Worthington Steel, Inc.

Listed Company

WSCIK 0001968487NYSELarge AcceleratedSteel Works, Blast Furnaces & Rolling & Finishing MillsOhioFY ends May 31

Period

FY 2025

Revenue

$3.09B

Net Income

$110.70M

Total Assets

$1.96B

Equity

$1.07B

Shares Out

50.81M

Op. Cash Flow

$230.30M

Business

Worthington Steel, Inc. is a value-added metals processor that buys coils of carbon flat-rolled steel and processes them to precise customer specifications and produces laser welded solutions and electrical steel laminations. Its main products and services include carbon flat-rolled steel processing (pickling, re-rolling, galvanizing, blanking, slitting, cutting-to-length), precision electrical steel laminations, and tailor welded and aluminum tailor welded blanks using laser and friction stir welding technologies. Operations are managed as a single operating segment and include consolidated and unconsolidated joint ventures providing specialized coating, pickling and tailor-welded capabilities. The company serves North American and international markets through a global manufacturing footprint and toll-processing services to automotive, construction, machinery, agriculture, heavy truck and other end markets.

Summary from filing dated 2025-07-29

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31
Net sales	3,093	3,431	3,608	4,069
Cost of goods sold	2,705	2,991	3,271	3,673
Gross margin	389	440	337	396
Selling, general and administrative expense	232	224	201	180
Impairment of assets	7	1	2	3
Restructuring and other (income) expense, net	3	0	−4	−15
Separation costs	0	20	18	0
Operating income	147	195	120	227
Miscellaneous income, net	4	5	4	900,000
Interest expense, net	−7	−6	−3	−3
Equity in net income of unconsolidated affiliate	4	22	8	30
Earnings before income taxes	148	216	129	254
Income tax expense	29	46	29	54
Net earnings	119	170	100	200
Net earnings attributable to noncontrolling interests	9	15	13	20
Net earnings attributable to controlling interest	111	155	87	180
Weighted average common shares outstanding	50	49	49	49
Earnings per common share attributable to controlling interest (per share)	2.24	3.14	1.77	3.66
Weighted average common shares outstanding	51	50	49	49
Earnings per common share attributable to controlling interest (per share)	2.19	3.11	1.77	3.66

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2022 2022-04-30
Cash and cash equivalents	38	40	33	20	—
Restricted cash	55	0	—	—	—
Receivables, less allowances of $3.8 and $3.2, respectively	439	473	468	—	—
Raw materials	179	150	174	—	—
Work in process	166	177	164	—	—
Finished products	77	78	77	—	—
Total inventories	422	405	415	—	—
Income taxes receivable	100,000	4	4	—	—
Assets held for sale	12	3	3	—	—
Prepaid expenses and other current assets	83	77	58	—	—
Total current assets	1,049	1,002	981	—	—
Investment in unconsolidated affiliate	127	135	115	—	—
Operating lease right-of-use assets	73	73	75	—	—
Goodwill	80	80	79	80	—
Other intangible assets, net of accumulated amortization of $50.3 and $45.3, respectively	68	77	83	—	—
Deferred income taxes	11	9	6	—	—
Other assets	7	17	11	—	—
Land	39	38	38	—	—
Buildings and improvements	190	177	169	—	—
Machinery and equipment	943	894	848	—	—
Construction in progress	133	84	20	—	—
Total property, plant and equipment	1,304	1,192	1,074	—	—
Less: accumulated depreciation	756	718	660	—	—
Total property, plant and equipment, net	548	475	414	—	1
Total assets	1,962	1,866	1,764	—	—
Accounts payable	403	380	402	—	—
Short-term borrowings	149	148	3	—	—
Accrued compensation, contributions to employee benefit plans and related taxes	43	53	32	—	—
Dividends payable	9	9	0	—	—
Other accrued items	15	16	16	—	—
Current operating lease liabilities	8	8	6	—	—
Income taxes payable	5	5	0	—	—
Total current liabilities	632	618	478	—	—
Other liabilities	33	34	34	—	—
Long-term debt	2	0	—	—	—
Noncurrent operating lease liabilities	69	68	72	—	—
Deferred income taxes	29	28	26	—	—
Total liabilities	764	749	610	—	—
Preferred shares, without par value; authorized - 1,000,000 shares; no shares issued or outstanding	—	—	—	—	—
Common shares, without par value; authorized - 150,000,000 shares; issued and outstanding 49,548,895 shares and 49,331,514 shares, respectively	—	—	—	—	—
Additional paid-in capital	914	905	—	—	—
Retained earnings	164	86	0	—	—
Accumulated other comprehensive loss, net of taxes of $(2.0) and $(1.7), respectively	−4	−6	−2	—	—
Total shareholders' equity - controlling interest	1,074	985	1,029	—	—
Noncontrolling interests	124	132	126	—	—
Total equity	1,198	1,118	1,155	1,266	—
Total liabilities and equity	1,962	1,866	1,764	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31
Depreciation and amortization	66	65	70	60
Provision for (benefit from) deferred income taxes	−3	1	−10	14
Bad debt expense	2	1	2	700,000
Equity in net income of unconsolidated affiliate, net of distributions	8	−20	5	−27
Net (gain) loss on sale of assets	−700,000	1	−3	−15
Stock-based compensation	11	10	10	9
Receivables	34	−1	113	−110
Inventories	−17	16	155	−51
Accounts payable	16	−27	−124	−15
Accrued compensation and employee benefits	−10	8	−6	−12
Other operating items, net	−3	−27	2	−16
Net cash provided by operating activities	230	200	315	40
Investment in property, plant and equipment	−130	−103	−46	−36
Acquisitions, net of cash acquired	0	−21	0	−377
Proceeds from sale of assets, net of selling costs	1	1	23	25
Net cash used in investing activities	−129	−123	−22	−395
Distribution to the Former Parent in connection with the Separation	0	−150	0	0
Transfers to the Former Parent, net	0	−48	−200	—
Proceeds from (repayments of) short-term borrowings, net	15	127	−45	42
Proceeds from revolving credit facility borrowings - swing loans	509	266	0	0
Repayment of revolving credit facility borrowings - swing loans	−523	−248	0	0
Proceeds from long-term debt, net of issuance costs	2	0	0	—
Proceeds from issuance of common shares, net of tax withholdings	−3	300,000	0	0
Principal payments on long-term debt to the Former Parent	0	0	−15	−15
Payments to noncontrolling interests	−17	−9	−20	−35
Dividends paid	−32	−8	0	0
Net cash used in financing activities	−49	−69	−280	358
Increase in cash, cash equivalents and restricted cash	53	8	13	3

Filings

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