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]
