Timeline
1955
Using his 1952 Oldsmobile as collateral, John H. McConnell borrows $600 to buy his first load of steel. This marks the founding of Worthington Industries. Shortly thereafter, the business is incorporated as The Worthington Steel Company. In its first year, five employees, using one piece of equipment, produce sales of $342,000 and earnings of $11,000.
1959
Worthington's expansion begins with the purchase of a two-acre site north of Columbus, Ohio. A 16,000 sq. ft. facility is built to house all operations.
1961
Worthington gains significant new processing capabilities with the installation of its first one pass cold rolling mill in Columbus. The one pass process gives Worthington the ability to produce tighter gauge specifications for customers and provide them lower cost, quality products. The purchase of a new steel processor in Louisville marks Worthington's first geographic expansion.
1966
Worthington implements its current cash profit sharing plan, rewarding employees with a fixed percentage of earnings. All production employees are put on salary. Today, salary payment for production employees and profit sharing remain an integral part of the company's approach to treating employees as partners in the business.
1968
The company makes its first public stock offering of 150,000 shares at $7.50 per share. (A 100 share investment in 1968, with dividends reinvested, is now worth more than $200,000.) Net proceeds are used to purchase machinery and expand manufacturing facilities.
1971
The company purchases a small cylinder manufacturing operation and begins production of its first consumer products. Worthington Cylinders grows to become the world's leading global supplier of pressure cylinders.
1971
Reflecting the addition of cylinders and the potential for future growth, the company adopts a new name, "Worthington Industries, Inc." The Worthington Steel Company and Worthington Cylinder Corporation operate as autonomous entities.
1972
The acquisition of United Flat Rolled Products (Worthington Steel, Chicago) represents the beginning of an aggressive geographic expansion program focusing on steel processing.
1973
With the purchase of Southeastern Steel Rolling Mills (Worthington Steel, Rock Hill, South Carolina), the company establishes a gateway to the South.
1974
One year after it was acquired, the Worthington Steel, Rock Hill plant triples in size. The company adds another important capability to its steel processing operations, with three annealing furnaces in Columbus. Worthington now provides steel for use in many new manufacturing applications.
1975
The company moves into a new office building. Today, the corporate office houses the finance, information management, legal, communications and investor relations staff for the company. Worthington continues its development of new processing capabilities with the construction of a pickling facility in Monroe, Ohio.
1976
After only 21 years in business, sales surpass the $100,000,000 milestone. In June, the company buys the stock of John J. Greer & Company (Worthington Steel, Baltimore). In the same year Worthington Cylinders, Columbus, doubles in size.
1980
The acquisitions of Capital Die, Tool and Machine Company (Worthington Machine Technology) and I.H. Schlezinger & Sons provide support for existing operations and enhance in-house production capabilities.
1980
The purchase of Buckeye International adds two businesses to Worthington Industries. Buckeye Steel Castings, in Columbus, serves the railcar, mass transit and heavy equipment industries. Custom Products, with four plants in Ohio, manufactures molded plastic and precision metal parts. These companies were divested in 1999 after the company announced a long-term strategy to focus on its core strengths in steel processing and metals-related businesses.
1981
Columbus Steel adds a 3 Stand Cold Reduction Tandem Mill and expands annealing.
1983
Worthington Industries, Inc. makes its first appearance on Fortune magazine's list of the 500 largest U.S. industrial corporations. Worthington Steel expands its Columbus facility and Worthington Cylinders installs a blanking line.
1984
The company expands its presence in the East with the acquisition of National Rolling Mills (Worthington Steel, Malvern, Pennsylvania). This acquisition increases the company's steel processing capabilities, and adds the production of suspension ceiling grid.
1984
Worthington is featured in the best selling book, "The 100 Best Companies to Work for in America."
1985
The company continues its geographic expansion with the acquisition of Jackson Steel Service, Inc. (Worthington Steel, Jackson, Michigan). The company also announces construction of a pressure cylinder/steel processing facility in Midland, Georgia.
1986
Worthington Specialty Processing, a joint venture between Worthington and US Steel, begins operations in Jackson, Michigan. Dedicated to toll processing Class 1 cold rolled steel, the facility gives Worthington an entree into markets it has not previously served.
1988
Worthington, in a joint venture with Nissen Chemical of Japan and Sumitomo Corporation of America, builds a custom plastics molding plant in London, Ohio. This is the company's first international joint venture and establishes important new relationships.
