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On June 3, 1955, Worthington Steel was founded by John H. McConnell.
The Worthington Steel Company started with a single slitter line and a few employees, grossing $342,000 in its first year. During the late 1950s and into the 1960s, the company added steel processing capabilities to its operations and reached sales of $12.5 million in 1967.
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.
Throughout the 1960s and 1970s, The Worthington Steel Company acquired new companies. In 1971, with the acquisition of a pressure cylinder business, The Worthington Steel Company name changed to Worthington Industries.
Operating under the name Worthington Industries, the company expanded its operations throughout the 1980s.
In 1992, Worthington Industries launched a joint venture called the TWB Company, expanding into the tailor welded blank market in North America.
In 2000, Worthington Industries moved from Nasdaq to the New York Stock Exchange (NYSE: WOR). Throughout the 2010s, Worthington acquired new businesses and facilities, including Rome Strip Steel Company, Inc., and Heidtman Steel Product Inc.'s pickling and slitting operation in Cleveland, Ohio.
In 2021, Worthington Industries acquired Chicago -based electrical steel company, Tempel Steel.
On Dec. 1, 2023, Worthington Industries separated into Worthington Steel (NYSE: WS) and Worthington Enterprises (NYSE: WOR). Worthington Steel's CEO is now Geoff Gilmore.
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.
In December 2024, Worthington Steel announced plans to acquire a 52% stake in Sitem SpA, a Trevi, Italy -based maker of electric motor laminations. The deal, terms of which were not disclosed, is expected to close in early 2025.
Name change
1955-1971: 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. With this acquisition, a new name was formed for the company, Worthington Industries.
December 2023-present: 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.