falseQ2--05-3100019684872026http://fasb.org/srt/2025#ChiefExecutiveOfficerMemberhttp://www.worthingtonsteel.com/20251130#RestructuringAndOtherExpenseIncome03-31-203206-30-205105-31-203206-30-202903-31-202709-30-203002-28-202903-31-202912-31-202803-31-202705-31-202603-31-203009-30-202603-31-202811-30-202510-31-202606-30-202611-30-2028December 31, 2025September 30, 2026December 31, 2025September 30, 2026May 31, 2026March 31, 2030June 30, 2025September 30, 2026June 30, 2025March 31, 2026November 30, 2030December 31, 2025February 28, 2027June 30, 2025September 30, 2026June 30, 2025http://fasb.org/srt/2025#ChiefExecutiveOfficerMember00019684872025-06-032025-06-030001968487ws:ForeignExchangeContractOneMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2025-06-012025-11-300001968487ws:SitemGroupMember2024-06-012024-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-11-300001968487us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-05-310001968487us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2024-09-012024-11-300001968487us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-05-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccountsPayableMember2025-11-300001968487ws:TempelChinaMember2025-05-310001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMemberus-gaap:InterestRateContractMember2025-05-310001968487ws:TempelChinaMember2025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487ws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMemberws:TempelCanadaMember2025-11-300001968487us-gaap:RelatedPartyMember2025-06-012025-11-300001968487ws:ServiaceroPlanosSDeCVMember2025-06-012025-11-300001968487us-gaap:NoncontrollingInterestMember2025-08-3100019684872025-11-300001968487ws:ReceivablesMember2025-05-310001968487us-gaap:FairValueMeasurementsNonrecurringMember2025-05-310001968487us-gaap:NetInvestmentHedgingMember2025-06-012025-11-300001968487us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2025-05-310001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-06-012025-11-300001968487ws:Long-LivedAssetsHeldAndUsedMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-05-310001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMemberus-gaap:InterestRateContractMember2025-11-300001968487ws:FacilityTwoMemberws:TempelIndiaMember2025-11-300001968487us-gaap:SecuredDebtMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487ws:SitemGroupMember2025-06-032025-06-030001968487ws:EuroInterBankOfferedRateOneMonthTermMemberus-gaap:SecuredDebtMemberws:SitemGroupTermLoanEightMember2025-06-012025-11-300001968487us-gaap:AccumulatedTranslationAdjustmentMember2024-11-300001968487us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-11-300001968487us-gaap:UnsecuredDebtMemberws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMembersrt:MaximumMember2025-11-300001968487ws:TempelChinaMemberws:FacilityOneAndTwoMember2025-05-310001968487ws:SteelProcessingMemberws:DirectMember2024-06-012024-11-300001968487us-gaap:NetInvestmentHedgingMember2025-09-012025-11-300001968487us-gaap:RelatedPartyMember2024-09-012024-11-300001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanElevenMember2025-11-300001968487us-gaap:CorporateJointVentureMember2025-11-300001968487us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2025-06-012025-11-300001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-012025-11-300001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-06-012025-11-300001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMemberus-gaap:CommodityContractMember2025-05-310001968487ws:SitemGroupMemberws:MeasurementPeriodAdjustmentsMember2025-06-0300019684872024-06-012025-05-310001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMember2025-11-300001968487us-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMember2025-06-012025-11-300001968487ws:ForeignCurrencyTranslationNetMember2025-11-300001968487ws:TempelChinaMemberws:FacilityOneMember2025-11-300001968487ws:Long-LivedAssetsHeldAndUsedMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-11-300001968487us-gaap:EmployeeSeveranceMember2025-06-012025-11-300001968487ws:TollMemberws:SteelProcessingMember2024-09-012024-11-300001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMemberus-gaap:UnsecuredDebtMember2025-05-310001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-11-300001968487ws:VoluntaryRetirementProgramMember2025-09-012025-11-300001968487ws:SitemGroupTermLoanFiveMembersrt:MaximumMember2025-11-300001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-012024-11-300001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2024-06-012024-11-3000019684872024-06-012024-08-310001968487srt:MinimumMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-06-012025-05-310001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanFourMember2025-11-300001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanTwelveMember2025-11-300001968487us-gaap:NetInvestmentHedgingMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CrossCurrencyInterestRateContractMember2025-06-012025-11-300001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanNineMemberws:EuroInterBankOfferedRateThreeMonthTermMember2025-06-012025-11-300001968487ws:ServiaceroPlanosSDeCVMember2024-09-012024-11-300001968487us-gaap:UnsecuredDebtMemberws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMember2025-06-012025-11-300001968487ws:TwbCompanyLLCMemberus-gaap:CorporateJointVentureMember2025-11-300001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:DetroitThreeAutomakersMember2025-09-012025-11-300001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanTenMember2025-11-300001968487ws:SitemGroupMember2024-09-012024-11-300001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMemberus-gaap:UnsecuredDebtMember2025-11-300001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-06-012024-11-300001968487ws:RedeemableNoncontrollingInterestsMember2025-05-310001968487ws:RedeemableNoncontrollingInterestsMember2025-11-300001968487us-gaap:AdditionalPaidInCapitalMember2025-11-300001968487ws:ReceivablesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2025-11-300001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanOneMemberws:EuroInterBankOfferedRateThreeMonthTermMember2025-06-012025-11-300001968487ws:TollMemberws:SteelProcessingMember2025-09-012025-11-300001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanTwoMember2025-11-300001968487ws:ReceivablesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487ws:RedeemableNoncontrollingInterestsMember2025-06-012025-08-310001968487us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-3100019684872025-05-310001968487us-gaap:RelatedPartyMember2024-06-012024-11-300001968487us-gaap:StandbyLettersOfCreditMember2025-06-012025-11-300001968487us-gaap:NoncontrollingInterestMember2025-09-012025-11-300001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-11-300001968487ws:FacilityTwoMemberws:TempelChinaMember2025-11-300001968487ws:RetainedEarningsOneMember2025-08-3100019684872025-06-012025-11-300001968487ws:FacilityOneAndTwoMemberws:TempelIndiaMember2025-11-300001968487us-gaap:FairValueMeasurementsRecurringMember2025-05-310001968487us-gaap:ParentMember2025-09-012025-11-300001968487us-gaap:CashFlowHedgingMember2025-06-012025-11-300001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMembersrt:MaximumMember2024-06-012025-05-310001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-11-300001968487ws:ReceivablesMemberus-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-11-300001968487ws:ReceivablesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-05-310001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMember2025-11-300001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-05-310001968487us-gaap:CommonStockMember2025-09-012025-11-300001968487ws:ReceivablesMemberus-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487us-gaap:SecuredDebtMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2025-06-012025-11-300001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:EndMarketAutomotiveMember2025-06-012025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherAssetsMemberus-gaap:CrossCurrencyInterestRateContractMember2025-05-310001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-06-012025-11-300001968487ws:FacilityTwoMemberws:TempelChinaMember2025-06-012025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMemberus-gaap:OtherLiabilitiesMember2025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMemberus-gaap:CommodityContractMember2025-05-310001968487srt:ScenarioForecastMemberus-gaap:ManufacturingFacilityMember2025-06-012026-05-310001968487ws:SitemGroupPurchaseAgreementMemberus-gaap:PutOptionMember2025-06-032025-06-030001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-012025-08-310001968487us-gaap:NetInvestmentHedgingMemberws:PayFixedMember2025-11-300001968487us-gaap:UnsecuredDebtMemberws:EuroInterBankOfferedRateThreeMonthTermMemberws:SitemGroupTermLoanElevenMember2025-06-012025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-11-300001968487us-gaap:NoncontrollingInterestMember2024-05-310001968487us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-11-300001968487us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeMember2025-05-310001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-05-310001968487us-gaap:StandbyLettersOfCreditMember2025-11-300001968487us-gaap:ParentMember2024-06-012024-08-310001968487us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-09-012025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMember2025-05-310001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMemberws:TempelCanadaMember2024-12-012025-02-280001968487us-gaap:CommonStockMember2024-09-012024-11-300001968487ws:NetInvestmentHedgeMember2025-11-300001968487ws:ReceivablesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-05-310001968487ws:SitemGroupTermLoanNineMembersrt:MaximumMember2025-11-300001968487us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2025-11-300001968487us-gaap:RelatedPartyMember2025-11-300001968487ws:SitemGroupMemberus-gaap:CustomerRelationshipsMember2025-06-032025-06-030001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-05-310001968487us-gaap:CommonStockMember2024-05-310001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanTenMemberws:EuroInterBankOfferedRateThreeMonthTermMember2025-06-012025-11-300001968487ws:RetainedEarningsOneMember2025-09-012025-11-300001968487us-gaap:AdditionalPaidInCapitalMember2024-05-310001968487srt:MinimumMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-06-012025-11-300001968487us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-06-012025-11-300001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanEightMember2025-11-300001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMembersrt:MaximumMember2025-06-012025-11-300001968487ws:ReceivablesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2025-05-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMember2025-05-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-05-310001968487us-gaap:ParentMember2025-11-300001968487us-gaap:AdditionalPaidInCapitalMember2024-09-012024-11-300001968487ws:ForeignCurrencyTranslationNetMember2025-05-310001968487ws:ServiaceroPlanosSDeCVMember2025-11-300001968487us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-06-012024-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-11-300001968487us-gaap:ParentMember2025-06-012025-08-310001968487us-gaap:EmployeeSeveranceMember2025-11-300001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMember2025-05-310001968487us-gaap:CorporateJointVentureMemberws:SpartanSteelCoatingLlcMember2025-11-300001968487us-gaap:NondesignatedMembersrt:MinimumMemberus-gaap:CommodityContractMember2025-06-012025-11-300001968487us-gaap:ParentMember2025-05-310001968487us-gaap:CallOptionMemberws:SitemGroupPurchaseAgreementMember2025-06-032025-06-030001968487ws:ReceivablesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-11-300001968487ws:ServiaceroPlanosSDeCVMember2025-09-012025-11-300001968487ws:NetInvestmentHedgeMember2025-06-012025-11-300001968487ws:ReceivablesMemberus-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-11-300001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-09-012024-11-300001968487us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-06-012025-11-300001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-012025-11-300001968487us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-11-300001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanSevenMember2025-11-300001968487ws:NetInvestmentHedgeMember2025-05-310001968487ws:TempelSteelCompanyMember2024-09-012024-11-300001968487ws:SitemGroupMember2025-11-300001968487srt:MinimumMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2024-06-012025-05-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMemberus-gaap:OtherLiabilitiesMember2025-05-310001968487us-gaap:AccumulatedTranslationAdjustmentMember2025-11-300001968487us-gaap:NondesignatedMember2025-11-300001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-012024-08-310001968487ws:ServiaceroPlanosSDeCVMember2024-09-012024-11-300001968487ws:ForeignExchangeContractOneMemberus-gaap:CashFlowHedgingMember2025-06-012025-11-300001968487ws:ServiaceroPlanosSDeCVMember2024-06-012024-11-300001968487ws:SitemGroupPurchaseAgreementMemberus-gaap:PutOptionMember2025-06-030001968487us-gaap:MachineryAndEquipmentMember2025-11-300001968487ws:ServiaceroPlanosSDeCVMember2025-11-300001968487us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-11-300001968487us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2024-09-012024-11-300001968487us-gaap:FairValueInputsLevel3Memberws:Long-LivedAssetsHeldAndUsedMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMember2025-11-300001968487us-gaap:CallOptionMemberws:SitemGroupPurchaseAgreementMembersrt:MaximumMember2025-06-032025-06-030001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMember2025-11-300001968487us-gaap:CashFlowHedgingMembersrt:MaximumMemberus-gaap:InterestRateContractMember2025-06-012025-11-300001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:DetroitThreeAutomakersMember2024-06-012024-11-300001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanElevenMember2025-06-012025-11-300001968487ws:StandstillAgreementSitemGroupMemberws:StanzwerkAGMember2025-04-300001968487us-gaap:NoncontrollingInterestMember2024-11-300001968487us-gaap:AdditionalPaidInCapitalMember2024-11-300001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMemberus-gaap:OtherLiabilitiesMember2025-11-300001968487ws:TollMemberws:SteelProcessingMember2025-06-012025-11-300001968487ws:ServiaceroPlanosSDeCVMember2024-06-012024-11-300001968487ws:ServiaceroPlanosSDeCVMember2025-05-310001968487us-gaap:CommonStockMember2024-08-310001968487ws:TempelChinaMemberws:FacilityOneMember2025-06-012025-11-300001968487ws:EuroInterBankOfferedRateOneMonthTermMemberus-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanSevenMember2025-06-012025-11-300001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanNineMember2025-11-300001968487us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2024-06-012024-11-300001968487ws:SwingLoanMemberws:SeniorSecuredRevolvingCreditFacilityMember2025-11-300001968487us-gaap:NondesignatedMembersrt:MaximumMemberus-gaap:CommodityContractMember2024-06-012025-05-310001968487us-gaap:RelatedPartyMember2025-09-012025-11-300001968487ws:SitemGroupMemberus-gaap:SubsequentEventMemberws:InterestRateSwapTerminatedMember2025-11-012025-12-310001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanTwoMember2025-06-012025-11-300001968487us-gaap:AdditionalPaidInCapitalMember2025-08-310001968487us-gaap:ComputerSoftwareIntangibleAssetMemberws:SitemGroupMember2025-06-032025-06-030001968487us-gaap:CashFlowHedgingMember2024-06-012024-11-300001968487ws:SitemGroupTermLoanFiveMemberus-gaap:UnsecuredDebtMember2025-06-012025-11-300001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-09-012025-11-300001968487us-gaap:AdditionalPaidInCapitalMember2025-06-012025-08-310001968487ws:TempelIndiaMember2025-11-300001968487ws:SteelProcessingMemberws:DirectMember2025-06-012025-11-300001968487ws:ForeignCurrencyTranslationNetMember2024-11-300001968487us-gaap:AccumulatedTranslationAdjustmentMember2024-06-012024-11-300001968487us-gaap:NoncontrollingInterestMember2024-08-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherAssetsMemberus-gaap:CrossCurrencyInterestRateContractMember2025-11-300001968487ws:SitemGroupTermLoanFiveMemberus-gaap:UnsecuredDebtMemberws:EuroInterBankOfferedRateThreeMonthTermMember2025-06-012025-11-300001968487us-gaap:ParentMember2025-08-310001968487ws:StandstillAgreementSitemGroupMemberws:StanzwerkAGMemberws:SARONBasedZeroFloorMember2025-06-012025-11-300001968487ws:TempelCanadaMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2025-03-250001968487us-gaap:DesignatedAsHedgingInstrumentMember2025-05-310001968487us-gaap:ParentMember2024-05-310001968487us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-11-300001968487us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-11-300001968487ws:SeniorSecuredRevolvingCreditFacilityMember2025-05-310001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-08-310001968487us-gaap:RevolvingCreditFacilityMember2025-05-310001968487us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2024-06-012024-11-300001968487us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2025-09-012025-11-300001968487ws:ServiaceroPlanosSDeCVMember2025-09-012025-11-300001968487ws:TempelIndiaMemberus-gaap:LineOfCreditMember2025-11-300001968487us-gaap:NoncontrollingInterestMember2024-06-012024-08-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccountsPayableMember2025-05-310001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerBMember2024-06-012024-11-300001968487us-gaap:CashFlowHedgingMembersrt:MaximumMemberus-gaap:CommodityContractMember2025-06-012025-11-300001968487ws:FacilityOneMemberws:TempelIndiaMember2025-06-012025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberws:ReceivablesMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-11-300001968487ws:StandstillAgreementSitemGroupMemberws:StanzwerkAGMember2025-06-012025-11-300001968487us-gaap:SecuredDebtMemberws:StandstillAgreementSitemGroupMember2025-11-300001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMemberus-gaap:CommodityContractMember2025-11-300001968487ws:TempelChinaMemberws:FacilityOneAndTwoMember2025-11-300001968487ws:TempelIndiaMemberws:FacilityOneAndTwoMember2025-05-310001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerAMember2024-09-012024-11-300001968487ws:SitemSlovakiaMemberws:OneMonthEURIBORPlusMember2025-06-012025-11-300001968487us-gaap:NetInvestmentHedgingMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-09-012025-11-300001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:DetroitThreeAutomakersMember2025-06-012025-11-300001968487ws:SeniorSecuredRevolvingCreditFacilityMember2024-06-012025-05-310001968487ws:ReceivablesMemberus-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-05-310001968487us-gaap:AccumulatedTranslationAdjustmentMember2024-05-310001968487us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-11-3000019684872026-01-060001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMember2024-12-170001968487ws:TempelCanadaMember2025-03-250001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-11-300001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2025-06-012025-11-300001968487us-gaap:CashFlowHedgingMember2024-09-012024-11-300001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMemberus-gaap:OtherLiabilitiesMember2025-05-310001968487us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-11-300001968487us-gaap:AdditionalPaidInCapitalMember2024-06-012024-08-310001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-09-012025-11-300001968487ws:SeniorSecuredRevolvingCreditFacilityMember2025-06-012025-11-300001968487us-gaap:CommonStockMember2025-08-310001968487us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeMember2025-11-300001968487us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-05-310001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-09-012024-11-300001968487ws:SitemGroupMember2025-06-030001968487ws:SitemSlovakiaMemberus-gaap:LineOfCreditMember2025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMemberus-gaap:InterestRateContractMember2025-05-310001968487ws:SitemGroupMemberus-gaap:SubsequentEventMember2025-11-012025-12-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2025-11-300001968487ws:RetainedEarningsOneMember2025-05-310001968487us-gaap:AccumulatedTranslationAdjustmentMember2025-05-310001968487ws:RedeemableNoncontrollingInterestsMember2025-08-310001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-05-310001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanNineMember2025-06-012025-11-300001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanThreeMember2025-06-012025-11-300001968487us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487us-gaap:AccumulatedTranslationAdjustmentMember2025-06-012025-11-300001968487ws:SitemGroupMember2025-08-310001968487ws:StandstillAgreementSitemGroupMemberws:StanzwerkAGMember2025-11-300001968487ws:SteelProcessingMemberws:DirectMember2024-09-012024-11-300001968487us-gaap:CashFlowHedgingMember2025-09-012025-11-300001968487us-gaap:NetInvestmentHedgingMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CrossCurrencyInterestRateContractMember2025-09-012025-11-300001968487ws:ForeignCurrencyTranslationNetMember2025-06-012025-11-3000019684872024-05-310001968487us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2025-11-300001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-06-012024-11-300001968487ws:SitemGroupPurchaseAgreementMembersrt:MaximumMemberus-gaap:PutOptionMember2025-06-032025-06-030001968487us-gaap:SecuredDebtMemberws:StandstillAgreementSitemGroupMember2025-06-012025-11-300001968487ws:ReceivablesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-05-310001968487us-gaap:NetInvestmentHedgingMemberws:ReceiveFixedMember2025-11-300001968487us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2025-06-012025-11-300001968487ws:TempelCanadaMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2025-03-252025-03-250001968487ws:WorthingtonSpecialtyProcessingMemberus-gaap:CorporateJointVentureMember2025-11-300001968487us-gaap:TechnologyBasedIntangibleAssetsMemberws:SitemGroupMember2025-06-032025-06-030001968487us-gaap:UnsecuredDebtMemberws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMember2025-11-300001968487srt:MinimumMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-06-012025-11-300001968487ws:FacilityOneMemberws:TempelIndiaMember2025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2025-05-310001968487us-gaap:NondesignatedMembersrt:MaximumMemberus-gaap:CommodityContractMember2025-06-012025-11-300001968487ws:ForeignExchangeContractOneMemberus-gaap:CashFlowHedgingMember2025-09-012025-11-300001968487ws:RetainedEarningsOneMember2025-11-300001968487us-gaap:LineOfCreditMemberws:TempelIndiaMember2025-05-310001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanFourMember2025-06-012025-11-300001968487us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeMember2025-05-310001968487us-gaap:RelatedPartyMember2025-05-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-05-3100019684872024-08-