago-based electrical steel company, Tempel Steel. [9]
On Dec. 1, 2023, Worthington Industries separated into Worthington Steel (NYSE: WS) and Worthington Enterprises (NYSE: WOR). Worthington Steel's CEO is now Geoff Gilmore. [10]
In March 2024, Worthington Steel's joint venture TWB Company, LLC licensed ArcelorMittal Tailored Blanks' patented ablation technology to enter the hot formed tailored blanking market. [11]
In December 2024, Worthington Steel announced plans to acquire a 52% stake in Sitem SpA, a Trevi, Italy-based maker of electric motor laminations. The deal, terms of which were not disclosed, is expected to close in early 2025. [12]
Worthington Steel's philosophy is documented in the book, Our Golden Rule, by Founder John H. McConnell. The book also documents The Worthington Steel Company putting all of its employees on a salary plan and introducing a profit-sharing incentive plan in 1966. [6] [13]
That same year, Employee Councils were introduced as a two-way communication system between employees and leadership. Worthington Steel still uses Employee Councils today. [6]
Previously operating under the name of the Worthington Industries Foundation, The Worthington Companies Foundation is a philanthropic partnership between Worthington Steel and Worthington Enterprises. The Foundation supported 73 organizations in 2024 in focus areas of Health, Human Services, Youth Education, and Civic Causes. [14]
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