Worthington Steel Inc

worthingtonsteel.com

What Do They Do?

Processes flat-rolled steel to customer specifications and makes electrical steel laminations and welded steel products for automakers, motor makers and transformer makers.

How Do They Make Money?

Customers buy processed steel, with payment generally due within 30 to 60 days of invoicing; invoices usually follow shipment or delivery. Steel mills, large end-users and service centers also pay fees for processing steel they own, with the fees earned as the work is done.

FY2026 revenue

Who Are Their Customers?

It serves automotive, construction, machinery and equipment, agriculture and heavy-truck customers, with automotive its largest end market. Customers buy processed steel directly or pay for the company to process steel they own.

Do Revenues Turn Into Profits?

Yes. It kept less than a cent of every revenue dollar as net income in FY2026 and turned 2 cents into free cash flow.

Operating income, FY2026

0% of revenue

▼ Now a loss vs FY2025 ($147M, 5%)

Net income, FY2026

0% of revenue

▼ −92% vs FY2025 ($110.7M, 4%)

Free cash flow, FY2026

2% of revenue

▼ −20% vs FY2025 ($99.9M, 3%)

How Are They Changing?

Since the FY2026 annual report

Latest quarter: Q1 FY2027, the three months to Aug 31, 2026

Revenue: ▲ +212%; vs $872.9M in Q1 FY2026
Net income: ▼ Now a loss; vs $36.8M in Q1 FY2026

Sep 8, 2026 Signs agreement to direct Kloeckner and receive its profits If effective, Worthington Steel can issue binding instructions, receive Kloeckner’s annual profits and cover its annual losses; shareholder approval and registration remain required.

Shrinking. Revenue fell 15% in 4 years, from $4.1B in FY2022 to $3.4B in FY2026, about 4% a year.

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