Worthington Steel Joint Venture, TWB Company, Signs Licensing Agreement with ArcelorMittal Tailored Blanks for Patented Ablation Technology

COLUMBUS, Ohio--(BUSINESS WIRE)-- Worthington Steel, Inc. (NYSE: WS) announced today that its tailor welded blanking joint venture, TWB Company, LLC (TWB), has signed a licensing agreement with ArcelorMittal Tailored Blanks for use of its patented ablation technology in the production of hot formed tailored blanks. This technology expands TWB’s hot formed tailored blanking capabilities in North America. Along with this agreement, TWB plans to install a fully automated ablation line at its Monroe, Michigan, facility.

“We’re excited to be one of two companies in North America to offer ablation technology and hot formed tailored blanks to our customers,” said Worthington Steel president and CEO Geoff Gilmore. “As one of the fastest growing segments in the tailored blank market, this innovative technology allows for welding of advanced high-strength steel, enhancing strength, crash performance and reducing weight for automotive applications.”

Specifically, the ablation process allows for the removal of aluminum silicon coating on the weld edge of a tailored blank, which is required before the press hardened material can be welded. The hot forming process allows this advanced high-strength steel to be stamped into a variety of safety and weight-critical applications.

“As more of our customers embrace this technology and the market continues to grow, we look forward to investing and supporting our customers’ efforts in this area,” said TWB Company president Ivan Meltzer.

TWB plans to install the new fully automated ablation line in its flagship facility in Monroe, Michigan. The 300,000 square foot facility currently produces traditional tailored blanks, tailored aluminum blanks and tailor welded coils. Following the ablation line installation, the company expects to spend 12-15 months undergoing OEM qualifications before beginning full production.

About TWB Company

TWB is North America’s market leader for tailor welded products with 11 locations in Kentucky, Michigan, Ohio, Tennessee, Ontario and Mexico. Formed in 1992, TWB Company is a joint venture between Worthington Steel and BAOSteel. Worthington Steel holds majority ownership and serves as managing partner. More information about TWB can be found at www.TWBCompany.com.

About Worthington Steel

Worthington Steel (NYSE:WS) is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel’s expertise in carbon flat-roll steel processing, electrical steel laminations and tailor welded solutions are driving steel toward a more sustainable future.

As one of the most trusted metals processors in North America, Worthington Steel and its 4,600 employees harness the power of steel to advance our customers’ visions through value-added processing capabilities including galvanizing, pickling, configured blanking, specialty cold reduction, lightweighting and electrical lamination. Headquartered in Columbus, Ohio, Worthington operates 32 facilities in seven states and six countries. Following a people-first Philosophy, commitment to sustainability and proven business system, Worthington Steel’s purpose is to generate positive returns by providing trusted and innovative solutions for customers, creating opportunities for employees, and strengthening its communities.

Safe Harbor Statement

Worthington Steel wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the “Act"). Statements by Worthington Steel which are not historical information constitute "forward looking statements" within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks, uncertainties and impacts described from time to time in Worthington Steel’s filings with the Securities and Exchange Commission.

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Melissa Dykstra

Vice President

Corporate Communications and Investor Relations

Phone: 614-840-4144

Melissa.Dykstra@worthingtonsteel.com

Source: Worthington Steel, Inc.