NYSE: WS
Worthington Steel, Inc.CIK 0001968487 · SIC 3310 · Steel Works & Blast Furnaces
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revenue $3.44B, net income $8.5M. Operating income swung to loss on Electrical Steel impairments; Kloeckner acquisition closed
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Worthington Steel opens delisting tender for remaining Kloeckner shares at EUR 11.00
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Worthington Steel secures $550M credit facility to finance Klöckner acquisition
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Worthington Steel swings to $48.7M Q4 loss on $94.5M Electrical Steel impairments
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Worthington Steel completes €576M acquisition of 60.86% stake in Germany's Klöckner
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Worthington Steel raises $1.4B in debt to fund Klöckner acquisition
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Worthington Steel clears final hurdle for Klöckner acquisition, set to close June 3
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Worthington Steel launches $900M debt offering to fund Kloeckner acquisition
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revenue $769.8M, net income $10.4M. Worthington Steel Q3 2026: No Material Changes vs Prior Year Quarter
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Worthington Steel announces results of initial acceptance period for Klöckner takeover bid
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Worthington Steel reports Q3 fiscal 2026 earnings, declares $0.16 quarterly dividend
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Latest financial statements
From 10-K filed Jul 30, 2026 (period ending May 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Statements of Earnings
(In millions, except per common share amounts)
| Description | Fiscal years ended May 31, 2026 | Fiscal years ended May 31, 2025 | Fiscal years ended May 31, 2024 |
|---|---|---|---|
| Net sales | 3,443.8 | 3,093.3 | 3,430.6 |
| Cost of goods sold | 3,040.5 | 2,704.7 | 2,990.8 |
| Gross margin | 403.3 | 388.6 | 439.8 |
| Selling, general and administrative expense | 297.4 | 231.6 | 224.4 |
| Impairment of goodwill | 53.8 | - | - |
| Impairment of long-lived assets and other assets | 60.5 | 7.4 | 1.4 |
| Restructuring and other (income) expense, net | (7.0) | 2.6 | - |
| Separation costs | - | - | 19.5 |
| Operating income (loss) | (1.4) | 147.0 | 194.5 |
| Other income (expense): | |||
| Miscellaneous income, net | 16.6 | 3.8 | 5.3 |
| Interest expense, net | (28.4) | (7.1) | (6.0) |
| Equity in net income of unconsolidated affiliate | 20.3 | 4.4 | 22.4 |
| Earnings before income taxes | 7.1 | 148.1 | 216.2 |
| Income tax expense | 20.0 | 28.8 | 46.1 |
| Net earnings (loss) | (12.9) | 119.3 | 170.1 |
| Net earnings (loss) attributable to noncontrolling interests | (21.4) | 8.6 | 15.4 |
| Net earnings attributable to controlling interest | 8.5 | 110.7 | 154.7 |
| Basic | |||
| Weighted average common shares outstanding | 49.8 | 49.5 | 49.3 |
| Earnings per share attributable to controlling interest | 0.17 | 2.24 | 3.14 |
| Diluted | |||
| Weighted average common shares outstanding | 50.8 | 50.5 | 49.8 |
| Earnings per share attributable to controlling interest | 0.17 | 2.19 | 3.11 |
Consolidated Balance Sheets
(In millions, except share amounts)
| Description | May 31, 2026 | May 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 84.6 | 38.0 |
| Restricted cash | - | 54.9 |
| Receivables, less allowances of $1.1 and $3.8, respectively | 496.2 | 438.7 |
| Inventories: | ||
| Raw materials | 168.5 | 179.4 |
| Work in process | 145.9 | 165.6 |
| Finished products | 101.3 | 77.0 |
| Total inventories | 415.7 | 422.0 |
| Income taxes receivable | 14.3 | 0.1 |
| Assets held for sale | 9.1 | 11.5 |
| Prepaid expenses and other current assets | 110.0 | 83.3 |
| Total current assets | 1,129.9 | 1,048.5 |
| Investment in unconsolidated affiliate | 123.4 | 126.6 |
| Operating lease right-of-use assets | 77.8 | 72.6 |
| Finance lease right-of-use assets, net of accumulated amortization of $4.4 and $–, respectively | 7.5 | - |
| Goodwill | 44.5 | 79.6 |
| Other intangible assets, net of accumulated amortization of $65.9 and $50.3, respectively | 77.3 | 67.9 |
| Deferred income taxes | 12.7 | 11.4 |
| Equity securities | 122.2 | - |
| Other assets | 7.8 | 7.0 |
| Property, plant and equipment: | ||
| Land | 57.2 | 38.6 |
| Buildings and improvements | 272.5 | 190.4 |
| Machinery and equipment | 1,065.0 | 942.6 |
| Construction in progress | 105.9 | 132.7 |
| Total property, plant and equipment | 1,500.6 | 1,304.3 |
| Less: accumulated depreciation | 851.3 | 756.1 |
| Total property, plant and equipment, net | 649.3 | 548.2 |