1989
The company continues its expansion in steel processing by constructing a new facility in Taylor, Michigan.
1990
Worthington Industries, Inc. celebrates its 35th anniversary. Net sales and revenues total $915.9 million and shareholders' equity finishes at a new high of $344.4 million. The same year, Worthington Steel, Chicago, moves into a new state-of-the-art steel processing plant in Porter, Indiana. In April, the precision metals business opens a plant near Nashville, Tennessee.
1992
Worthington partners with Armstrong World Industries in a joint venture to create Worthington Armstrong Venture (WAVE), a leading producer of suspended ceiling systems.
1992
TWB Company, a joint venture of Worthington and four steelmakers, is created to produce laser welded blanks for the automotive industry.
1993
John P. McConnell is named vice chairman and CEO of Worthington Industries, Inc. Worthington is again featured in the best selling book "The 100 Best Companies to Work for in America."
1994
Worthington Industries, Inc. and Hylsa S.A. de C.V. announce plans to form a joint venture to build and operate a steel processing facility in Monterrey, Mexico. Accrex is Worthington's first steel processing facility outside the United States.
1994
Worthington Custom Plastics opens operations in St. Matthews, South Carolina. This is the first green field expansion by the plastics group, which provides 145,000 sq. ft. of additional space to supply the non-automotive market. Worthington's joint venture with Armstrong World Industries, Inc. (WAVE) expands internationally with completion of its 58,000 sq. ft. facility in Valienciennes, France.
1995
Worthington Industries, Inc. announces plans to build a $65 million processing facility in Delta, Ohio, adjacent to a new $400 million North Star/BHP Steel minimill. This plant will house the company's first hot-dipped galvanizing line.
1995
Worthington Custom Plastics completes its 170,000 sq. ft. facility in Lebanon, Kentucky, and continues Custom Plastics' expansion into non-automotive markets.
1996
John P. McConnell takes over as Chairman and CEO. He had worked for the company for more than 20 years, beginning as a general laborer and later working in sales, operations, and personnel.
1996
Worthington expands to Alabama with the announcement of plans to build their largest-to-date steel processing facility in Decatur, Alabama, adjacent to the new Trico minimill.
1996
Worthington Industries acquires Dietrich Industries, the country's leading producer of metal framing products for the commercial and residential construction industries. The Pittsburgh-based subsidiary produces steel studs, floor joists, roof trusses, and other metal accessories.
1997
The Gerstenslager Company of Wooster, Ohio, is acquired to complement the core steel processing business. Gerstenslager, which produces past model body panels for the automotive industry, provides downstream value-added processing in a niche market.
1999
John S. Christie assumes the role of President and Chief Operating Officer of Worthington Industries with his eye toward increasing the connection among all Worthington operations and furthering the company's long-term strategy of focusing on its core strengths.
Christie was appointed by the Board of Directors following Don Malenick's decision to retire after 41 years with the company. Malenick had served as President and COO since 1976.
1999
Continuing to focus on core strengths in steel processing and metals-related businesses, Worthington Industries divests itself of seven businesses outside the core industries including Buckeye Steel Castings, the custom plastics division, precision metals division and the scrap recycling company. A major organizational transformation in processed steel products increases the focus on maximizing assets, promoting efficiency and enhancing competitive advantages.
1999
For the second year in a row, Worthington Industries was named one of the "100 Best Companies To Work For" by Fortune magazine.
1999
Worthington Cylinders acquires leading European producers of LPG low-pressure cylinders in Portugal and the Czech Republic. These operations, in addition to the Austrian facility purchased in June of 1998, provide strong bases in both Western and Eastern Europe to serve the cooking and heating markets.
April 17, 2000
Worthington Industries unveils its new logo and branding strategy. The branding effort is part of the company's long-term strategic plan to focus on its core strengths in the steel and metals-related industries, and to build on Worthington's leadership position in every market it serves. Worthington continues to reach new standards of excellence in its businesses to position itself for superior long-term financial performance.
April 19, 2000
Worthington Industries moves to the New York Stock Exchange. While the company has been publicly traded since 1968, this is its first foray onto the "Big Board." The move sends a message about the company's momentum and long-term strategy.
