Worthington Industries, Inc.

Overview

Date Founded

1998

Headquarters

200 Old Wilson Bridge Road,Columbus, OH 43085-9998

Type of Company

Public

Employees (Worldwide)

9,000

Industries

Metal Manufacturing & Products
Industrial Machinery & Manufacturing

Company Description

Worthington Industries (NYSE: WOR) is a global company that processes steel for use in the automotive, construction, hardware, aerospace and many other industries. Our family of 10,000 employees in 82 facilities throughout 11 countries has helped us earn the respect of our customers, our communities and our industry. With systems developed to conform to international standards for quality, environmental management and occupational health and safety, we consistently rank at the top of the Jacobson & Associates Survey, which ranks customer satisfaction among major steel suppliers. With sales of approximately $2.5 billion annually, our company is North America's premier value-added steel processor and a leader in manufactured pressure cylinders, such as propane, oxygen and helium tanks, hand torches, refrigerant and industrial cylinders, camping cylinders, compressed natural gas storage cylinders and scuba tanks; framing systems and stairs for mid-rise buildings; steel pallets and racks. Since 1955, Worthington Industries and its employees have lived a customer-centered philosophy, based on the Golden Rule. We often describe our company as "stability in motion," meaning our customers can trust us for old-fashioned quality, reliability and superior service, but also can look to us for dynamic innovation. This attitude toward our customers, our employees and our shareholders has earned us the honor of being named one of the Most Admired Companies in our industry by Fortune magazine. In 2003, we were honored as one of the 30 best performing stocks of the past 30 years by Money magazine. Fortune magazine has listed us as one of the 100 Best Companies to Work for in America four times and Forbes magazine named us one of America's Best Big Companies in 2001 and 2004 and one of America's Best Managed Companies in 2005

Website

http://www.worthingtonindustries.com

Contact Data

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In The News

SEC

January 11, 2021

Worthington Industries, Inc. filed form 10-Q

GlobeNewswire

January 7, 2021

Worthington Industries Acquires German Valve and Component Company

PR Newswire

January 4, 2021

Worldwide Industry for Biopreservation to 2026 - Key Drivers, Restraints and Opportunities

The Columbus Dispatch (Ohio)

December 18, 2020

Worthington Industries posts quarterly loss driven by Nikola;

Nasdaq

December 17, 2020

Worthington Industries Inc (WOR) Q2 2021 Earnings Call Transcript

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Executives & Employees

Andy Rose

President & Chief Executive Officer

John P. McConnell

Executive Chairman

Joseph B. Hayek

Vice President & Chief Financial Officer

Geoffrey G. Gilmore

Chief Operating Officer & Executive Vice President

Dale T. Brinkman

Senior Legal Advisor

Patrick Kennedy

Vice President-General Counsel & Secretary

Matthew K. Schlabig

Chief Information Officer

Catherine Lyttle

Senior Vice President & Chief Human Resources Officer

Eric M. Smolenski

President, Worthington Cylinder Corporation

Richard G. Welch

Corporate Controller & Principal Accounting Officer

Board of Directors

Peter J. Karmanos, Jr.

Co-Owner at The National Hockey League

Kerrii B. Anderson

Former President & Chief Executive Officer at Wendy's International LLC

Ozey K. Horton, Jr.

Former Director-Atlanta Office at McKinsey & Co., Inc.

Carl A. Nelson

Former Managing Partner-Columbus at Arthur Andersen LLP

Mary F. Schiavo

Member (Attorney) at Motley Rice LLC

Mark C. Davis

Chief Executive Officer at Lank Acquisition Corp.

Sidney A. Ribeau

Director at Association of Governing Boards of Universities and Colleges

David Blom

Director at The Columbus Partnership

John B. Blystone

General Partner at Blystone Capital Partners LP

Michael Endres

Co-Founder at Stonehenge Financial Holdings, Inc.

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Worthington Industries, Inc.

Owners & Shareholders

Details Hidden

Sandbar Asset Management LLP

Sandbar Asset Management LLP is a British private company located in London with a presence in the United States that provides investment advice. The firm was founded in 2017 by Michael John Cowley, he has been the CEO since the company founding.

