Worthington Steel, Inc.
Business
Worthington Steel is a value-added processor of carbon flat-rolled steel and manufacturer of laser-welded solutions and electrical-steel laminations. The company buys steel coils from primary producers and processes them to customer specifications through pickling, galvanizing, blanking, slitting, and cutting-to-length, serving approximately 1,200 customers in automotive, construction, machinery, agriculture, and heavy-truck industries. Operations span 28 manufacturing facilities across North America, Europe, and Asia, with a significant portion managed through consolidated joint ventures in coating, tailor-welded products, and steel processing.
Summary from 10-K filed 2025-07-29
Financials
Consolidated Statement of Income
| Concept | Trend | 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
| Concept | Trend | 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
| Concept | Trend | 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
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is Worthington Steel, Inc.'s CIK number?
Worthington Steel, Inc.'s SEC CIK number is 0001968487 (1968487). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find Worthington Steel, Inc.'s SEC filings?
All of Worthington Steel, Inc.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did Worthington Steel, Inc. last report earnings?
Worthington Steel, Inc. (WS) most recently filed an earnings 8-K with the SEC on Jun 25, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001968487-26-000015). This is Worthington Steel, Inc.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is Worthington Steel, Inc.'s most recent earnings 8-K?
Worthington Steel, Inc.'s latest earnings 8-K (Item 2.02) was filed Jun 25, 2026 under accession 0001968487-26-000015. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View Worthington Steel, Inc.'s latest earnings 8-K →
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