Worthington Steel, Inc. reported a total revenue of $3.09 billion for the fiscal year ending May 31, 2025, a decrease of 9.8% from $3.43 billion in the previous fiscal year. The decline in revenue was attributed to lower direct selling prices and a 5% reduction in overall volume, with direct tons sold decreasing by 4% and toll tons sold by 7%. The company's operating income also fell to $147 million, down from $194.5 million in fiscal 2024, while net earnings attributable to controlling interest decreased to $110.7 million, compared to $154.7 million in the prior year. The earnings per diluted share were reported at $2.19, down from $3.11 in fiscal 2024.
In terms of strategic developments, Worthington Steel completed its separation from Worthington Enterprises on December 1, 2023, becoming a stand-alone publicly traded company. This transition included a cash distribution of $150 million to the former parent company and the establishment of several agreements governing the relationship post-separation. Additionally, the company finalized an agreement to acquire a controlling equity stake in Italy-based Sitem Group, which closed on June 3, 2025, after the end of the fiscal year.
Operationally, Worthington Steel serviced approximately 1,200 customers across various end markets, with the automotive sector representing 52% of net sales. The company reported that its top three customers accounted for about 33% of total net sales. The total employee headcount stood at approximately 4,800, with 22% represented by collective bargaining units. The company also noted a significant focus on enhancing its technical services, employing over 20 metallurgical engineers to support customer-specific applications.
Looking ahead, Worthington Steel anticipates that the ongoing expansion of its electrical steel operations in Mexico and Canada will support growth in the automotive and transformer markets. The company expects to benefit from lower borrowing costs following recent interest rate cuts by the U.S. Federal Reserve, which could spur economic growth. However, the company remains cautious about potential impacts from fluctuating raw material prices and ongoing geopolitical tensions, particularly the war in Ukraine, which could affect market conditions and supply chains.
About Worthington Steel, Inc.
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