On Friday, Worthington Steel said it has entered an agreement to acquire German metals processor Kloeckner & Co.
In a statement, Worthington Steel said the agreement would create the second-largest steel service center company in North America with $9.5 billion in revenue.
The deal, valued at $2.4 billion, would expand Worthington Steel's footprint across North America and Europe.
“This is a strategic and transformative step in Worthington Steel’s growth journey," Worthington Steel President and CEO Geoff Gilmore said in a statement. "Through the acquisition of Kloeckner & Co, we will enhance our offerings in high-value metals processing and create meaningful value for our shareholders, deeper relationships with our customers and suppliers, and growth opportunities for our employees."
Kloeckner CEO Guido Kerkhoff said the transaction is the right step for the company.
"Worthington Steel brings complementary capabilities, a highly respected reputation and an experienced leadership team that shares our focus on operational excellence and strategic growth," Kerkhoff said.
Worthington Steel spokeswoman Brittany Smith said completion of the deal is not expected until the second half of 2026.
Smith said Worthington Steel became a standalone publicly traded company in December 2023.
