"At Worthington Steel, we are dedicated to continuous improvement, innovation, and sustainable growth. By providing value-added solutions, we meet the evolving needs of our customers while supporting the global shift toward decarbonization and energy transition, positioning us to lead the industry into a prosperous and sustainable future."
To begin, we are currently a $3.4 billion company, processing approximately 4 million tons of steel annually. Headquartered in Columbus, Ohio, we employ around 4,600 individuals and operate 32 manufacturing facilities, primarily in North America. Additionally, we have facilities in India, China, and Germany.
In terms of operations, we are a value-added steel processor. What distinguishes us is that nearly 99% of the steel we procure undergoes at least one value-added process, with over 90% processed through multiple stages. These processes include galvanizing, specialty pickling, blanking, cold reduction, lightweighting solutions, and producing electrical steel laminations, which is a newer and expanding area for our business. Our primary market focus is automotive, which represents approximately 52% of our business, followed by construction and agriculture, with other sectors continuing to grow alongside us.
Several factors contribute to our success. First, our foundational philosophy, rooted in the Golden Rule—treating others as we wish to be treated—forms the cornerstone of our culture. This emphasis on respect and integrity is integral to maintaining a high-performing environment that differentiates us.
Second, the Worthington Business System is pivotal, built around three core pillars:
While our core business remains robust, entering the electrical steel lamination sector has positioned us to capitalize on emerging trends. For instance, the shift toward decarbonized transportation, particularly the adoption of hybrid and fully electric motors, has led to increased demand for electrical steel laminations. This market is expanding rapidly, and our tailor-welded blanks business, which provides lightweight solutions, aligns well with this trend, as it supports enhanced battery range. Additionally, galvanized steel is used by solar rack manufacturers, while our electrical steel laminations are integral to transformer production, benefiting from the increasing focus on renewable energy and infrastructure investments.
Worthington Industries has operated for nearly 70 years. As we expanded into four distinct business segments—steel processing, building products, consumer products, and sustainable energy solutions—the complexity of managing these diverse operations grew. Investors increasingly favored clear, focused investment opportunities that offer more visibility into growth trajectories and challenges. By splitting the company, we created immediate and long-term shareholder value, established independent capital structures, and improved our ability to attract and retain talent. This move has positioned both entities for future growth, and we are now publicly traded with shares listed on the New York Stock Exchange (NYSE).
Our core philosophy and our distinctive value-added steel processing capabilities set us apart. More than 90% of the steel we process undergoes multiple value-add steps, positioning us as leaders in niche markets. Notably, we are the top provider of tailor-welded blanks and heavy-gauge hot-dip galvanized steel in North America, and we rank third globally in the electrical steel lamination sector. Furthermore, we are one of the few companies utilizing futures contracts to safeguard our margins and offer innovative pricing solutions to our customers.
We want the investment community to recognize the unique nature of our business, particularly our value-added processing, which results in a high-margin profile. We are well-positioned to capitalize on significant growth trends, such as decarbonization, the energy transition, and infrastructure spending. Unlike traditional steel companies that are heavily dependent on GDP growth, we anticipate a 7-10% annual growth rate over the next 7-10 years.
Our vision is to lead the steel industry towards a more sustainable future, with a particular focus on environmental responsibility. We are excited about our role in emerging markets that not only drive business growth but also contribute positively to our communities and the global economy. Our goal is to achieve sustainable growth in earnings, job creation, and opportunities for our employees, ultimately establishing Worthington as a prominent name in the industry.
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