Worthington Steel
| Formerly | The Worthington Steel Company (1955–1971), Worthington Industries (1971–2023) |
|---|---|
| Company type | Public |
| NYSE: WS | |
| Industry |
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| Founded | June 3, 1955 |
| Founder | John H. McConnell |
| Headquarters | Columbus, Ohio |
Key people | Geoff Gilmore, President and CEO, Jeff Klinger, COO, 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 listed (NYSE:WS) enterprise specializing in steel processing, with its headquarters situated in Columbus, Ohio. The company functions as an independent processor of carbon flat-rolled steel across the United States, sourcing materials from both Integrated steel mills and Mini mills. It offers tailored processing services based on type, dimension, form, and surface finish. Key offerings encompass pickling, galvanizing, slitting, electrical steel laminations, and tailor welded blanks, catering to industries including automotive, agriculture, construction, energy, and heavy truck manufacturing.
Company name changes
1955-1971: Initially established as The Worthington Steel Company.[1]
1971-2023: Following the acquisition of Lennox Industries—a Columbus-based pressure cylinder manufacturer—the firm was renamed Worthington Industries.[2]
December 2023-Present: After splitting into two publicly traded entities—Worthington Steel (NYSE: WS), focusing on steel processing operations, and Worthington Enterprises (NYSE: WOR)—the company adopted the name Worthington Steel, Inc. This restructuring was designed to sharpen strategic focus and improve operational effectiveness.Cite error: The opening <ref> tag is malformed or has a bad name
Corporate history
Worthington Steel was established on June 3, 1955, by John H. McConnell, beginning with a single slitter line and generating initial revenues of $342,000 during its inaugural year. By 1967, the company had significantly increased its steel processing capacity and reached $12.5 million in sales.
In 1968, the company went public on Nasdaq by issuing 150,000 shares priced at $7.50 each. Throughout the 1970s, Worthington expanded through key acquisitions such as a pressure cylinder business in 1971, which led to the rebranding as Worthington Industries.
The expansion continued through the 1980s; in 1992, the company formed the TWB Company joint venture to enter the North American tailor welded blanks market. In 2000, Worthington Industries transitioned its stock listing to the New York Stock Exchange (NYSE: WOR).
During the 2010s, growth was driven by acquisitions including Rome Strip Steel Company and Heidtman Steel Product’s pickling and slitting plant located in Cleveland. The purchase of Chicago-based Tempel Steel in 2021 further strengthened its electrical steel division.
On December 1, 2023, Worthington Industries separated into two independent companies: Worthington Steel (NYSE: WS), under CEO Geoff Gilmore’s leadership, and Worthington Enterprises (NYSE: WOR). In March 2024, Worthington Steel’s TWB Company secured a license for ArcelorMittal Tailored Blanks' ablation technology to advance into the hot-formed tailored blank market.
Most recently in December 2024, Worthington Steel declared intentions to acquire a controlling 52% interest in Sitem SpA—an Italian manufacturer specializing in electric motor laminations—with completion anticipated in early 2025. This move supports Worthington’s strategic emphasis on growing its electric vehicle components portfolio.
Philosophy
The guiding principles of Worthington Steel, established by founder John H. McConnell in his work Our Golden Rule, focus on fostering employee involvement and sharing profits. In 1966, the firm introduced a compensation structure combined with a profit-sharing incentive plan, designed to align the workforce's interests with the company’s overall success.
That same year marked the creation of Employee Councils, which serve as a bidirectional communication channel between employees and management. These councils continue to play a vital role in Worthington Steel’s operational framework.
The Worthington Companies Foundation
The Worthington Companies Foundation represents a charitable collaboration between Worthington Steel and Worthington Enterprises, dedicated to supporting projects in Health, Human Services, Youth Education, and Civic Causes. In 2024, the foundation provided assistance to 73 organizations, demonstrating the company's dedication to social responsibility alongside its business objectives.