In September 2022, Worthington Industries announced plans to separate our Steel Processing business and create two standalone public companies by early 2024 – one comprised of our Building Products, Consumer Products and Sustainable Energy Solutions segments, and the second, our Steel Processing business. We call this initiative Worthington 2024. The planned separation will result in two publicly traded companies, each poised to capitalize on differentiated growth and value creation strategies. This page is a resource for the most up-to-date information on Worthington 2024.
Most recently, we announced the names for the two new companies: Worthington Enterprises and Worthington Steel. We look forward to a bright future for both companies.
Following two consecutive years of record earnings, we are excited to pursue this separation from a position of strength and create two distinct, market‐leading companies with strong cash flows and compelling growth opportunities.
The planned separation of our Steel Processing business will result in two standalone, publicly traded companies, each poised to capitalize on differentiated growth and value creation strategies.
Enhanced agility and sharpened strategic focus: Each company will have a sharper focus on its distinct markets and strategic priorities.
Tailored capital allocation strategies: Each company is expected to have modest leverage and ample liquidity combined with strong cash flows, providing flexibility to deploy capital toward its specific growth opportunities.
Shareholder value creation opportunities: The separation will create two distinct businesses enabling them to be more focused with differentiated investment theses, making each company easier for investors to understand and appropriately value.
Outstanding boards of directors and management teams: Both companies will be overseen by engaged and highly qualified directors and led by experienced leadership teams with proven records of driving growth and creating value.
As we progress through the separation of companies, we’ve addressed some of the most frequently asked or anticipated questions below.
The planned separation will create two distinct, market-leading companies that are more specialized and fit-for-purpose with enhanced prospects for growth and value creation. Each company will be better positioned to pursue attractive end markets, capitalize on differentiated growth and value creation strategies and drive superior value for shareholders. With a sharpened strategic focus and greater agility, each company will have flexibility to deploy capital toward its specific growth opportunities.
Watch the video announcement of our planned separation to learn more.
Click here to see the full leadership teams for each company, announced on Feb. 2, 2023.
For nearly 70 years, we have continued my father’s legacy of operating Worthington on a people-first Philosophy, focused on driving shareholder value. I am confident that our business leaders will carry forward Our Philosophy and successfully lead each business through its next phase of growth.