Worthington Steel

Last updated
Worthington Steel, Inc. (2023-Present)
FormerlyThe Worthington Steel Company (1955–1971), Worthington Industries (1971–2023)
Company type Public
NYSE:  WS
Industry
  • Steel processing
FoundedJune 3, 1955;69 years ago (1955-06-03)
FounderJohn H. McConnell
HeadquartersColumbus, Ohio
Key people
Geoff Gilmore, President and CEO, Jeff Klinger, COO and Tim Adams, CFO
Productssteel processing, electrical steel laminations, tailor welded solutions
Number of employees
Approximately 5,000
Websitewww.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]

Contents

Evolution of company name

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]

History

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]

Philosophy

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]

The Worthington Companies Foundation

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]

References

  1. ↑ Englert, Martin (2024). "Interesting Secular Opportunities While Riding Out Short-Term Volatility; Initiating With a Neutral Rating". Seaport Research Partners.
  2. ↑ Gibbs, Phil (2024). "WS: Field Trip Highlights; Raising Target". KeyBanc Capital Markets.
  3. 1 2 3 4 "John McConnell, 84, Steel and Hockey Magnate, Dies". The New York Times . 28 April 2008.
  4. 1 2 3 4 5 "Worthington Industries Expands with Oil, Gas Boom". The Columbus Dispatch . 17 May 2013.
  5. ↑ "Worthington Industries separating steel processing and other businesses". NBC4i . 29 September 2022.
  6. 1 2 3 4 5 "No Place for Time-Wasters". Industry Week . 22 December 2004.
  7. ↑ "Plant officials: Future bright for former Rome Strip Steel". Utica Observer-Dispatch . 26 January 2015.
  8. ↑ "Worthington Industries Buys Heidtman Steel Processing Facility". Smart Business . 7 October 2019.
  9. ↑ "Worthington Industries buys Chicago steel company". The Columbus Dispatch . 2 November 2021.
  10. ↑ "Worthington Industries To Spin-Off Worthington Steel On December 1". Forbes . 16 November 2023.
  11. ↑ "TWB Will Use Ablation Technology at Monroe". Metal Center News . 16 March 2024.
  12. ↑ "Worthington Steel growing EV business with acquisition of Italian company". Columbus Business First . 5 December 2024.
  13. ↑ "The Promise in Profit-Sharing". The New York Times . 9 February 1986.
  14. ↑ "Worthington splits into 2 companies, makes $7.5 million donation to Nationwide Children's". The Columbus Dispatch . 4 December 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.