Ohio-based Worthington Industries has confirmed that its Board of Directors has approved the separation of its Steel Processing business, Worthington Steel, via a spin-off that is intended to be tax-free to shareholders for US federal income tax purposes.
It was announced in September 2022 that Worthington will become two separate companies as of early 2024, with its Steel Processing business set to become a standalone public company.
The manufacturing company said the decision will both better align its operations and sharpen its strategic focus on fast-growing markets.
The new standalone Steel Processing business will operate as a value-added steel processor with a unique capability set, sophisticated supply chain and pricing solutions, and expanded product offerings.
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