Worthington Steel, Inc. (2023-Present)
Formerly | The Worthington Steel Company (1955-1971), Worthington Industries (1971-2023) |
|---|---|
| Public | |
| Traded as | NYSE: WS |
| ISIN | 🆔 |
| Industry |
|
| Founded 📆 | June 3, 1955 |
| Founder 👔 | John H. McConnell |
| Headquarters 🏙️ | Columbus, Ohio |
Area served 🗺️ | |
Key people | Geoff Gilmore, President and CEO, Jeff Klinger, COO and Tim Adams, CFO |
| Products 📟 | steel processing, electrical steel laminations, tailor welded solutions |
| Members | |
Number of employees | Approximately 5,000 |
| 🌐 Website | www.worthingtonsteel.com |
| 📇 Address | |
| 📞 telephone | |
Founded June 3, 1955, by John H. McConnell, Worthington Steel is a publicly traded (NYSE:WS) steel processing company headquartered in Columbus, Ohio. Worthington Steel is an independent intermediate processor of carbon flat-rolled steel in the U.S., purchasing steel from integrated steel mills and mini-mills and custom processing it in areas such as type, length, width, thickness, shape and surface quality.[1] Worthington Steel provides steel processing capabilities such as pickling, galvanizing and slitting, electrical steel laminations and tailor welded blanks for end-use markets including automotive, agriculture, construction, energy and heavy truck. [2]
Evolution of Company Name[edit]
1955-1971: The Worthington Steel Company. Operated under this name from its founding until 1971.[3]
1971-2023: Worthington Industries. In 1971, The Worthington Steel Company purchased Lennox Industries, a Columbus-based pressure cylinder business. [4] With this acquisition, a new name was formed for the company, Worthington Industries.
December 2023-Now: Worthington Steel, Inc. In late 2023, Worthington Industries separated into two stand-alone, public companies, Worthington Steel (NYSE: WS) and Worthington Enterprises (NYSE: WOR), bringing its steel processing business back to its original name, Worthington Steel.[5]
History[edit]
On June 3, 1955, Worthington Steel’s founder, John H. McConnell, took out a $600 loan against his 1952 Oldsmobile to reach the $1,800 he needed to purchase a load of steel.[6] McConnell brokered the load of steel to the Ohio Thermometer Company, making a $600 profit from the sale. [7] That first deal was the start of The Worthington Steel Company. [8]
The Worthington Steel Company started with a single slitter line and a few employees, grossing $342,000 in its first year. Over the next decade, the company continued adding steel processing capabilities to its operations and reached sales of $12.5 million in 1967.[9]
The Worthington Steel Company became a publicly traded company in 1968 through the National Association of Securities Dealers Automated Quotations (now known as Nasdaq). Shareholders purchased 150,000 shares at $7.50 each.[10]
Throughout the 1960s and 1970s, The Worthington Steel Company continued to acquire new companies in the steel processing industry and other related areas. In 1971, with the acquisition of a pressure cylinder business, The Worthington Steel Company became Worthington Industries.[11]
Operating under its new name, Worthington Industries continued expanding its operations throughout the 1980s.[12]
In 1992, Worthington Industries launched a joint venture called the TWB Company, expanding into the tailor welded blank market in North America.[13]
In 2000, Worthington Industries moved from Nasdaq to the New York Stock Exchange (NYSE: WOR). Throughout the 2010s, Worthington continued to acquire new businesses and facilities, such as Rome Strip Steel Company, Inc., and Heidtman Steel Product Inc.'s pickling and slitting operation in Cleveland, Ohio.[14] [15]
In 2021, Worthington Industries acquired Chicago-based electrical steel company, Tempel Steel, entering the electrical steel market.[16]