| Total assets | 2,252.4 | 1,961.8 |
| LIABILITIES, MEZZANINE EQUITY AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | 424.0 | 402.5 |
| Short-term borrowings | 185.4 | 149.2 |
| Accrued compensation, contributions to employee benefit plans and related taxes | 60.0 | 43.0 |
| Dividends payable | 9.2 | 9.3 |
| Other accrued items | 56.2 | 15.3 |
| Current operating lease liabilities | 10.4 | 7.7 |
| Current finance lease liabilities | 2.9 | - |
| Income taxes payable | 0.7 | 4.5 |
| Current maturities of long-term debt | 27.0 | - |
| Total current liabilities | 775.8 | 631.5 |
| Other liabilities | 51.5 | 32.8 |
| Long-term debt | 44.4 | 2.3 |
| Noncurrent operating lease liabilities | 78.7 | 68.7 |
| Noncurrent finance lease liabilities | 5.5 | - |
| Deferred income taxes | 33.6 | 28.6 |
| Total liabilities | 989.5 | 763.9 |
| Mezzanine equity: | ||
| Redeemable noncontrolling interest (“Redeemable NCI”) | 65.3 | - |
| Total mezzanine equity | 65.3 | - |
| Shareholders’ equity - controlling interest: | ||
| Preferred shares, without par value; authorized 1,000,000 shares; no shares issued or outstanding | - | - |
| Common shares, without par value; authorized 150,000,000 shares; issued and outstanding 49,920,298 shares and 49,548,895 shares, respectively | - | - |
| Additional Paid-in Capital (“APIC”) | 919.4 | 913.9 |
| Retained earnings | 140.0 | 164.2 |
| Accumulated other comprehensive income (loss), net of taxes of $(2.3) and $(2.0), respectively | 3.9 | (4.0) |
| Total shareholders’ equity controlling interest | 1,063.3 | 1,074.1 |
| Noncontrolling interests (“NCI”) | 134.3 | 123.8 |
| Total equity | 1,197.6 | 1,197.9 |
| Total liabilities, mezzanine equity and equity | 2,252.4 | 1,961.8 |
Statements of Cash Flows
(In millions)
| Description | Fiscal years ended May 31, 2026 | Fiscal years ended May 31, 2025 | Fiscal years ended May 31, 2024 |
|---|---|---|---|
| Operating activities: | |||
| Net earnings (loss) | (12.9) | 119.3 | 170.1 |
| Adjustments to reconcile net earnings (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 84.2 | 66.0 | 65.3 |
| Impairment of goodwill, long-lived assets, and other assets | 114.3 | 7.4 | 1.4 |
| Provision for (benefit from) deferred income taxes | (10.4) | (3.1) | 1.1 |
| Bad debt expense | 0.8 | 1.8 | 1.1 |
| Equity in net income of unconsolidated affiliate, net of distributions | 3.2 | 8.4 | (20.4) |
| Net (gain) loss on sale of assets | (4.7) | (0.7) | 1.0 |
| Stock-based compensation | 13.9 | 11.0 | 10.3 |
| Unrealized gain on equity securities | (16.0) | - | - |
| Changes in assets and liabilities, net of impact of acquisitions: | |||
| Receivables | (16.3) | 34.1 | (1.4) |
| Inventories | 47.2 | (16.7) | 16.4 |
| Accounts payable | (17.4) | 15.8 | (26.7) |
| Accrued compensation and employee benefits | 5.4 | (9.8) | 7.9 |
| Other operating items, net | 9.9 | (3.2) | (26.6) |
| Net cash provided by operating activities | 201.2 | 230.3 | 199.5 |
| Investing activities: | |||
| Investment in property, plant and equipment | (121.2) | (130.4) | (103.4) |
| Acquisitions, net of cash acquired | (2.9) | - | (21.0) |
| Proceeds from sale of assets, net of selling costs | 16.6 | 1.3 | 1.2 |
| Purchases of equity securities | (106.2) | - | - |
| Other investing activities | 0.3 | - | - |
| Net cash used in investing activities | (213.4) | (129.1) | (123.2) |
| Financing activities: | |||
| Distribution to the Former Parent in connection with the Separation | - | - | (150.0) |
| Transfers to the Former Parent, net | - | - | (47.6) |
| Proceeds from short-term borrowings, net | 25.0 | 15.0 | 127.2 |
| Proceeds from revolving credit facility borrowings swing loans | 1,622.0 | 508.7 | 266.1 |
| Repayment of revolving credit facility borrowings swing loans | (1,610.8) | (522.5) | (248.1) |
| Proceeds from long-term debt, net of issuance costs | 38.1 | 2.3 | - |
| Principal payments on long-term debt | (22.4) | - | - |
| Payments of tax withholdings, net of proceeds from issuance of common shares | (5.9) | (3.1) | 0.3 |
| Payments to noncontrolling interests | (6.0) | (17.0) | (8.8) |
| Dividends paid | (32.6) | (31.9) | (7.9) |
| Payments of debt issuance costs | (4.4) | - | - |
| Net cash provided by (used in) financing activities | 3.0 | (48.5) | (68.8) |
| Effects of exchange rate changes on cash, cash equivalents, and restricted cash | 0.9 | - | - |
| Increase (decrease) in cash, cash equivalents and restricted cash | (8.3) | 52.7 | 7.5 |
| Cash, cash equivalents, and restricted cash at beginning of year | 92.9 | 40.2 | 32.7 |
| Cash, cash equivalents, and restricted cash at end of year | 84.6 | 92.9 | 40.2 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per common share amounts); (In millions, except share amounts); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