Worthington Steel has entered into a business combination agreement with Kloeckner & Co.
Over the past few years, Kloeckner has been transitioning toward high value-added processing and fabrication via M&A and strategic growth initiatives. The proposed acquisition represents a strong strategic fit and advances Worthington Steel’s growth strategy by strengthening its position in the North American metal processing sector.
The combined company will benefit from greater scale, shared best practices, and operational efficiency. Together, Worthington Steel and Kloeckner & Co will build upon their shared focus on safety, quality, and operational excellence.
“This is a strategic and transformative step in Worthington Steel’s growth journey,” said Worthington Steel president and CEO Geoff Gilmore. “Through the acquisition of Kloeckner & Co, we will enhance our offerings in high-value metals processing and create meaningful value for our shareholders, deeper relationships with our customers and suppliers, and growth opportunities for our employees. Worthington Steel and Kloeckner share a focus on operational excellence, innovation, and disciplined execution. By integrating Kloeckner’s capabilities in North America and Europe, we will be stronger together, building a more resilient business and driving shareholder value.”
“This transaction is the right step for Kloeckner & Co as we continue to build on our strengths and position our business for the future,” said Guido Kerkhoff, CEO of Kloeckner & Co. “Worthington Steel brings complementary capabilities, a highly respected reputation, and an experienced leadership team that shares our focus on operational excellence and strategic growth. The combination of both companies offers compelling value to all our stakeholders, and we are excited that Kloeckner will be even better positioned to execute our strategic plan, serve our customers, and support the long-term success of our people.”