July 13, 2000
The company announces the creation of a new business, Worthington Steelpac Systems. Located in York, Pennsylvania, Steelpac custom produces steel shipping pallets for a variety of shipment needs, including recreational vehicles such as motorcycles and all-terrain vehicles.
2001
Worthington announces management changes. Ed Ferkany is named President of Worthington Steel, Ed Ponko is named President of Dietrich Metal Framing and John Lamprinakos is named President of Worthington Cylinders. Also, two new corporate positions were created with Ralph Roberts as Senior Vice President of Marketing and Virgil Winland as Senior Vice President of Manufacturing.
2001
Dietrich Metal Framing expands operations to manufacture residential and commercial framing components in Kapolei, Hawaii and Renton, Washington, giving Dietrich strategic locations in every major metropolitan area in North America.
2001
Worthington Cylinders, BalloonTime® helium balloon kits achieved record sales for the year.
2001
Worthington Steel launches CleanCoat, the industry's first stand-alone dry lubrication coating line at Monroe, Ohio. The innovative approach to dry lube represents a breakthrough in efficiency and flexibility. It provides added value that will enable the company to expand relationships with key customers.
2001
Dietrich Metal Framing and MiTek Industries, Inc. announce plans to form a joint venture to be named Aegis Metal Framing. The two companies believe that the new joint venture will significantly expand the use of computer designed, pre-fabricated light gauge all-metal roof, floor and wall framing systems in commercial, institutional and residential construction.
2002
The efforts of employees across the company result in a number of significant awards throughout 2002. For the third time, Worthington is named to Fortune's "100 Best Companies to Work for" List. Worthington Industries is named to the list of America's Most Admired Companies. Worthington Steel-Delta is one of 25 finalists in the IndustryWeek Best Plants competition. Money Magazine's fall issue lists Worthington Industries as one of the 30 best performing stocks of the past 30 years. And, on behalf of all Worthington employees, John P. McConnell accepts China's Marco Polo Award, given to corporate leaders who play a significant role in China's economic development and who demonstrate a humanitarian commitment to improving Chinese society by sponsoring volunteer experts for humanitarian assignments.
August 1, 2002
Worthington announces closure of the acquisition of Unimast Incorporated from WHX Corporation by Dietrich Metal Framing. The acquisition is the second largest in the company's history. Unimast is a manufacturer of construction steel products including light guage steel framing, plastering steel and trim accessories.
September 26, 2002
After 34 years, Founder and Chairman Emeritus John H. McConnell steps down as a member of the Board of Directors.
January 6, 2003
George Stoe becomes president and John Lamprinakos leads the national and international sales and marketing efforts for Worthington Cylinders.
February 1, 2003
Joe Harden becomes the next president of Worthington Steel. Harden joins the division from Buckeye Steel Castings as Ed Ferkany, a long-time steel executive with 28 years at Worthington, announces his retirement.
July 8, 2003
Worthington Steel partners with Viking Industries, Inc. in a joint venture to form Viking & Worthington Steel Enterprise, LLC, a minority business enterprise located near Cleveland, Ohio.
January 22, 2004
John S. Christie is appointed Chief Financial Officer of Worthington Industries after serving as President and Chief Operating Officer since June of 1999. Christie retained the President's title as he moved from COO to CFO.
August 2, 2004
Continuing to focus on its core business of slitting and cutting-to-length in steel processing, Worthington announced the sale of its Decatur, Alabama, cold rolling assets to Nucor Corporation. Worthington remains in a portion the Decatur facility serving its customers requiring slitting and cutting-to-length.
September 2, 2004
Worthington acquires the propane and specialty gas assets of Western Industries, Inc. Western's Propane and Specialty Cylinder Group manufactures 14.1 oz and 16.4 oz disposable cylinders for hand torches, camping stoves, portable heaters and table top grills from two facilities in Wisconsin.
September 28, 2004
Dietrich Metal Framing and Pacific Steel Construction announce plans to form a joint venture to be named Dietrich Residential Construction. Located in Franklin, Tenn., the joint venture will focus on the residential construction market, combining Dietrich's leadership in residential steel framing with Pacific Steel Construction's experience in military housing construction.
November 11, 2004
Dietrich Metal Framing and Encore Coils form a Canadian metal framing joint venture that will operate under the name, Dietrich Metal Framing Canada. The joint venture's flagship facility will be located in Mississauga, a suburb of Toronto. Manufacturing facilities are also being established in a number of markets throughout Canada.
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