[Form 4] Worthington Steel, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Worthington Steel director Charles M. Chiappone was granted 5,836 restricted common shares on 09/26/2025 under the Worthington Steel, Inc. 2023 Equity Incentive Plan for Non-Employee Directors. The grant was reported on Form 4 and was recorded at a price of $0, increasing Mr. Chiappone's beneficial ownership to 17,243 shares. The restricted shares will vest on the date of the next Annual Meeting of Shareholders only if the director remains on the board. The Form 4 was signed by an attorney-in-fact on 09/30/2025.

Positive

• Director received 5,836 restricted shares which increases reported beneficial ownership to 17,243 shares, aligning interests with shareholders

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director equity award aligns a non-employee director with shareholders; vesting condition is standard director-service based.

The Form 4 discloses a standard non-employee director restricted stock grant of 5,836 shares under the companys 2023 Equity Incentive Plan, granted 09/26/2025 and vesting upon the next Annual Meeting if the director remains on the board. This type of compensation is commonly used to align director incentives with shareholder outcomes. The award was reported at $0 and increases reported beneficial ownership to 17,243 shares. There is no indication of accelerated vesting, disposal, or derivative transactions in this filing.

Securities Analyst

TL;DR: Transaction is a routine equity grant to a director with limited immediate market impact.

The filing reports a non-derivative grant of restricted common shares to a director, recorded on 09/26/2025 and reported on Form 4. The grant amount (5,836 shares) and post-transaction ownership (17,243 shares) are disclosed. The grant price is listed as $0, consistent with restricted stock awards. The vesting condition ties vesting to continued board service until the next Annual Meeting. No sales, exercises, or derivative positions are reported, so there is no immediate liquidity or dilution event disclosed beyond the issuance under the equity plan.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Chiappone Charles M

(Last) (First) (Middle)

100 OLD WILSON BRIDGE ROAD

(Street)

COLUMBUS OH 43085

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Worthington Steel, Inc. [ WS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	09/26/2025		A(1)		5,836	A	$0	17,243	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. An Award of restricted stock was granted pursuant to the Worthington Steel, Inc. 2023 Equity Incentive Plan for Non-Employee Directors. The restricted stock will vest on the date on which the next Annual Meeting of Shareholders of Worthington Steel, Inc. is held if the non-employee director remains on the Board.

	/s/ Joseph Y. Heuer, as attorney-in-fact for Charles M. Chiappone	09/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Charles M. Chiappone report on Worthington Steel (WS) Form 4?

The Form 4 reports a grant of 5,836 restricted common shares to Charles M. Chiappone on 09/26/2025.

How many shares does Charles M. Chiappone beneficially own after the reported transaction?

Following the transaction, Mr. Chiappone beneficially owns 17,243 shares.

When do the restricted shares vest according to the filing?

The restricted shares will vest on the date of the next Annual Meeting of Shareholders if the director remains on the board.

What price was reported for the restricted stock grant on the Form 4?

The grant was reported at a price of $0, consistent with a restricted stock award.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Joseph Y. Heuer, as attorney-in-fact for Charles M. Chiappone on 09/30/2025.