Worthington Industries Announces Public Filing of Form 10 Registration Statement

Advances planned separation of Steel Processing business that is now expected to occur as early as December 2023

COLUMBUS, Ohio, Oct. 04, 2023 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. (NYSE: WOR), a leading industrial manufacturing company, today announced the public filing of a Form 10 registration statement with the U.S. Securities and Exchange Commission in connection with its planned separation of the Company’s Steel Processing business, Worthington Steel.

Andy Rose, president and CEO, Worthington Industries, and future chief executive officer of Worthington Enterprises, said, “The public filing of the Form 10 represents an important milestone in creating two distinct, market-leading companies focused on driving shareholder value. We are excited to complete the planned separation and execute Worthington Enterprises’ growth strategy poised to capitalize on key trends in sustainability, technology, construction and outdoor living, while staying true to our Philosophy as the foundation for success.”

Geoff Gilmore, chief operating officer and executive vice president, Worthington Industries, and the future chief executive officer of Worthington Steel, said, “Our track record has made us a preferred supplier in expanding markets, and we are excited to build on that foundation and deliver the best-in-class, value-added services our customers have come to expect. As a standalone company, we are well-positioned to build on our reputation and capitalize on new opportunities.”

Following the planned separation, Worthington Enterprises will be a market-leading designer and manufacturer with premier brands in attractive end markets in Consumer Products, Building Products and Sustainable Energy Solutions. As a more focused company, Worthington Enterprises will be well-positioned to capitalize on key trends in sustainability, technology, remodeling and construction and outdoor living. Worthington Enterprises will continue to pursue a growth strategy focused on leveraging its robust new product pipeline of sustainable, tech-enabled solutions to disrupt mature markets.

Worthington Steel will be a market-leading steel processor and producer of electrical steel laminations and automotive lightweighting solutions. Worthington Steel expects to maintain a strong balance sheet and continue its balanced approach to capital allocation. In addition to attractive growth opportunities through strategic capital investments, Worthington Steel will be well-positioned to capitalize on growth opportunities from the anticipated global shift toward electrified vehicles.