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherLiabilitiesMember2025-05-310001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanThirteenMember2025-06-012025-11-300001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2025-05-310001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanOneMember2025-06-012025-11-300001968487us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-06-012025-11-300001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanOneMember2025-11-300001968487ws:SeniorSecuredRevolvingCreditFacilityMember2023-11-300001968487ws:SitemGroupJointVenturesMemberus-gaap:CorporateJointVentureMember2025-11-300001968487ws:SitemGroupJointVenturesMemberws:SitemGroupMember2025-11-300001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMember2025-06-012025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-11-300001968487srt:MinimumMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-06-012025-11-300001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanTwelveMember2025-06-012025-11-300001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-09-012025-11-300001968487ws:FacilityTwoMemberws:TempelIndiaMember2025-06-012025-11-300001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanThreeMember2025-11-300001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanSixMember2025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMember2025-11-300001968487ws:SeniorSecuredRevolvingCreditFacilityMember2023-11-302023-11-300001968487srt:MinimumMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2024-06-012025-05-310001968487us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-11-300001968487ws:ServiaceroPlanosSDeCVMember2025-06-012025-11-300001968487us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-012025-11-300001968487us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-11-300001968487ws:ForeignCurrencyTranslationNetMember2024-05-310001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerAMember2025-06-012025-11-300001968487ws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMemberws:TempelCanadaMember2025-05-1200019684872025-08-310001968487us-gaap:NoncontrollingInterestMember2025-06-012025-08-310001968487ws:SitemGroupMember2024-11-300001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2024-09-012024-11-300001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:EndMarketAutomotiveMember2025-09-012025-11-300001968487us-gaap:CallOptionMemberws:SitemGroupPurchaseAgreementMember2025-06-030001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-012024-11-300001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-06-012025-11-300001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-09-012025-11-300001968487ws:RedeemableNoncontrollingInterestsMember2025-09-012025-11-300001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2025-05-310001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:DetroitThreeAutomakersMember2024-09-012024-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherLiabilitiesMember2025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMemberus-gaap:InterestRateContractMember2025-11-300001968487us-gaap:NetInvestmentHedgingMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-06-012025-11-300001968487ws:ReceivablesMember2025-11-300001968487ws:SwingLoanMemberws:SeniorSecuredRevolvingCreditFacilityMember2025-05-310001968487us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberws:SeniorSecuredRevolvingCreditFacilityMember2025-06-012025-11-300001968487us-gaap:FairValueMeasurementsNonrecurringMember2025-11-300001968487ws:SitemGroupMemberws:TempelNagoldMember2025-06-032025-06-030001968487us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-05-310001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-09-012024-11-300001968487us-gaap:SecuredDebtMemberws:BDCFloatingBaseRateMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2025-06-012025-11-300001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-05-310001968487us-gaap:CommonStockMember2024-06-012024-08-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2025-05-310001968487us-gaap:MachineryAndEquipmentMember2025-11-300001968487ws:NetInvestmentHedgeMember2024-05-310001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanSixMember2025-06-012025-11-300001968487us-gaap:AdditionalPaidInCapitalMember2025-09-012025-11-300001968487ws:ForeignExchangeContractOneMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2025-09-012025-11-300001968487us-gaap:NoncontrollingInterestMember2025-05-310001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-06-012024-11-300001968487ws:SitemGroupMember2025-06-012025-11-300001968487ws:NetInvestmentHedgeMember2024-11-3000019684872024-09-012024-11-300001968487us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-012024-11-300001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerBMember2025-09-012025-11-300001968487ws:SitemGroupTermLoanSevenMembersrt:MaximumMember2025-11-300001968487ws:SitemGroupTermLoanFiveMemberus-gaap:UnsecuredDebtMember2025-11-300001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-11-300001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-11-300001968487ws:ReceivablesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-11-300001968487ws:SeniorSecuredRevolvingCreditFacilityMember2025-11-300001968487us-gaap:CommonStockMember2025-05-310001968487us-gaap:NondesignatedMembersrt:MinimumMemberus-gaap:ForeignExchangeContractMember2024-06-012025-05-310001968487ws:CreditFacilityDueInFiscal2026Member2025-11-300001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2025-05-310001968487us-gaap:NoncontrollingInterestMember2024-09-012024-11-300001968487ws:NetPutCallMemberws:SitemGroupMember2025-06-030001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2025-11-300001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerBMember2024-09-012024-11-300001968487ws:TempelSteelCompanyMember2024-11-300001968487us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2025-05-310001968487ws:TempelCanadaMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2025-11-3000019684872024-11-300001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2024-09-012024-11-300001968487ws:NetInvestmentHedgeMember2024-06-012024-11-300001968487us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-05-310001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2025-09-012025-11-300001968487us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-05-310001968487ws:SitemGroupMember2025-06-012025-08-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMemberus-gaap:CommodityContractMember2025-11-300001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanTenMember2025-06-012025-11-300001968487ws:FavorableRightOfUseLeaseAssetMemberws:SitemGroupMember2025-06-032025-06-030001968487ws:TollMemberws:SteelProcessingMember2024-06-012024-11-300001968487us-gaap:RevolvingCreditFacilityMember2025-11-300001968487us-gaap:FairValueInputsLevel3Memberws:Long-LivedAssetsHeldAndUsedMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-05-310001968487ws:RetainedEarningsOneMember2024-06-012024-08-310001968487us-gaap:NoncontrollingInterestMember2025-11-300001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2024-06-012024-11-300001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerBMember2025-06-012025-11-300001968487ws:RetainedEarningsOneMember2024-09-012024-11-300001968487us-gaap:NondesignatedMember2025-05-3100019684872025-09-012025-11-300001968487us-gaap:CommonStockMember2025-11-300001968487us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2025-09-012025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-05-310001968487us-gaap:CashFlowHedgingMembersrt:MaximumMemberus-gaap:CommodityContractMember2024-06-012025-05-310001968487us-gaap:EmployeeSeveranceMember2025-05-310001968487ws:SitemGroupMemberws:PreliminaryValuationMember2025-06-030001968487ws:StandstillAgreementSitemGroupMemberws:StanzwerkAGMember2025-06-030001968487us-gaap:CorporateJointVentureMemberws:WorthingtonSamuelCoilProcessingLlcMember2025-11-300001968487us-gaap:AdditionalPaidInCapitalMember2024-08-310001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerAMember2025-09-012025-11-300001968487ws:ForeignCurrencyTranslationNetMember2024-06-012024-11-300001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanSevenMember2025-06-012025-11-300001968487us-gaap:SecuredDebtMemberws:StandstillAgreementSitemGroupMemberws:SwissAverageRateOvernightMember2025-06-012025-11-300001968487ws:SteelProcessingMemberws:DirectMember2025-09-012025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2025-11-300001968487ws:SitemGroupMember2025-09-012025-11-300001968487us-gaap:MachineryAndEquipmentMember2025-09-012025-11-300001968487us-gaap:UnsecuredDebtMemberws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMembersrt:MinimumMember2025-11-300001968487ws:RetainedEarningsOneMember2024-08-310001968487us-gaap:ParentMember2024-11-300001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:EndMarketAutomotiveMember2024-06-012024-11-300001968487us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-05-310001968487us-gaap:ManufacturingFacilityMember2025-09-012025-11-300001968487ws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMemberws:TempelCanadaMember2025-06-012025-11-300001968487us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeMember2025-11-300001968487ws:SitemGroupTermLoanOneMembersrt:MaximumMember2025-11-300001968487us-gaap:ParentMember2024-09-012024-11-300001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMember2025-05-3100019684872024-12-012025-02-280001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-08-310001968487us-gaap:AdditionalPaidInCapitalMember2025-05-310001968487ws:SitemGroupMemberws:PreliminaryValuationMember2025-06-032025-06-030001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-06-012025-11-3000019684872025-06-012025-08-310001968487ws:RetainedEarningsOneMember2024-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2025-05-310001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanThirteenMember2025-11-300001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487us-gaap:CommonStockMember2025-06-012025-08-310001968487ws:ReceivablesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-11-300001968487us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-09-012025-11-3000019684872024-06-012024-11-300001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMemberus-gaap:OtherLiabilitiesMember2025-05-310001968487us-gaap:CommonStockMember2024-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMember2025-11-300001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-09-012025-11-300001968487ws:RetainedEarningsOneMember2024-05-310001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:EndMarketAutomotiveMember2024-09-012024-11-300001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMemberus-gaap:UnsecuredDebtMember2025-06-012025-11-300001968487us-gaap:ParentMember2024-08-310001968487us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-11-300001968487us-gaap:SubsequentEventMember2025-12-170001968487ws:RetainedEarningsOneMember2025-06-012025-08-310001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerAMember2024-06-012024-11-300001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMemberws:TempelCanadaMember2025-06-012025-11-300001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanEightMember2025-06-012025-11-300001968487us-gaap:FairValueMeasurementsRecurringMember2025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2025-11-30iso4217:EURxbrli:purews:Loaniso4217:CADiso4217:CNYws:Optioniso4217:INRiso4217:USDxbrli:sharesws:Jointventurexbrli:sharesws:Installmentsws:Beneficiaryws:CreditArrangementsiso4217:CHFws:Segmentiso4217:USD