Details Hidden

Crestline Management LP

Crestline Management has fund clients that focus on opportunistic investments and credit related investments and fund clients that focus on hedge fund investments. With respect to opportunistic and lending clients, those fund clients will make direct investments in securities, as opposed to via an investment in an underlying private fund, and certain fund clients will invest in middle market loans, whether directly-originated or syndicated loans or loans acquired in other market transactions. With respect to fund clients pursuing hedge fund strategies, Crestline Management manages an equity long/short strategy and also manages diversified hedge fund programs structured as funds of funds. Fund clients that invest in long/short equity strategies allocate assets to sector specialist portfolio managers whose stock selection is generally driven by fundamental analysis. The portfolio is run with controls on net market exposure and other risk factors. Leverage is used in the program to seek to achieve the targeted risk and return levels for the strategy. Fund clients investing in other fund managers generally allocate assets to a variety of portfolio managers through direct investments in underlying private funds or segregated portfolio arrangements, through acquisition of investments in underlying private funds managed by portfolio managers via the secondary market and, in certain instances, through discretionary managed accounts, single purpose entities, entities consisting primarily of Crestline-advised funds or through swaps or other similar products.

Details Hidden

Advisory Research, Inc.

Advisory Research, Inc. manages over $10.0 billion in total assets for some of the nation’s wealthiest individuals, numerous privately-held companies, university endowments, private and public foundations, and pension and profit-sharing plans. We have over three decades of experience investing for our clients. Our disciplined, value-based investment style seeks to provide our clients with exceptional absolute and risk-adjusted rates of return. Our experience and dedication, always coupled with expert client service, have allowed us to build a high level of trust and satisfaction with our clients. The Advisory Research investment philosophy and process are firmly grounded in time-tested academic research and the extensive experience of our professional investment team. This combination has produced a unique investment approach based on internally-generated fundamental analysis. As value investors we use a traditional bottom-up analysis to look for companies that are selling at a discount to their net asset value. Our highly disciplined, long-term approach to value investing guides us in creating portfolios of securities that we believe offer the potential for higher returns with lower risk relative to other equity investments.

Recent Transactions

Details Hidden

Angeles Equity Partners LLC purchases Angus Industries, Inc. from Worthington Industries, Inc.

Details Hidden

Worthington Industries, Inc. purchases Heidtman Steel Products, Inc. /Pickling & Slitting Facility from Centaur, Inc. (Michigan)

Details Hidden

Worthington Industries, Inc. purchases Magna Industries, Inc. /Oh

Insider Transactions

Details Hidden

Dale T. Brinkman

Details Hidden

Geoffrey G. Gilmore

Details Hidden

Richard G. Welch

Transaction Advisors

Accountant

Ernst & Young LLP

Advised onWorthington Industries, Inc. purchases Unimast, Inc. from Handy & Harman Ltd.

Legal Advisor

Vorys, Sater, Seymour and Pease LLP

Advised onWorthington Industries, Inc. purchases Precision Specialty Metals, Inc. from PSM Acquisition Corp.

Investment Advisor

ALANTRA LLC

Advised onWorthington Industries, Inc. purchases Stako Sp zoo

Legal Advisor

Elizabeth Turrell Farrar

Advised onWorthington Industries, Inc. purchases Heidtman Steel Products, Inc. /Pickling & Slitting Facility from Centaur, Inc. (Michigan)

Legal Advisor

Joseph B. Mann

Advised onWorthington Industries, Inc. purchases Heidtman Steel Products, Inc. /Pickling & Slitting Facility from Centaur, Inc. (Michigan)

Legal Advisor

Kristin Watt

Advised onWorthington Industries, Inc. purchases Heidtman Steel Products, Inc. /Pickling & Slitting Facility from Centaur, Inc. (Michigan)

Advisors & Consultants

Legal Advisor

Edward J. West

Vice President, General Counsel & Secretary at Brake Parts, Inc. LLC

Advisor

V. Charles Pisciotta

Executive Vice President at Salesian Boys and Girls Club

Clients

General Motors Company

General Motors Co. engages in the designing, manufacturing, and selling of cars, trucks and automobile parts. It also provides automotive financing services through General Motors Financial Company, Inc. The firm operates through the following segments: GM North America, GM International, Cruise and GM Financial. It sells vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang, Wuling, Maven, and OnStar brands. The company was founded by William C. Durant on September 16, 1908 and is headquartered in Detroit, MI.

