filecrux
Oct 23, 4:19 PM
$WS Kloeckner holders voted down Worthington's control pact, delaying its ~
$150M synergy plan.
🏢 Worthington Steel is a Columbus, Ohio steel processor that took about 62% of German metals processor Kloeckner & Co when that deal closed on June 3, 2026
🏢 Kloeckner brought
$1,772.7M of Worthington's
$2,726.6M of net sales in the quarter to August 31, 2026, about 65%, in a company worth about
$2.14B at
$41.71 a share at 12:04 ET on October 23, 2026
🤝 Kloeckner stays fully consolidated and the financing is unaffected; without the agreement Worthington does not owe minority holders a fixed annual dividend and fixed-price put, but it also cannot direct Kloeckner's cash flows or pledge its assets
📅 Next: Worthington will not seek another vote on the agreement for at least one year from the Oct. 23, 2026 meeting
Source: SEC 8-K, Oct 23 + 8-Ks, Oct 21 and Oct 7
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