Q3false--05-3100019684872026http://fasb.org/srt/2025#ChiefExecutiveOfficerMemberhttp://www.worthingtonsteel.com/20260228#RestructuringAndOtherExpenseIncome03-31-203206-30-205105-31-203203-31-202709-30-203002-28-202912-31-202805-31-202609-30-202603-31-202810-31-202606-30-202611-30-2028March 31, 2026January 31, 2027March 31, 2026September 30, 2026May 31, 2026September 30, 2026June 30, 2025September 30, 2026June 30, 2025March 31, 2026November 30, 2030March 31, 2026November 30, 2027September 30, 2026June 30, 2025September 30, 2026June 30, 2025http://fasb.org/srt/2025#ChiefExecutiveOfficerMember0001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-12-012025-02-280001968487ws:EuroUSDollarForeignCurrencyForwardContractMember2026-02-280001968487ws:InternalUseSoftwareMember2025-12-012026-02-2800019684872024-08-310001968487us-gaap:NoncontrollingInterestMember2025-08-310001968487ws:FinanceLeaseAssetsAndBuildingsAndImprovementsNetMember2026-02-280001968487us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-02-280001968487us-gaap:AdditionalPaidInCapitalMember2025-02-280001968487ws:ReceivablesMember2026-02-280001968487us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-02-280001968487us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberws:BridgeNonrevolvingLoanCommitmentMembersrt:MaximumMember2025-06-012026-02-280001968487ws:ServiaceroPlanosSDeCVMember2025-05-310001968487us-gaap:MachineryAndEquipmentMember2025-08-310001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-12-012026-02-280001968487us-gaap:AdditionalPaidInCapitalMember2026-02-280001968487us-gaap:LineOfCreditMemberws:TempelIndiaMember2026-02-280001968487us-gaap:CommonStockMember2025-06-012025-08-310001968487us-gaap:BaseRateMemberws:BridgeNonrevolvingLoanCommitmentMembersrt:MaximumMember2025-06-012026-02-280001968487ws:NetInvestmentHedgeMember2025-06-012026-02-280001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMemberus-gaap:OtherLiabilitiesMember2026-02-280001968487ws:RetainedEarningsOneMember2025-05-310001968487ws:SeniorSecuredRevolvingCreditFacilityMember2025-05-310001968487us-gaap:MachineryAndEquipmentMember2025-06-012025-08-310001968487us-gaap:AdditionalPaidInCapitalMember2025-11-3000019684872024-05-310001968487ws:RetainedEarningsOneMember2024-11-300001968487srt:MaximumMember2026-02-280001968487us-gaap:AdditionalPaidInCapitalMember2025-06-012025-08-310001968487us-gaap:ParentMember2026-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMemberus-gaap:CommodityContractMember2026-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberws:ReceivablesMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerAMember2025-06-012026-02-280001968487us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-05-310001968487us-gaap:SecuredDebtMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2025-06-012026-02-280001968487us-gaap:FairValueMeasurementsNonrecurringMember2025-05-310001968487ws:RetainedEarningsOneMember2024-05-310001968487ws:StandstillAgreementSitemGroupMemberws:StanzwerkAGMember2025-06-012026-02-280001968487ws:TempelChinaMemberws:FacilityOneAndTwoMember2026-02-280001968487ws:SitemSlovakiaMemberus-gaap:LineOfCreditMember2026-02-280001968487ws:TempelChinaMemberws:FacilityOneAndTwoMember2025-05-3100019684872025-08-310001968487us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2026-02-280001968487ws:SitemGroupJointVenturesMemberws:SitemGroupMember2025-11-300001968487ws:NetInvestmentHedgeMember2024-06-012025-02-280001968487us-gaap:NetInvestmentHedgingMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-12-012026-02-280001968487ws:SitemGroupMemberus-gaap:CustomerRelationshipsMember2025-06-032025-06-030001968487ws:SitemGroupPurchaseAgreementMemberus-gaap:PutOptionMember2025-06-030001968487ws:ReceivablesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2026-02-280001968487ws:SteelProcessingMemberws:DirectMember2024-12-012025-02-280001968487ws:ReceivablesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2026-02-280001968487ws:RedeemableNoncontrollingInterestsMember2025-12-012026-02-280001968487us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeMember2026-02-280001968487ws:TempelCanadaMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2025-03-2500019684872025-02-280001968487us-gaap:StandbyLettersOfCreditMember2025-06-012026-02-280001968487us-gaap:NoncontrollingInterestMember2024-09-012024-11-300001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:DetroitThreeAutomakersMember2025-06-012026-02-280001968487us-gaap:ParentMember2025-06-012025-08-310001968487us-gaap:CashFlowHedgingMember2024-06-012025-02-280001968487us-gaap:CashFlowHedgingMember2024-12-012025-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2025-05-310001968487ws:ServiaceroPlanosSDeCVMember2024-12-012025-02-280001968487us-gaap:NoncontrollingInterestMember2025-02-280001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-012025-02-280001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-08-3100019684872025-12-012026-02-280001968487ws:SitemGroupMember2025-06-012025-08-310001968487ws:SitemGroupJointVenturesMemberus-gaap:CorporateJointVentureMember2026-02-280001968487ws:SitemGroupPurchaseAgreementMemberus-gaap:PutOptionMember2025-06-032025-06-030001968487ws:ForeignExchangeContractOneMemberus-gaap:CashFlowHedgingMember2025-12-012026-02-280001968487us-gaap:AdditionalPaidInCapitalMember2025-05-310001968487ws:CliffordJLariveyMemberws:Non-QualifiedStockOptionsMember2026-02-280001968487ws:FacilityOneAndTwoMemberws:TempelIndiaMember2025-05-310001968487srt:MinimumMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2024-06-012025-05-310001968487us-gaap:NondesignatedMembersrt:MaximumMemberus-gaap:CommodityContractMember2025-06-012026-02-280001968487ws:RedeemableNoncontrollingInterestsMember2025-06-012025-08-310001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2024-12-012025-02-280001968487us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeMember2025-05-310001968487us-gaap:CallOptionMemberws:SitemGroupPurchaseAgreementMembersrt:MaximumMember2025-06-032025-06-030001968487us-gaap:LineOfCreditMemberws:TempelIndiaMember2025-05-310001968487ws:TempelChinaMember2025-05-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMember2025-05-310001968487us-gaap:AdditionalPaidInCapitalMember2025-08-310001968487ws:RetainedEarningsOneMember2025-06-012025-08-310001968487ws:ServiaceroPlanosSDeCVMember2026-02-280001968487us-gaap:CommonStockMember2025-11-300001968487srt:MaximumMemberus-gaap:InterestRateContractMember2026-02-280001968487us-gaap:CommonStockMember2025-02-280001968487ws:ForeignExchangeContractOneMemberus-gaap:CashFlowHedgingMember2025-06-012026-02-280001968487us-gaap:NoncontrollingInterestMember2025-06-012025-08-310001968487us-gaap:MachineryAndEquipmentMember2025-12-012026-02-280001968487us-gaap:ParentMember2025-05-310001968487ws:ForeignCurrencyTranslationNetMember2025-06-012026-02-280001968487ws:MiscellaneousIncomeExpenseNetMemberus-gaap:ForeignExchangeContractMember2025-06-012026-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2026-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2026-02-280001968487ws:TempelIndiaMemberws:FacilityOneAndTwoMember2026-02-280001968487ws:SteelProcessingMemberws:DirectMember2025-06-012026-02-280001968487us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-05-310001968487us-gaap:ParentMember2025-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherAssetsMemberus-gaap:CrossCurrencyInterestRateContractMember2026-02-280001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMemberus-gaap:CommodityContractMember2025-05-310001968487ws:RedeemableNoncontrollingInterestsMember2025-05-310001968487us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-12-012026-02-280001968487us-gaap:SecuredDebtMemberws:StandstillAgreementSitemGroupMemberws:SwissAverageRateOvernightMember2025-06-012026-02-280001968487ws:RedeemableNoncontrollingInterestsMember2025-09-012025-11-300001968487us-gaap:CommonStockMember2024-11-300001968487us-gaap:NoncontrollingInterestMember2024-11-300001968487us-gaap:AccumulatedTranslationAdjustmentMember2025-06-012026-02-280001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-12-012026-02-280001968487ws:VoluntaryRetirementProgramMember2025-06-012026-02-280001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerBMember2025-06-012026-02-280001968487us-gaap:CommonStockMember2025-08-310001968487ws:SitemSlovakiaMemberws:OneMonthEURIBORPlusMember2025-06-012026-02-280001968487us-gaap:NetInvestmentHedgingMemberws:ReceiveFixedMember2026-02-280001968487us-gaap:ParentMember2024-12-012025-02-280001968487srt:MinimumMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2024-06-012025-05-310001968487us-gaap:NoncontrollingInterestMember2026-02-280001968487ws:ReceivablesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-05-310001968487us-gaap:NetInvestmentHedgingMember2025-06-012026-02-280001968487us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-06-012025-02-280001968487srt:ScenarioForecastMemberus-gaap:ManufacturingFacilityMember2025-06-012026-05-310001968487us-gaap:UnsecuredDebtMemberws:EuroInterBankOfferedRateThreeMonthTermMemberws:SitemGroupTermLoanElevenMember2025-06-012026-02-280001968487us-gaap:EmployeeSeveranceMember2026-02-280001968487us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2026-02-280001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2024-12-012025-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2026-02-280001968487ws:NetInvestmentHedgeMember2026-02-280001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:EndMarketAutomotiveMember2024-06-012025-02-280001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMemberus-gaap:CommodityContractMember2025-05-310001968487ws:FacilityTwoMemberws:TempelIndiaMember2025-06-012026-02-280001968487us-gaap:CommonStockMember2026-02-280001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerBMember2025-12-012026-02-280001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanTenMember2025-06-012026-02-280001968487us-gaap:ParentMember2025-12-012026-02-280001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanSixMember2026-02-280001968487ws:KloecknerCoSEMember2026-03-090001968487us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487ws:KloecknerCoSEMember2026-02-280001968487us-gaap:EmployeeSeveranceMember2025-05-310001968487ws:MinorityInterestOwnerMemberws:SpartanMember2026-02-280001968487us-gaap:FairValueMeasurementsRecurringMember2026-02-280001968487ws:PreTaxAssetMember2024-12-012025-02-280001968487us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-06-012026-02-280001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-05-310001968487ws:JeffreyRKlinglerMember2026-02-280001968487us-gaap:CashFlowHedgingMembersrt:MaximumMemberus-gaap:CommodityContractMember2024-06-012025-05-310001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-06-012025-02-280001968487ws:TollMemberws:SteelProcessingMember2024-06-012025-02-280001968487ws:SitemGroupMemberws:PreliminaryValuationMember2025-06-032025-06-030001968487us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-06-012025-02-280001968487ws:RedeemableNoncontrollingInterestsMember2026-02-280001968487us-gaap:CommonStockMember2024-06-012024-08-310001968487ws:RetainedEarningsOneMember2024-06-012024-08-310001968487us-gaap:ParentMember2025-08-310001968487ws:ReceivablesMemberus-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2026-02-280001968487us-gaap:ComputerSoftwareIntangibleAssetMemberws:SitemGroupMember2025-06-032025-06-030001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-12-012025-02-280001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-11-300001968487us-gaap:NondesignatedMembersrt:MaximumMemberus-gaap:CommodityContractMember2024-06-012025-05-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccountsPayableMember2026-02-280001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanThirteenMember2026-02-280001968487ws:TempelChinaMemberws:FacilityOneMember2026-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2025-05-310001968487us-gaap:EmployeeSeveranceMember2025-06-012026-02-280001968487us-gaap:AccumulatedTranslationAdjustmentMember2024-06-012025-02-280001968487ws:ReceivablesMemberus-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487ws:ReceivablesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2025-05-310001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMembersrt:MaximumMember2025-06-012026-02-280001968487us-gaap:NoncontrollingInterestMember2025-05-310001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-06-012026-02-280001968487ws:TollMemberws:SteelProcessingMember2025-12-012026-02-280001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMemberus-gaap:UnsecuredDebtMember2025-06-012026-02-2800019684872025-06-012026-02-280001968487ws:TempelCanadaMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2025-03-252025-03-250001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-02-280001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-06-012026-02-280001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanSixMember2025-06-012026-02-280001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-02-280001968487us-gaap:AccumulatedTranslationAdjustmentMember2026-02-280001968487us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2025-12-012026-02-280001968487us-gaap:CommonStockMember2024-05-310001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerAMember2024-12-012025-02-280001968487us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2024-06-012025-02-280001968487us-gaap:CorporateJointVentureMemberws:WorthingtonSamuelCoilProcessingLlcMember2026-02-280001968487us-gaap:AccumulatedTranslationAdjustmentMember2025-02-280001968487ws:StandstillAgreementSitemGroupMemberws:StanzwerkAGMemberws:SARONBasedZeroFloorMember2025-06-012026-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2026-02-280001968487us-gaap:CommodityContractMemberus-gaap:CostOfSalesMember2025-06-012026-02-280001968487ws:SitemGroupPurchaseAgreementMembersrt:MaximumMemberus-gaap:PutOptionMember2025-06-032025-06-030001968487us-gaap:NondesignatedMember2026-02-280001968487us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2024-06-012025-02-280001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2025-12-012026-02-280001968487us-gaap:UnsecuredDebtMemberws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMembersrt:MinimumMember2026-02-280001968487us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-05-310001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2026-02-280001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-06-012025-02-280001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2024-06-012025-02-280001968487ws:ServiaceroPlanosSDeCVMember2026-02-280001968487us-gaap:AdditionalPaidInCapitalMember2024-12-012025-02-280001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMember2026-02-280001968487ws:SeniorSecuredRevolvingCreditFacilityMember2025-06-012025-11-300001968487ws:ForeignExchangeContractOneMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2025-12-012026-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:OtherAssetsMemberus-gaap:CrossCurrencyInterestRateContractMember2025-05-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487ws:RetainedEarningsOneMember2025-09-012025-11-300001968487ws:JeffreyRKlinglerMember2025-12-012026-02-280001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:EndMarketAutomotiveMember2025-12-012026-02-280001968487us-gaap:CallOptionMemberws:SitemGroupPurchaseAgreementMember2025-06-030001968487us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2026-02-280001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanThirteenMember2025-06-012026-02-280001968487ws:SeniorSecuredRevolvingCreditFacilityMember2023-11-300001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-06-012026-02-280001968487ws:FacilityTwoMemberws:TempelChinaMember2025-06-012026-02-280001968487us-gaap:UnsecuredDebtMemberws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMember2025-06-012026-02-280001968487us-gaap:CommonStockMember2024-12-012025-02-280001968487us-gaap:NoncontrollingInterestMember2024-05-310001968487ws:NetInvestmentHedgeMember2025-02-280001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerBMember2024-12-012025-02-280001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2025-06-012026-02-280001968487us-gaap:PrepaidExpensesAndOtherCurrentAssetsMember2025-05-310001968487us-gaap:NetInvestmentHedgingMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2025-06-012026-02-280001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2024-06-012025-02-280001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanFourMember2025-06-012026-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487us-gaap:CostOfSalesMemberus-gaap:CommodityContractMember2024-12-012025-02-280001968487ws:FacilityTwoMemberws:TempelChinaMember2026-02-280001968487us-gaap:FairValueMeasurementsNonrecurringMember2026-02-280001968487ws:SeniorSecuredRevolvingCreditFacilityMember2026-02-280001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMember2026-02-280001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanElevenMember2025-06-012026-02-2800019684872025-11-300001968487ws:TollMemberws:SteelProcessingMember2024-12-012025-02-280001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMemberus-gaap:OtherLiabilitiesMember2025-05-310001968487us-gaap:CommonStockMember2025-09-012025-11-300001968487ws:NetInvestmentHedgeMember2025-05-310001968487ws:EuroUSDollarForeignCurrencyForwardContractMember2025-12-012026-02-280001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-12-012026-02-280001968487us-gaap:RevolvingCreditFacilityMember2025-05-310001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerBMember2024-06-012025-02-280001968487ws:CliffordJLariveyMember2025-12-012026-02-280001968487ws:FavorableRightOfUseLeaseAssetMemberws:SitemGroupMember2025-06-032025-06-030001968487ws:TempelSteelCompanyMember2024-11-300001968487ws:ForeignCurrencyTranslationNetMember2025-05-310001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2026-02-280001968487us-gaap:StandbyLettersOfCreditMember2026-02-280001968487ws:CliffordJLariveyMember2026-02-2800019684872025-05-310001968487us-gaap:TechnologyBasedIntangibleAssetsMemberws:SitemGroupMember2025-06-032025-06-030001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanThreeMember2025-06-012026-02-280001968487ws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMemberws:TempelCanadaMember2025-06-012026-02-280001968487us-gaap:ParentMember2024-06-012024-08-310001968487us-gaap:CorporateJointVentureMemberws:SpartanSteelCoatingLlcMember2026-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMember2026-02-280001968487us-gaap:RelatedPartyMember2026-02-280001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanFourMember2026-02-280001968487us-gaap:SecuredDebtMemberws:StandstillAgreementSitemGroupMember2026-02-280001968487ws:RetainedEarningsOneMember2026-02-280001968487ws:MiscellaneousIncomeExpenseNetMemberus-gaap:ForeignExchangeContractMember2024-12-012025-02-280001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanEightMember2026-02-280001968487us-gaap:CommonStockMember2025-05-310001968487us-gaap:NoncontrollingInterestMember2024-06-012024-08-310001968487us-gaap:RelatedPartyMember2025-05-310001968487us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2026-02-280001968487ws:ServiaceroPlanosSDeCVMember2024-06-012025-02-280001968487ws:ServiaceroPlanosSDeCVMember2025-12-012026-02-280001968487ws:RetainedEarningsOneMember2024-08-310001968487us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2024-12-012025-02-280001968487ws:InternalUseSoftwareMember2026-02-280001968487us-gaap:AccumulatedTranslationAdjustmentMember2024-05-310001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanThreeMember2026-02-280001968487us-gaap:RelatedPartyMember2024-06-012025-02-280001968487us-gaap:CallOptionMemberws:SitemGroupPurchaseAgreementMember2025-06-032025-06-0300019684872024-11-300001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMemberws:TempelCanadaMember2025-06-012026-02-280001968487us-gaap:UnsecuredDebtMemberws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMember2026-02-280001968487ws:ForeignCurrencyTranslationNetMember2024-05-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherLiabilitiesMember2025-05-310001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMember2025-05-310001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMember2025-05-310001968487us-gaap:SecuredDebtMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2026-02-280001968487ws:SitemGroupMember2025-06-032025-06-030001968487ws:SeniorSecuredRevolvingCreditFacilityMember2024-06-012025-05-310001968487ws:TempelSteelCompanyMember2024-09-012024-11-300001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:DetroitThreeAutomakersMember2024-12-012025-02-280001968487us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-12-012026-02-280001968487ws:SitemGroupMember2024-06-012025-02-280001968487us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-02-280001968487ws:ReceivablesMember2025-05-310001968487ws:EuroInterBankOfferedRateOneMonthTermMemberus-gaap:SecuredDebtMemberws:SitemGroupTermLoanEightMember2025-06-012026-02-280001968487us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-05-310001968487ws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMemberws:TempelCanadaMember2026-02-280001968487ws:SitemGroupMember2025-12-012026-02-280001968487us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2025-05-310001968487us-gaap:NetInvestmentHedgingMemberws:PayFixedMember2026-02-280001968487us-gaap:SecuredDebtMemberws:BDCFloatingBaseRateMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2025-06-012026-02-280001968487us-gaap:SecuredDebtMemberws:StandstillAgreementSitemGroupMember2025-06-012026-02-280001968487us-gaap:AdditionalPaidInCapitalMember2024-11-300001968487ws:KloecknerCoSEMember2026-03-100001968487ws:SwingLoanMemberws:SeniorSecuredRevolvingCreditFacilityMember2025-05-310001968487ws:FacilityOneMemberws:TempelIndiaMember2025-06-012026-02-280001968487us-gaap:SubsequentEventMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2026-03-012026-03-310001968487us-gaap:BaseRateMembersrt:MinimumMemberws:BridgeNonrevolvingLoanCommitmentMember2025-06-012026-02-2800019684872024-12-012025-02-280001968487ws:SitemGroupMemberws:PreliminaryValuationMember2025-06-030001968487ws:WorthingtonSpecialtyProcessingMemberus-gaap:CorporateJointVentureMember2026-02-280001968487ws:ForeignCurrencyTranslationNetMember2025-02-280001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-05-310001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2026-02-280001968487us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMembersrt:MinimumMemberws:BridgeNonrevolvingLoanCommitmentMember2025-06-012026-02-280001968487us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-05-310001968487us-gaap:NoncontrollingInterestMember2025-12-012026-02-280001968487us-gaap:InterestRateContractMember2025-05-310001968487us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2026-02-280001968487ws:SpartanMember2026-02-2800019684872024-09-012024-11-300001968487us-gaap:SubsequentEventMember2026-03-250001968487us-gaap:NetInvestmentHedgingMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CrossCurrencyInterestRateContractMember2025-12-012026-02-280001968487ws:SwingLoanMemberws:SeniorSecuredRevolvingCreditFacilityMember2026-02-280001968487ws:ReceivablesMemberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2026-02-280001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanEightMember2025-06-012026-02-280001968487ws:StandstillAgreementSitemGroupMemberws:StanzwerkAGMember2026-02-280001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanTenMember2026-02-2800019684872025-09-012025-11-300001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-11-300001968487us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2025-06-012026-02-280001968487us-gaap:ParentMember2024-11-300001968487us-gaap:SecuredDebtMemberws:SitemGroupTermLoanTenMemberws:EuroInterBankOfferedRateThreeMonthTermMember2025-06-012026-02-280001968487us-gaap:CommonStockMember2024-08-310001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-08-310001968487us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-05-310001968487us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeMember2025-05-310001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:OtherLiabilitiesMember2026-02-280001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-12-012025-02