Ford Motor Company

Ford Motor Co. engages in the manufacture, distribution, and sale of automobiles. It operates through the following three segments: Automotive, Mobility, and Ford Credit. The Automotive segment engages in developing, manufacturing, marketing and servicing of Ford cars, Lincoln vehicles. The Mobility segment includes Ford Smart Mobility LLC and autonomous vehicles business. The Ford Credit segment comprises Ford Credit business on a consolidated basis, which is primarily vehicle-related financing and leasing activities. The company was founded by Henry Ford on June 16, 1903 and is headquartered in Dearborn, MI.

MRC Global, Inc.

MRC Global is the largest global industrial distributor of pipe, valves and fittings (PVF) and related products and services to the energy industry based on sales, and we hold the leading position in our industry across each of the upstream (exploration, production and extraction of underground oil and natural gas), midstream (gathering and transmission of oil and natural gas, natural gas utilities and the storage and distribution of oil and natural gas) and downstream (petrochemical processing, crude oil refining and general industrials) sectors. We offer more than 150,000 stock keeping units, including an extensive array of PVF, oilfield supply, automation, instrumentation and other general and specialty industry supply products. Through our North American and International segments we serve our more than 12,000 active customers through over 410 service locations throughout North America, Europe, Asia and Australia.

Key Stats and Financials As of 2020

Market Capitalization

$2.95B

Total Enterprise Value

$2.41B

Earnings Per Share

$1.41

Revenue

$3.06B

Enterprise Value / Sales

0.79x

TEVNet Income

30.58x

Debt TEV

0.31x

Total Debt

$736M

Total Equity

$966M

Net Profit

$78.8M

EBITDAMargin

7.46%

Enterprise Value EBITDAOperating

10.4x

EBITDA

$228M

Three Year Compounded Annual Growth Rate Of Revenue

0.5%

Non-Profit Donations & Grants

$500 - $999

2019

Mid-Ohio Foodbank

$20K - $50K

2019

Greater Columbus Arts Council, Inc.

$5,000 - $10K

2019

Holland Bloorview Kids Rehabilitation Hospital Foundation

Political Donations

$500

2013

William G. Batchelder III

$500

2013

Cheryl Grossman

$500

2013

Mike Duffey

Investments

Details Hidden

Simple-Fill, Inc.

Simple-Fill, Inc. develops natural gas compression technologies. The company was founded by Robert Underhill and Fabio Chiara in 2013 and is headquartered in Columbus, OH.

Suppliers

Alcoa, Inc. Industrial Machinery & Manufacturing | New York, NY

Alcoa, Inc. engages in the lightweight metals engineering and manufacturing. Its products are used worldwide in aircraft, automobiles, commercial transportation, packaging, oil and gas, defense, and industrial applications. It operates through the following segments: Alumina; Primary Metals; Global Rolled Products; Engineered Products and Solutions; and Transportation and Construction Solutions. The Alumina segment consists of a portion of Alcoa's upstream operations and consists of the company's worldwide refinery system, including the mining of bauxite, which is then refined into alumina. The Primary Metals segment comprises of Alcoa's upstream operations and consists of the company's worldwide smelter system. The Global Rolled Products segment is involved in the production and sale of aluminum plate, sheet and foil. The Engineered Products and Solutions segment involves in the production and sale of titanium, aluminum, and super alloy investment castings, hard alloy extrusions, forgings and fasteners, aluminum wheels, integrated aluminum structural systems, and architectural extrusions. The Transportation and Construction Solutions segment engages in downstream operations and produces products that are used mostly in the nonresidential building and construction and commercial transportation end markets. The company was founded by Charles Martin Hall on October 1, 1888 and is headquartered in New York, NY.

