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Rhea-AI Summary
Worthington Enterprises, Inc. (NYSE: WOR) has completed the separation of its Steel Processing business, Worthington Steel, Inc., into a standalone, publicly traded company, with the latter trading under the ticker symbol 'WS'. This move aims to allow both companies to better serve their customers, focus on strategic priorities, and create superior long-term shareholder value. The spin-off distribution was completed on Dec. 1, 2023, with each Worthington Enterprises shareholder receiving one common share of Worthington Steel for every one common share of Worthington Industries they held. As a more focused company, Worthington Enterprises specializes in Building Products, Consumer Products, and Sustainable Energy Solutions. On the other hand, Worthington Steel is a metals processor focusing on carbon flat-roll steel processing, electrical steel lamination, and tailor welding. The company has 4,500 employees and operates 31 facilities in seven states and five countries. Both companies are well-positioned to capitalize on key trends in sustainability, technology, and market disruption.
Rhea-AI Impact
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End-of-Day
-36.46%
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Rhea-AI Summary
Worthington Industries (NYSE: WOR) announces the separation of its Steel Processing business, Worthington Steel, Inc., via a tax-free spin-off to shareholders. The distribution of 100% of the outstanding common shares of Worthington Steel to Worthington Industries shareholders of record is expected on December 1, 2023. 'When-issued' trading of Worthington Steel common shares is set to commence on November 28, 2023, and 'regular-way' trading on December 1, 2023. Worthington Industries will be renamed Worthington Enterprises, Inc. on December 1, 2023, and will continue to trade on the NYSE under the ticker symbol 'WOR.' Worthington Steel will focus on steel processing, electrical steel laminations, and automotive lightweighting solutions, while Worthington Enterprises will focus on Building Products, Consumer Products, and Sustainable Energy Solutions.
Rhea-AI Impact
Rhea-AI Sentiment
End-of-Day
2.17%
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Worthington Industries, Inc. will present at the Baird Global Industrial Conference to preview growth strategies for Worthington Enterprises. The planned separation of Worthington Industries' Steel Processing business is expected to occur in December 2023, ahead of the originally projected timing of early 2024. Following the separation, Worthington Enterprises will focus on attractive end markets in Consumer Products, Building Products, and Sustainable Energy Solutions.
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End-of-Day
-0.76%
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Worthington Industries expands Tempel Steel facility in Mexico for electric vehicle market
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End-of-Day
1.55%
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Worthington Industries plans to separate its Steel Processing business by December 2023. The company aims to create two distinct, market-leading companies focused on driving shareholder value. Worthington Enterprises will focus on Consumer Products, Building Products, and Sustainable Energy Solutions, while Worthington Steel will specialize in steel processing and automotive lightweighting solutions.
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Rhea-AI Sentiment
End-of-Day
-2.29%
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Rhea-AI Summary
Worthington Industries reports net sales of $1.2 billion and net earnings of $96.1 million for Q1 2024, compared to $1.4 billion and $64.1 million in Q1 2023. Steel Processing and Building Products segments perform well. Worthington 2024 separation plan on track for completion in December 2023.
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Rhea-AI Sentiment
End-of-Day
-13.41%
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John Blystone named Executive Chairman of Worthington Industries, completing planned succession. Quarterly dividend declared at $0.32 per share. Worthington 2024 plan to separate Steel Processing business. McConnell to retire. Blystone praised for his leadership. John H. McConnell II joins board.
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Rhea-AI Sentiment
End-of-Day
-13.41%
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Worthington Industries announces names and branding for the two companies resulting from planned separation, expected to occur in December 2023. Worthington Enterprises will include Building Products, Consumer Products, and Sustainable Energy Solutions businesses. Worthington Steel will be the Company's Steel Processing business. Both companies will be headquartered in Columbus, Ohio.
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Rhea-AI Sentiment
End-of-Day
-1.85%
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Worthington Industries releases FY23 Corporate Citizenship and Sustainability Report, highlighting initiatives such as recycling and reducing carbon footprint. Greenhouse gas emissions intensity lowered by 36%. Increased use of renewable energy by 1,540%. Filled 53% of open salaried positions with diverse employees. Worthington's Total Case Incident Report per 100 employees was 1.8x better than industry average. Contributed $2.9 million to organizations. 96% of procurement spending in the US went to domestic suppliers. Product innovations focused on sustainability. Recognized as America's Most Responsible Company and leading company in ESG ratings. Developed report with reference to GRI Standards, SASB, and TCFD.
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Rhea-AI Sentiment
End-of-Day
-1.85%
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Worthington Industries partners with Radiowell for asset disposition, supporting under-funded volunteer fire departments
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Rhea-AI Sentiment
End-of-Day
-1.66%
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Worthington Enterprises, Inc.
NYSE:WOR
WOR Rankings
WOR Stock Data
2.98B
31.00M
37.47%
53.53%
2.95%
All Other Miscellaneous Fabricated Metal Product Manufacturing
Manufacturing
United States of America
COLUMBUS
About WOR
worthington industries is a leading global diversified metals manufacturing company with 2015 fiscal year sales of $3.38 billion. the columbus, ohio based company is north america’s premier value-added steel processor and a leader in manufactured metal products, such as propane, refrigerant and industrial cylinders, hand torches, camping cylinders, scuba tanks, compressed natural gas storage cylinders, helium balloon kits, and exploration, recovery and production tanks for global energy markets; custom-engineered open and enclosed cabs and operator stations for heavy mobile equipment; laser welded blanks; steel pallets and racks; and through joint ventures, suspension grid systems for concealed and lay-in panel ceilings, current and past model automotive service stampings and light gauge steel framing for commercial and residential construction. worthington employs approximately 10,500 people and operates 82 facilities in 11 countries. named a "100 best companies to work for" by fort