-280001968487ws:ForeignCurrencyTranslationNetMember2026-02-280001968487us-gaap:NoncontrollingInterestMember2025-09-012025-11-300001968487us-gaap:ParentMember2024-05-3100019684872025-06-012025-08-310001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerAMember2024-06-012025-02-280001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-06-012026-02-280001968487us-gaap:CashFlowHedgingMembersrt:MaximumMemberus-gaap:InterestRateContractMember2025-06-012026-02-280001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:EndMarketAutomotiveMember2025-06-012026-02-280001968487srt:MinimumMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-06-012026-02-280001968487ws:RetainedEarningsOneMember2025-02-280001968487us-gaap:SecuredDebtMemberus-gaap:RevolvingCreditFacilityMember2025-06-012026-02-280001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanElevenMember2026-02-280001968487ws:EuroUSDollarForeignCurrencyForwardContractMember2025-06-012026-02-280001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:AccountsPayableMemberus-gaap:CommodityContractMember2026-02-280001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanTwoMember2025-06-012026-02-280001968487us-gaap:NetInvestmentHedgingMember2025-12-012026-02-280001968487us-gaap:ParentMember2025-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMember2026-02-280001968487us-gaap:CashFlowHedgingMember2025-12-012026-02-280001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMemberus-gaap:UnsecuredDebtMember2026-02-280001968487us-gaap:NoncontrollingInterestMember2024-12-012025-02-280001968487ws:RedeemableNoncontrollingInterestsMember2025-11-300001968487us-gaap:UnsecuredDebtMemberws:SitemGroupTermLoanTwoMember2026-02-280001968487ws:FinanceLeaseAssetsAndBuildingsAndImprovementsNetMember2025-12-012026-02-280001968487us-gaap:ParentMember2024-09-012024-11-300001968487ws:TimothyAAdamsMember2025-12-012026-02-280001968487us-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-06-012026-02-280001968487ws:RetainedEarningsOneMember2025-11-300001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-012025-08-310001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:DetroitThreeAutomakersMember2024-06-012025-02-280001968487srt:MinimumMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2025-06-012026-02-280001968487us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-05-310001968487srt:MinimumMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2024-06-012025-05-310001968487us-gaap:RelatedPartyMember2025-12-012026-02-280001968487us-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-06-012026-02-280001968487us-gaap:AccumulatedTranslationAdjustmentMember2025-05-310001968487ws:RetainedEarningsOneMember2025-08-310001968487us-gaap:DesignatedAsHedgingInstrumentMember2025-05-310001968487ws:SitemGroupMemberws:TempelNagoldMember2025-06-032025-06-0300019684872024-06-012025-05-3100019684872024-06-012025-02-280001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2025-06-012026-02-280001968487us-gaap:MachineryAndEquipmentMember2025-12-012026-02-280001968487us-gaap:ConstructionInProgressMember2025-12-012026-02-280001968487ws:SitemGroupMember2026-02-280001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:DetroitThreeAutomakersMember2025-12-012026-02-280001968487us-gaap:CommonStockMember2025-12-012026-02-280001968487us-gaap:NoncontrollingInterestMember2024-08-310001968487ws:MiscellaneousIncomeExpenseNetMemberus-gaap:ForeignExchangeContractMember2025-12-012026-02-280001968487ws:TimothyAAdamsMember2026-02-280001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMemberus-gaap:UnsecuredDebtMember2025-05-310001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMember2025-06-012026-02-280001968487ws:RetainedEarningsOneMember2024-12-012025-02-280001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-06-012026-02-280001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-12-012026-02-280001968487ws:StandstillAgreementSitemGroupMemberws:StanzwerkAGMember2025-04-300001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-012024-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2025-05-310001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-012026-02-280001968487us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2026-02-280001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2026-02-280001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:EndMarketAutomotiveMember2024-12-012025-02-280001968487us-gaap:CorporateJointVentureMember2026-02-280001968487us-gaap:NondesignatedMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2026-02-280001968487us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2024-06-012025-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2026-02-280001968487us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2026-02-280001968487ws:ReceivablesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-05-310001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMember2024-12-170001968487us-gaap:ParentMember2024-08-310001968487us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-06-012026-02-280001968487ws:Long-LivedAssetsHeldAndUsedMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-05-310001968487us-gaap:NetInvestmentHedgingMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CrossCurrencyInterestRateContractMember2025-06-012026-02-280001968487ws:RetainedEarningsOneMember2024-09-012024-11-300001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-05-310001968487us-gaap:FairValueInputsLevel3Memberws:Long-LivedAssetsHeldAndUsedMemberus-gaap:FairValueMeasurementsNonrecurringMember2025-05-310001968487us-gaap:NondesignatedMemberus-gaap:CommodityContractMember2026-02-280001968487ws:ServiaceroPlanosSDeCVMember2025-06-012026-02-280001968487ws:SitemGroupMember2025-06-030001968487us-gaap:RelatedPartyMember2025-06-012026-02-280001968487ws:ForeignExchangeContractOneMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:CashFlowHedgingMember2025-06-012026-02-2800019684872024-06-012024-08-310001968487us-gaap:ManufacturingFacilityMember2025-06-012026-02-280001968487ws:SitemGroupMember2024-12-012025-02-280001968487us-gaap:CashFlowHedgingMember2025-06-012026-02-280001968487srt:MinimumMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-06-012026-02-280001968487us-gaap:CashFlowHedgingMembersrt:MaximumMemberus-gaap:CommodityContractMember2025-06-012026-02-2800019684872026-02-280001968487ws:RetainedEarningsOneMember2025-12-012026-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMemberus-gaap:AccountsPayableMember2025-05-310001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-012024-08-310001968487us-gaap:FairValueMeasurementsRecurringMember2025-05-310001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-012025-02-280001968487us-gaap:NetInvestmentHedgingMemberus-gaap:CrossCurrencyInterestRateContractMember2025-12-012026-02-280001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2025-05-3100019684872025-06-032025-06-030001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMember2025-05-310001968487srt:MinimumMemberus-gaap:CashFlowHedgingMemberus-gaap:InterestRateContractMember2025-06-012026-02-280001968487ws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMemberws:TempelCanadaMember2025-05-120001968487us-gaap:AdditionalPaidInCapitalMember2024-09-012024-11-300001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-12-012026-02-280001968487ws:RedeemableNoncontrollingInterestsMember2025-08-310001968487ws:TempelIndiaMember2026-02-280001968487ws:CanadianGovernmentRegionalEconomicGrowthLoanMemberws:TempelCanadaMember2024-12-012025-02-280001968487us-gaap:SalesRevenueNetMemberus-gaap:ProductConcentrationRiskMemberws:LargestAutomotiveCustomers-CustomerAMember2025-12-012026-02-280001968487ws:TempelCanadaMember2025-03-250001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-012026-02-280001968487ws:TempelChinaMemberws:FacilityOneMember2025-06-012026-02-280001968487us-gaap:NoncontrollingInterestMember2025-11-300001968487ws:FacilityTwoMemberws:TempelIndiaMember2026-02-280001968487us-gaap:CommonStockMember2024-09-012024-11-300001968487srt:MinimumMemberus-gaap:NondesignatedMemberus-gaap:CommodityContractMember2024-06-012025-05-310001968487us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberws:SeniorSecuredRevolvingCreditFacilityMember2025-06-012026-02-280001968487ws:FacilityOneMemberws:TempelIndiaMember2026-02-280001968487us-gaap:NondesignatedMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMember2025-05-310001968487ws:SeniorSecuredRevolvingCreditFacilityMember2023-11-302023-11-300001968487ws:ServiaceroPlanosSDeCVMember2024-12-012025-02-280001968487us-gaap:AdditionalPaidInCapitalMember2025-09-012025-11-300001968487ws:CreditFacilityDueInFiscal2026Member2026-02-280001968487ws:SitemGroupMember2025-06-012026-02-280001968487us-gaap:MachineryAndEquipmentMember2026-02-280001968487ws:ServiaceroPlanosSDeCVMember2024-06-012025-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ForeignExchangeContractMemberus-gaap:OtherAssetsMemberus-gaap:CashFlowHedgingMember2026-02-280001968487ws:SitemGroupMemberws:MeasurementPeriodAdjustmentsMember2025-06-030001968487ws:KloecknerCoSEMember2026-01-150001968487us-gaap:RelatedPartyMember2024-12-012025-02-280001968487ws:BridgeNonrevolvingLoanCommitmentMember2026-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMemberus-gaap:OtherLiabilitiesMember2025-05-310001968487ws:EuroUSDollarForeignCurrencyForwardContractMember2026-01-310001968487ws:ForeignCurrencyTranslationNetMember2024-06-012025-02-280001968487ws:SteelProcessingMemberws:DirectMember2025-12-012026-02-280001968487ws:ServiaceroPlanosSDeCVMember2025-12-012026-02-280001968487us-gaap:AdditionalPaidInCapitalMember2024-05-310001968487us-gaap:AdditionalPaidInCapitalMember2024-08-310001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-05-310001968487us-gaap:RevolvingCreditFacilityMember2026-02-280001968487ws:TwbCompanyLLCMemberus-gaap:CorporateJointVentureMember2026-02-280001968487us-gaap:NondesignatedMember2025-05-310001968487us-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMembersrt:MaximumMember2024-06-012025-05-310001968487us-gaap:FairValueMeasurementsRecurringMemberus-gaap:DerivativeMember2026-02-280001968487srt:MinimumMember2026-02-280001968487ws:NetInvestmentHedgeMember2024-05-310001968487us-gaap:AdditionalPaidInCapitalMember2024-06-012024-08-310001968487ws:SteelProcessingMemberws:DirectMember2024-06-012025-02-280001968487us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:CashFlowHedgingMemberus-gaap:CommodityContractMemberus-gaap:OtherLiabilitiesMember2026-02-280001968487us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-02-280001968487us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-02-280001968487ws:TempelChinaMember2026-02-280001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMemberus-gaap:OtherLiabilitiesMember2026-02-280001968487ws:ServiaceroPlanosSDeCVMember2025-06-012026-02-280001968487us-gaap:InProcessResearchAndDevelopmentMember2024-12-012025-02-280001968487ws:ReceivablesMemberus-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2026-02-2800019684872026-04-060001968487ws:NetPutCallMemberws:SitemGroupMember2025-06-030001968487ws:StandstillAgreementSitemGroupMemberws:StanzwerkAGMember2025-06-030001968487us-gaap:NondesignatedMemberus-gaap:ForeignExchangeContractMemberus-gaap:CashFlowHedgingMember2025-05-310001968487us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-012025-11-300001968487us-gaap:AdditionalPaidInCapitalMember2025-12-012026-02-280001968487ws:MiscellaneousIncomeExpenseNetMemberus-gaap:ForeignExchangeContractMember2024-06-012025-02-280001968487us-gaap:ParentMember2025-09-012025-11-300001968487us-gaap:UnsecuredDebtMemberws:CanadianAdvancedManufacturingAndInnovationCompetitivenessLoanMembersrt:MaximumMember2026-02-280001968487ws:TollMemberws:SteelProcessingMember2025-06-012026-02-280001968487ws:TempelCanadaMemberws:BusinessDevelopmentBankOfCanadaCanadianLoanMember2026-02-28iso4217:EURxbrli:purews:Loaniso4217:CADiso4217:CNYws:Optioniso4217:INRiso4217:USDxbrli:sharesiso4217:EURxbrli:sharesws:Jointventurexbrli:sharesws:Installmentsws:Beneficiaryws:CreditArrangementsiso4217:CHFws:Segmentiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended ~~November~~February 3028, ~~2025~~2026