Nucor Corporation Engineering, Construction & Architecture | Charlotte, NC

Nucor Corp. engages in the manufacturing of steel and steel products. It operates through the following segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment comprises carbon and alloy steel in sheet, bars; structural and plate; steel trading businesses; rebar distribution businesses; and Nucor's equity method investments. The Steel Products segment includes steel joists and joist girders, steel deck, fabricated concrete reinforcing steel, cold finished steel, steel fasteners, metal building systems, steel grating, tubular products businesses, piling products business, and wire and wire mesh. The Raw Materials segment consists direct reduced iron, and ferrous and nonferrous metals. The company was founded by Ransom E. Olds in 1905 and is headquartered in Charlotte, NC.

Steel Dynamics, Inc. Waste Management & Recycling | Fort Wayne, Indiana

Steel Dynamics, Inc. (NASDAQ-STLD) is unique among American steel companies. Born as a three-man start-up in 1993, SDI is the youngest of America’s major steel companies. After going public in 1996, we grew quickly to become one of the nation’s major mini-mill producers of carbon steel. As we expanded our production capacity and introduced new products, our sales grew and strong earnings followed. We consistently lead the U.S. steel industry measured by profit margins and income per ton of steel shipped. Steel Dynamics has grown in steelmaking through the expansion of our existing facilities, the introduction of new products, and through acquisitions. We have also invested in businesses related to our core steel business, including upstream businesses that provide raw materials needed in steelmaking and a downstream business that fabricates steel products for the construction industry. These charts show how the diversification of our business and our expanded steel product offerings have contributed to our growth. Looking ahead, we believe the U.S. economy offers numerous opportunities for our continued growth

Competitors

Olympic Steel, Inc. Metal Manufacturing & Products - Bedford Heights, OH

When Olympic Steel was founded in 1954, our business focused on warehousing and distribution of steel from a single facility with no major processing equipment. Today, our enterprise has an enormously wider range, focused on growth, geographic and customer diversity and the value-added processing of flat-rolled metals. Headquartered in Cleveland, Ohio, our company operates strategically positioned production facilities that effectively serve customers in most metal intensive industries. By being attentive to the principles of good business, we have succeeded in helping customers effectively compete in today's marketplace. In fact, a significant portion of Olympic Steel's business comes from established customers. Customers that know and trust us for service, quality and comprehensive solutions.

Steel Dynamics, Inc. Metal Manufacturing & Products - Fort Wayne, Indiana

Steel Dynamics, Inc. (NASDAQ-STLD) is unique among American steel companies. Born as a three-man start-up in 1993, SDI is the youngest of America’s major steel companies. After going public in 1996, we grew quickly to become one of the nation’s major mini-mill producers of carbon steel. As we expanded our production capacity and introduced new products, our sales grew and strong earnings followed. We consistently lead the U.S. steel industry measured by profit margins and income per ton of steel shipped. Steel Dynamics has grown in steelmaking through the expansion of our existing facilities, the introduction of new products, and through acquisitions. We have also invested in businesses related to our core steel business, including upstream businesses that provide raw materials needed in steelmaking and a downstream business that fabricates steel products for the construction industry. These charts show how the diversification of our business and our expanded steel product offerings have contributed to our growth. Looking ahead, we believe the U.S. economy offers numerous opportunities for our continued growth

Carpenter Technology Corp. Metal Manufacturing & Products - Wyomissing, PA

Carpenter (NYSE:CRS) is a leader in the development, manufacture and distribution of cast/wrought and powder metal stainless steels and specialty alloys including high temperature (iron-nickel-cobalt base), stainless, superior corrosion resistant, controlled expansion alloys, ultra high-strength and implantable alloys, tool and die steels, and other specialty metals as well as cast/wrought titanium alloys. Product forms include loose gas atomized metallic powders, billet, hollow and multi-dimensional forged bar, cold finished bar, strip and plate, and wire and rod. Amega West produces precision machined components for the oil and gas industry. Carpenter continues increasing its global manufacturing capacity and expanding operations to provide customers with single-source solutions for today’s ever-changing materials challenges. Our worldwide staff of expert metallurgists, research and development scientists, engineers and service professionals work closely with you to find innovative solutions for your specific product requirements.

Awards & Honors

Rank #667

2016

Fortune Magazine - Fortune 1000 Companies