Worthington Steel Files Klöckner Acquisition Financials and Pro Forma Results
WS sits 32% above its 52-week low of $27.22.
Summary
Worthington Steel filed the required financial statements and pro forma information for its acquisition of Klöckner & Co SE, revealing the combined company's financial position and the $1.4 billion debt financing used to fund the deal.
Key Events · M&A and Partnerships · WS
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Acquisition Financials Filed
Worthington Steel filed audited financial statements for Klöckner & Co SE for fiscal years 2025 and 2024, and unaudited interim financials for Q1 2026, as required by Item 9.01.
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Pro Forma Combined Results
The unaudited pro forma combined statements show a net loss of $12.4 million for the year ended May 31, 2025, and net earnings of $28.3 million for the nine months ended February 28, 2026.
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Financing Details Disclosed
The acquisition was funded with $700 million in 7.750% senior secured notes due 2033 and a $700 million seven-year senior secured term loan credit facility, totaling $1.4 billion in new debt.
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Purchase Price Allocation
The preliminary purchase price allocation shows total consideration of $784.3 million, with fair value adjustments to acquired assets and liabilities, including a reduction in property, plant and equipment to $544.1 million.
Analysis · WS · Manufacturing
This amendment provides the audited financial statements of Klöckner & Co SE and the unaudited pro forma combined financial information for the acquisition completed on June 3, 2026. The pro forma results show a combined net loss of $12.4 million for the year ended May 31, 2025, and earnings of $28.3 million for the nine months ended February 28, 2026. The filing also details the $1.4 billion financing package used to fund the acquisition, including $700 million in senior secured notes and a $700 million term loan. This information is critical for investors to assess the financial impact of the acquisition on Worthington Steel.
At the time of this filing, WS was trading at $36.02 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.8B. The 52-week trading range was $27.22 to $49.17. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.