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from ___________ to ___________
	Commission File Number: 001-41830

WORTHINGTON STEEL, INC.

(Exact name of registrant as specified in its charter)


Ohio		92-2632000
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

100 W. Old Wilson Bridge Road, Columbus, Ohio		43085
(Address of principal executive offices)		(Zip Code)

     (614) 840-3462

    

     (Registrant’s telephone number, including area code)

    

     Not Applicable

    

     (Former name, former address and former fiscal year, if changed since last report)

    

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, Without Par Value	WS	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

On ~~January~~April 6, 2026, the number of common shares, without par value, of the registrant issued and outstanding was 50,~~805~~806,~~635~~338.

Table of Contents

TABLE OF CONTENTS

			Page
Cautionary Note Regarding Forward-Looking Statements			ii
Part I. Financial Information
	Item 1.	Financial Statements
		Consolidated Balance Sheets – November 30, 2025 and May 31, 2025	1
		Consolidated Balance Sheets – February 28, 2026 and May 31, 2025	1
		Consolidated Statements of Earnings – Three Months and Six Months Ended November 30, 2025, and November 30, 2024	3
		Consolidated Statements of Earnings – Three Months and Nine Months Ended February 28, 2026, and February 28, 2025	3
		Consolidated Statements of Comprehensive Income – Three Months and Six Months Ended November 30, 2025, and November 30, 2024	4
		Consolidated Statements of Comprehensive Income – Three Months and Nine Months Ended February 28, 2026, and February 28, 2025	4
		Consolidated Statements of Cash Flows – Six Months Ended November 30, 2025, and November 30, 2024	5
		Consolidated Statements of Cash Flows – Nine Months Ended February 28, 2026, and February 28, 2025	5
		Consolidated Statements of Equity and Mezzanine Equity – Six Months Ended November 30, 2025, and November 30, 2024	6
		Consolidated Statements of Equity and Mezzanine Equity – Nine Months Ended February 28, 2026, and February 28, 2025	6
		Condensed Notes to Consolidated Financial Statements	78
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3136
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	4553
	Item 4.	Controls and Procedures	4553
Part II. Other Information
	Item 1.	Legal Proceedings	4655
	Item 1A.	Risk Factors	4655
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	4657
	Item 3.	Defaults Upon Senior Securities	4658
	Item 4.	Mine Safety Disclosures	4658
	Item 5.	Other Information	4758
	Item 6.	Exhibits	4759
Signatures			4860

Table of Contents

CAUTIONARY NOTE REGARDING FORWARD-LOOKING StatementS

Selected statements made by Worthington Steel, Inc. (“Worthington Steel” and, together with its consolidated subsidiaries, the “Company,” “we,” “us,” or “our”) contained in this Quarterly Report on Form 10-Q (this “Form 10-Q”), including, without limitation, inthe ~~“PART~~notes Ito –the ~~Item~~consolidated 1.financial –statements ~~Note~~contained 5in –Part ~~Contingent~~I, ~~Liabilities~~Item ~~and~~1 ~~Commitments”~~hereto, ~~and in~~ “~~PART~~Part I, – Item 2. – Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Part II, Item 1A. Risk Factors—Proposed Acquisition-Related Risks,” constitute “forward-looking statements,” as that term is used in the Private Securities Litigation Reform Act of 1995, as amended (the “PSLRA”). Forward-looking statements reflect the Company’s current expectations, estimates or projections concerning future results or events. These statements are often identified by the use of forward-looking words or phrases such as “believe,” “expect,” “anticipate,” “may,” “could,” “should,” “would,” “intend,” “plan,” “will,” “likely,” “estimate,” “project,” “position,” “strategy,” “target,” “aim,” “seek,” “foresee,” or other similar words or phrases. These forward-looking statements include, without limitation, statements relating to:

•

future or expected cash positions, liquidity and ability to access financial markets and capital;

•

outlook, strategy or business plans;

•

anticipated benefits of Worthington Enterprises, Inc.’s separation of its steel processing business into Worthington Steel as a stand-alone, publicly traded company on December 1, 2023 (the “Separation”);

•

expected financial and operational performance, and future opportunities;

•

the tax treatment of the Separation;

•

future or expected growth, growth potential, forward momentum, performance, competitive position, sales, volumes, cash flows, earnings, margins, balance sheet strengths, debt, financial condition or other financial measures;

•

pricing trends for raw materials and finished goods and the impact of pricing changes;

•

the ability to improve or maintain margins;

•

expected demand or demand trends;

•

additions to product lines and opportunities to participate in new markets;

•

expected benefits from transformation and innovation efforts;

•

the ability to improve performance and competitive position;

•

anticipated working capital needs, capital expenditures and asset sales;

•

anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain and the results thereof;

•

projected profitability potential;

•

the ability to make acquisitions, form joint ventures and consolidate operations, and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations;

•

our plans, objectives, expectations and intentions related to the Proposed Acquisition (as defined in Note 2 to the consolidated financial statements contained in Part I, Item 1 hereto) and the benefits of the Proposed Acquisition;

•

the expected outcomes of the Proposed Acquisition, including estimated cost, operations and commercial synergies and the timeline to realize such synergies;

•

the impact of the Proposed Acquisition on Worthington Steel’s earnings;

•

Worthington Steel’s expected pro forma net leverage ratio following the Proposed Acquisition and net leverage ratio goals following the Proposed Acquisition;

•

the expected timeline for completing the Proposed Acquisition;

•

projected capacity and the alignment of operations with demand;

•

the ability to operate profitably and generate cash in down markets;

•

the ability to capture and maintain market share and to develop or take advantage of future opportunities, customer initiatives, new businesses, new products and new markets;

Table of Contents

•

expectations for inventories, jobs and orders;

•

expectations for the economy and markets or improvements therein;

•

expectations for generating improving and sustainable earnings, earnings potential, margins or shareholder value;

•

effects of judicial rulings, laws and regulations;

•

anticipated improvements in business and efficiencies to be gained from the use of artificial intelligence and machine learning (“AI”) and other technologies;

•

effects of cybersecurity breaches and other disruptions to information technology infrastructure;

•

iieffects of public health emergencies and the various responses of governmental and nongovernmental authorities thereto on economies and markets, and on the Company’s customers, counterparties, and employees and third-party service providers; and

•

Table of Contents

effects of public health emergencies and the various responses of governmental and nongovernmental authorities thereto on economies and markets, and the Company’s customers, counterparties, and employees and third-party service providers; and

other non-historical matters.