On December 1, 2023, Worthington Industries separated into Worthington Steel (NYSE: WS) and Worthington Enterprises (NYSE: WOR). Worthington Steel's CEO is now Geoff Gilmore.[17]
In March 2024, Worthington Steel’s joint venture TWB Company, LLC licensed ArcelorMittal Tailored Blanks’ patented ablation technology to enter the hot formed tailored blanking market.[18]
Philosophy[edit]
Worthington Steel’s philosophy is documented in the book, Our Golden Rule, by Founder John H. McConnell. Passages include statements such as, "We treat our customers, employees, investors and suppliers, as we would like to be treated," and "We are dedicated to the belief that people are our most important asset."[19] The book also documents The Worthington Steel Company putting all of its employees on a salary plan and introducing a profit-sharing incentive plan in 1966. [20] [21]
McConnell's book notes a belief in open communication between employees and managers. To facilitate that, he created Employee Councils, a two-way communication system between the two groups where they met to discuss recommendations for the business. Worthington Steel continues to operate Employee Councils at all its facilities.[22] [23]
The Worthington Companies Foundation[edit]
Previously operating under the name of the Worthington Industries Foundation, The Worthington Companies Foundation is a philanthropic partnership between Worthington Steel and Worthington Enterprises. The Foundation supported 73 organizations in 2024 in its focus areas of Health, Human Services, Youth & Education and Civic Causes.[24]
References[edit]
- ↑ Englert, Martin (2024). "Interesting Secular Opportunities While Riding Out Short-Term Volatility; Initiating With a Neutral Rating". Seaport Research Partners.
- ↑ Gibbs, Phil (2024). "WS: Field Trip Highlights; Raising Target". KeyBanc Capital Markets.
- ↑ "John McConnell, 84, Steel and Hockey Magnate, Dies". The New York Times. 28 April 2008.
- ↑ "Worthington Industries Expands with Oil, Gas Boom". The Columbus Dispatch. 17 May 2013.
- ↑ "Worthington Industries separating steel processing and other businesses". NBC4i. 29 September 2022.
- ↑ Rodengen, Jeffrey (2000). “The Legend of Worthington Industries”. Write Stuff Enterprises, Inc., p. 17.
- ↑ Rodengen 2000, p. 17.
- ↑ "John McConnell, 84, Steel and Hockey Magnate, Dies". The New York Times. 28 April 2008.
- ↑ Rodengen 2000, p. 30.
- ↑ Rodengen 2000, p. 38.
- ↑ "Worthington Industries Expands with Oil, Gas Boom". The Columbus Dispatch. 17 May 2013.
- ↑ Rodengen 2000, p. 76.
- ↑ Rodengen 2000, p. 113.
- ↑ "Plant officials: Future bright for former Rome Strip Steel". Utica Observer-Dispatch. 26 January 2015.
- ↑ "Worthington Industries Buys Heidtman Steel Processing Facility". Smart Business. 7 October 2019.
- ↑ "Worthington Industries buys Chicago steel company". The Columbus Dispatch. 2 November 2021.
- ↑ "Worthington Industries To Spin-Off Worthington Steel On December 1". Forbes. 16 November 2023.
- ↑ "TWB Will Use Ablation Technology at Monroe". Metal Center News. 16 March 2024.
- ↑ McConnell, John (2004). “Our Golden Rule”. Franklin University Press, p. Foreword.
- ↑ "No Place for Time-Wasters". Industry Week. 22 December 2004.
- ↑ "The Promise in Profit-Sharing". The New York Times. 9 February 1986.
- ↑ McConnell, John (2004). “Our Golden Rule”. Franklin University Press, p. 33.
- ↑ "No Place for Time-Wasters". Industry Week. 22 December 2004.
- ↑ "Worthington splits into 2 companies, makes $7.5 million donation to Nationwide Children's". The Columbus Dispatch. 4 December 2023.
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- Manufacturing companies
- Manufacturing companies of the United States
- Steel companies of the United States
- Steel
- 1955 establishments in Ohio
- 1960s initial public offerings
- American companies established in 1955
- Companies based in the Columbus, Ohio metropolitan area
- Companies listed on the New York Stock Exchange
