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| Formerly | The Worthington Steel Company (1955-1971), Worthington Industries (1971-2023) |
|---|---|
| Company type | Public |
| NYSE: WS | |
| Industry | Steel processing |
| Founded | June 3, 1955 |
| Founder | John H. McConnell |
| Headquarters | Columbus, Ohio |
Key people | Geoff Gilmore, President and CEO, Jeff Klinger, COO and Tim Adams, CFO |
| Products | Steel processing, electrical steel laminations, tailor welded solutions |
Number of employees | Approximately 5,000 |
| Website | www.worthingtonsteel.com |
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 one of the largest independent intermediate processors 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 specializes in steel processing capabilities such as pickling, galvanizing and slitting, electrical steel laminations and tailor welded solutions for end-use markets such as automotive, agriculture, construction, energy and heavy truck. [2]
Evolution of Company Name
edit1955-1971: The Worthington Steel Company. Operated under this name from its founding until 1971.
1971-2023: Worthington Industries. In 1971, The Worthington Steel Company purchased Lennox Industries, a Columbus-based pressure cylinder business. [3] 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. [4]
History
editOn 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. [5] McConnell brokered the load of steel to the Ohio Thermometer Company, making a $600 profit from the sale. [6] That first deal was the start of The Worthington Steel Company.
The Worthington Steel Company started with a single slitter line and only 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.[7]
The Worthington Steel Company became a publicly traded company in 1968 through the National Association of Securities Dealers Automated Quotations (now known as Nasdaq), with more than 1,200 shareholders purchasing its first public offering. Shareholders purchased 150,000 shares at $7.50 each.[8]
Throughout the 1960s and 1970s, The Worthington Steel Company continued to acquire new companies to expand its capabilities 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.[9]
Operating under its new name, Worthington Industries continued expanding its operations throughout the 1980s. During this time, Worthington Industries continued to earn accolades for its profitability, growth and earnings per share.[10]
In 1992, Worthington Industries launched its joint venture with the TWB Company to expand the tailor welded blank market into North America.[11]
In 2000, Worthington Industries moved from Nasdaq to the New York Stock Exchange (NYSE: WOR). Throughout the 2010s, Worthington continued its acquisition strategy to reach new customers and markets.
In 2021, Worthington Industries acquired Chicago-based electrical steel company, Tempel Steel to expand its operations in the electrical steel market. [12]
On December 1, 2023, Worthington Industries separated into Worthington Steel (NYSE: WS) and Worthington Enterprises (NYSE: WOR). Worthington Steel is now led by CEO, Geoff Gilmore.[13]
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.[14]
Philosophy
editWorthington Steel’s philosophy is rooted in the Golden Rule. Founder, John H. McConnell believed in a people-first philosophy. In 1966, The Worthington Steel Company put all its employees on salary. At this same time, the company also introduced its profit-sharing incentive plan.[15] [16]
As part of Worthington Steel’s philosophy, McConnell believed in open communication between employees and managers, thus creating Employee Councils, a two-way communication system between the two groups where they meet to discuss recommendations for the business. Worthington Steel continues to operate Employee Councils at all its facilities.[17]
The Worthington Companies Foundation
editPreviously 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 69 organizations in 2023 in its focus areas of Health, Human Services, Youth & Education and Civic Causes. To mark the separation in December 2023, in collaboration with the McConnell Foundation, The Worthington Companies Foundation donated $7.5 million to Nationwide Children’s Hospital to create the Worthington Companies Pediatric Fund at the Abigail Wexner Research Institute.[18]
Awards
editWorthington Steel was recognized as a General Motors Supplier of the Year in 2020, 2021, and 2023.[19]
Worthington Steel has been recognized as a John Deere Partner-level supplier for 12 consecutive years.[20]
Worthington Steel was awarded three Newsweek accolades in 2024 including, Most Trustworthy Companies in America, America’s Greatest Workplaces for Diversity and America’s Most Responsible companies.[21]
Worthington Steel’s CEO, Geoff Gilmore, was recognized as the 2024 Steel Executive of the Year by the Association of Metals Processors and Distributors.[22]
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.
- ^ Rodengen, Jeffrey (2000). “The Legend of Worthington Industries”. Write Stuff Enterprises, Inc., p. 45.
- ^ "Worthington Industries separating steel processing and other businesses". NBC4i. 29 September 2022.
- ^ Rodengen 2000, p. 17.
- ^ Rodengen 2000, p. 17.
- ^ Rodengen 2000, p. 30.
- ^ Rodengen 2000, p. 38.
- ^ Rodengen 2000, p. 45.
- ^ Rodengen 2000, p. 76.
- ^ Rodengen 2000, p. 113.
- ^ "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.
- ^ "Worthington Steel Joint Venture, TWB Company, Signs Licensing Agreement with ArcelorMittal Tailored Blanks for Patented Ablation Technology". Yahoo Finance. 13 March 2024.
- ^ Rodengen 2000, p. 33.
- ^ "Q&A: John P. McConnell, Chairman and CEO of Worthington Industries". 1 November 2015.
- ^ McConnell, John (2004). “Our Golden Rule”. Franklin University Press, p. 33.
- ^ "Worthington splits into 2 companies, makes $7.5 million donation to Nationwide Children's". The Columbus Dispatch. 4 December 2023.
- ^ "Worthington Steel Named a 2023 Supplier of the Year by General Motors". Yahoo Finance. 23 April 2024.
- ^ "Worthington Steel Earns Recognition as a John Deere "Partner-level Supplier" for the 12th Consecutive Year". 16 April 2024.
- ^ "America's Most Responsible Companies 2024". Newsweek. 6 December 2023.
- ^ "Worthington Steel president named 2024 Steel Executive of the Year". 3 January 2024.
- 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