Worthington Steel
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| Formerly | The Worthington Steel Company (1955–1971), Worthington Industries (1971–2023) |
|---|---|
| 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. It was founded on June 3 1955, by John H. McConnell. Worthington Steel is an independent intermediate processor of carbon flat-rolled steel in the U.S., 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]
Evolution of Company Name
[edit]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
[edit]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
[edit]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
[edit]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
[edit]- ^ Englert, Martin (2024). "Interesting Secular Opportunities While Riding Out Short-Term Volatility; Initiating With a Neutral Rating". Seaport Research Partners.
- ^ Gibbs, Phil (2024). "WS: Field Trip Highlights; Raising Target". KeyBanc Capital Markets.
- ^ a b c d "John McConnell, 84, Steel and Hockey Magnate, Dies". The New York Times. 28 April 2008.
- ^ a b c d e "Worthington Industries Expands with Oil, Gas Boom". The Columbus Dispatch. 17 May 2013.
- ^ "Worthington Industries separating steel processing and other businesses". NBC4i. 29 September 2022.
- ^ a b c d e "No Place for Time-Wasters". Industry Week. 22 December 2004.
- ^ "Plant officials: Future bright for former Rome Strip Steel". Utica Observer-Dispatch. 26 January 2015.
- ^ "Worthington Industries Buys Heidtman Steel Processing Facility". Smart Business. 7 October 2019.
- ^ "Worthington Industries buys Chicago steel company". The Columbus Dispatch. 2 November 2021.
- ^ "Worthington Industries To Spin-Off Worthington Steel On December 1". Forbes. 16 November 2023.
- ^ "TWB Will Use Ablation Technology at Monroe". Metal Center News. 16 March 2024.
- ^ "Worthington Steel growing EV business with acquisition of Italian company". Columbus Business First. 5 December 2024.
- ^ "The Promise in Profit-Sharing". The New York Times. 9 February 1986.
- ^ "Worthington splits into 2 companies, makes $7.5 million donation to Nationwide Children's". The Columbus Dispatch. 4 December 2023.