Worthington Industries Announces Price Increase on Steel and Aluminum Cylinders, Heating and System Tanks
COLUMBUS, Ohio—May 11, 2021—Worthington Industries (NYSE:WOR) today announced a price increase on the following steel and aluminum cylinders effective on all new orders shipping on or after July 1, 2021, or as contracts allow.
Prices will advance as follows:
Steel portable, forklift, specialty chemical and fire extinguisher cylinders will advance 15 percent.
Heating and system tanks, including 100-pound carbon steel tanks, will advance 15 percent.
Steel refillable and non-refillable cylinders for refrigerant, foam and adhesive products will advance 15 percent.
Aluminum portable and forklift cylinders will advance 5 percent.
“Raw materials and other market conditions continue to increase our manufacturing costs,” said Jimmy Bowes, general manager of the industrial products business for Worthington Industries. “As always, we remain dedicated to meeting the needs of our customers during these challenging times.”
About Worthington Industries Worthington Industries (NYSE:WOR) is a leading industrial manufacturing company delivering innovative solutions to customers that span many industries including transportation, construction, industrial, agriculture, retail and energy. Worthington is North America’s premier value-added steel processor and producer of laser welded products; and a leading global supplier of pressure cylinders and accessories for applications such as fuel storage, water systems, outdoor living, tools and celebrations. The Company’s brands, primarily sold in retail stores, include Coleman®, Bernzomatic®, Balloon Time®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®, Pactool International® and Hawkeye™. Worthington’s WAVE joint venture with Armstrong is the North American leader in innovative ceiling solutions. Headquartered in Columbus, Ohio, Worthington operates 50 facilities in 15 states and seven countries, sells into over 90 countries and employs approximately 8,000 people. Founded in 1955, the Company follows a people-first philosophy with earning money for its shareholders as its first corporate goal. Relentlessly finding new ways to drive progress and practicing a shared commitment to transformation, Worthington makes better solutions possible for customers, employees, shareholders and communities.
Safe Harbor Statement The Company wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the “Act"). Statements by the Company relating to its ability to increase market participation, expand and integrate capacity, increase efficiencies and reduce lead time, achieve growth in general and in specific markets, and other statements which are not historical information constitute "forward looking statements" within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks described from time to time in the Company's filings with the Securities and Exchange Commission, including those related to COVID-19 and the various actions taken in connection therewith, which could also heighten other risks.