Because they are based on beliefs, estimates and assumptions, forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected. Any number of factors could affect actual results, including, without limitation, those that follow:

•

the ability to successfully realize the anticipated benefits of the Separation;

•

the effect of conditions in national and worldwide financial markets, including inflation, increases in interest rates, and economic recession, and with respect to the ability of financial institutions to provide capital;

•

the risks, uncertainties and impacts related to public health emergencies – the duration, extent and severity of which are impossible to predict, and actions taken by governmental authorities or others in connection therewith;

•

changing commodity prices and/or supply;

•

product demand and pricing;

•

changes in product mix, product substitution and market acceptance of the Company’s products;

•

volatility or fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities, energy, labor and other items required by operations;

•

effects of sourcing and supply chain constraints, including interruptions in deliveries of raw materials and supplies or the loss of key supplier relationships;

•

the outcome of adverse claims experience with respect to workers’ compensation, product recalls or product liability, casualty events or other matters;

•

effects of critical equipment failures, facility closures and the consolidation of operations;

•

the effect of financial difficulties, consolidation and other changes within the steel, automotive, construction, and other industries in which the Company participates;

•

failure to maintain appropriate levels of inventories;

•

financial difficulties (including bankruptcy filings) of original equipment manufacturers, end-users and customers, suppliers, joint venture partners and others with whom the Company does business;

•

the ability to realize targeted expense reductions from headcount reductions, facility closures and other cost reduction efforts;

•

the ability to realize cost savings and operational, sales and sourcing improvements and efficiencies, and other expected benefits from transformation initiatives, on a timely basis;

•

the ability of the parties to successfully complete the Proposed Acquisition on the anticipated terms and timing, including obtaining required regulatory approvals and other conditions to the completion of the Proposed Acquisition;

•

the ability of the parties to obtain the necessary financing arrangements relating to the Proposed Acquisition;

•

our ability to establish day-to-day control over Kloeckner’s (as defined in Note 2 to the consolidated financial statements contained in Part I, Item 1 hereto) operations after the Offer Closing (as defined in Note 2 to the consolidated financial statements contained in Part I, Item 1 hereto) on a timely basis or at all;

iii

Table of Contents

•

the effects of the Proposed Acquisition on our and Kloeckner’s operations, including on our future financial condition and performance, operating results, strategy and plans, including anticipated tax treatment, unforeseen liabilities, future capital expenditures, revenues, expenses, earnings, synergies, economic performance, indebtedness, losses, future prospects, and business and management strategies for the management, expansion and growth of our operations;

•

the potential impact of the consummation of the Proposed Acquisition on relationships with customers, suppliers, employees and other third parties;

•

our ability to achieve the anticipated cost synergies or accretion to earnings per share once the Proposed Acquisition is consummated;

•

the overall success of, and the ability to integrate, newly acquired businesses and joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings therefrom;

•

the ability to realize expected benefits of strategically deployed capital expenditures;

•

capacity levels and efficiencies, within facilities, within major product markets and within the industries in which the Company participates as a whole;

•

the effect of disruption in the business of suppliers, customers, facilities and shipping operations due to adverse weather, casualty events, equipment breakdowns, labor shortages, interruption in utility services, civil unrest, international conflicts, terrorist activities, or other causes;

•

changes in customer demand, inventories, spending patterns, product choices, and supplier choices;

•

risks associated with doing business internationally, including economic, political and social instability, foreign currency exchange rate exposure and the acceptance of the Company’s products in global markets;

•

the effect of national, regional and global economic conditions generally and within major product markets, including significant economic disruptions from public health emergencies, the actions taken in connection therewith and the implementation of related fiscal stimulus packages;

•

iii

Table of Contents

the impact of tariffs, the adoption of trade restrictions affecting the Company’s products, suppliers or customers, a United States (“U.S.”) withdrawal from or significant renegotiation of trade agreements, the occurrence of trade wars, the closing of border crossings, and other changes in trade regulations or relationships;

•

the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment;

•

the effect of inflation, interest rate increases and economic recession, which may negatively impact the Company’s operations and financial results;

•

deviation of actual results from estimates and/or assumptions used by the Company in the application of its significant accounting policies;

•

impairment of the recorded value of inventory, equity investments, fixed assets, goodwill and other assets;

•

competitive pressure on sales and pricing, including pressure from imports and substitute materials;

•

the level of imports and import prices in the Company’s markets and the foreign currency exchange rate exposure;

•

the impact of environmental laws and regulations or the actions of the U.S. Environmental Protection Agency or similar regulators which increase costs or limit the Company’s ability to use or sell certain products;

•

the impact of increasing environmental, greenhouse gas emission and sustainability regulations;

•

the impact of judicial rulings and governmental regulations, both in the U.S. and abroad, including those adopted by the U.S. Securities and Exchange Commission (the “SEC”) and other governmental agencies;

•

the effect of healthcare laws in the U.S. and potential changes for such laws, which may increase the Company’s healthcare and other costs and negatively impact the Company’s operations and financial results;

•

the effect of tax laws in the U.S. and potential changes for such laws, which may increase the Company’s costs and negatively impact its operations and financial results;

•

the operational, data privacy, security, regulatory and legal risks associated with the Company’s reliance on AI technologies as well as its ~~inability~~ability to stay abreast of technological advancements and its dependence on third parties who rely on AI technologies;

•

cybersecurity risks;

Table of Contents

•

the effects of privacy and information security laws and standards;

•

the cyclical nature of the steel industry;

•

the Company’s safety performance;

•

the effects of competition and price pressures from competitors; and

•

other risks described from time to time in Worthington Steel’s filings with the SEC, including those described in “Part III, – Item 1A. –Risk Factors—Proposed Acquisition-Related Risks” hereto and “Part I, Item 1A. Risk Factors” of the annual report on Form 10-K of Worthington Steel for the fiscal year ended May 31, 2025 (the “2025 Form 10-K”).

The Company notes these risk factors for investors as contemplated by the PSLRA. Forward-looking statements should be construed in the light of such risks. It is impossible to predict or identify all potential risk factors. Consequently, readers should not consider the foregoing list to be a complete set of all potential risks and uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements. Any forward-looking statements in this Form 10-Q are based on current information as of the date of this Form 10-Q, and the Company assumes no obligation to correct or update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law.

ivv

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. – Financial Statements

WORTHINGTON STEEL, INC.

CONSOLIDATED BALANCE SHEETS

(In millions, except share amounts)

	(Unaudited)
	November 30,		May 31,
	February 28,		May 31,
	2025		2025
	2026		2025
Assets
Current assets:
Cash and cash equivalents	$	8990.80	$	38.0
Restricted cash		-		54.9
Receivables, less allowances of $1.0 and $3.8, respectively		440.8		438.7
Receivables, less allowances of $1.2 and $3.8, respectively		461.6		438.7
Inventories:
Raw materials		~~177~~179.56		179.4
Work in process		~~131~~149.14		165.6
Finished products		~~104~~106.46		77.0
Total inventories		~~413~~435.06		422.0
Income taxes receivable		42.87		0.1
Assets held for sale		100.26		11.5
Prepaid expenses and other current assets		91116.70		83.3
Total current assets		1,~~050~~106.35		1,048.5
Investment in unconsolidated affiliate		~~133~~119.8		126.6
Operating lease right-of-use assets		8489.41		72.6
Finance lease right-of-use assets, net of accumulated amortization of $1.4 and $–, respectively		9.7		-
Finance lease right-of-use assets, net of accumulated amortization of $2.1 and $–, respectively		9.4		-
Goodwill		~~101~~103.53		79.6
Other intangible assets, net of accumulated amortization of $54.3 and $50.3, respectively		88.3		67.9
Other intangible assets, net of accumulated amortization of $56.5 and $50.3, respectively		87.0		67.9
Deferred income taxes		1012.7		11.4
Other assets		7.9		7.0
Equity securities		101.3		-
Other assets		8.5		7.0
Property, plant and equipment:
Land		42.13		38.6
Buildings and improvements		~~218~~221.95		190.4
Machinery and equipment		1,~~025~~038.18		942.6
Construction in progress		~~170~~182.09		132.7
Total property, plant and equipment		1,~~456~~485.15		1,304.3
Less: accumulated depreciation		~~792~~807.76		756.1
Total property, plant and equipment, net		~~663~~677.49		548.2
Total assets	$	2,~~150~~315.05	$	1,961.8

See condensed notes to consolidated financial statements.

Table of Contents

WORTHINGTON STEEL, INC.

CONSOLIDATED BALANCE SHEETS

(In millions, except share amounts)

	(Unaudited)
	November 30,			May 31,
	February 28,			May 31,
	2025			2025
	2026			2025
Liabilities, mezzanine equity, and equity
Current liabilities:
Accounts payable	$	~~339~~401.29		$	402.5
Short-term borrowings		~~110~~192.07			149.2
Accrued compensation, contributions to employee benefit plans and related taxes		5355.83			43.0
Dividends payable		9.01			9.3
Other accrued items		2843.68			15.3
Current operating lease liabilities		1011.3			7.7
Current finance lease liabilities		2.4			-
Income taxes payable		1.2.0			4.5
Current maturities of long-term debt		3027.41			-
Total current liabilities		~~584~~745.96			631.5
Other liabilities		5157.73			32.8
Long-term debt		4131.76			2.3
Noncurrent operating lease liabilities		7882.54			68.7
Noncurrent finance lease liabilities		5.51			-
Deferred income taxes		4036.81			28.6
Total liabilities		~~803~~958.1			763.9
Mezzanine equity:
Redeemable noncontrolling interest (“Redeemable NCI”)		9896.28			-
Total mezzanine equity		9896.28			-
Shareholders’ equity – controlling interest:
Preferred shares, without par value; authorized – 1,000,000 shares; no shares issued or outstanding		-			-
Common shares, without par value; authorized – 150,000,000 shares; issued and outstanding 49,857,111 shares and 49,548,895 shares, respectively		-			-
Common shares, without par value; authorized – 150,000,000 shares; issued and outstanding 49,910,958 shares and 49,548,895 shares, respectively		-			-
Additional Paid-in Capital (“APIC”)		~~915~~916.17			913.9
Retained Earnings		~~203~~205.57			164.2
Accumulated other comprehensive loss, net of taxes of $(2.3) and $(2.0), respectively		(1.5	)		(4.0	)
Accumulated other comprehensive income (loss), net of taxes of $(2.2) and $(2.0), respectively		2.1			(4.0	)
Total Shareholders’ equity – controlling interest		1,~~117~~124.15			1,074.1
Noncontrolling interests (“NCI”)		~~131~~136.61			123.8
Total equity		1,~~248~~260.76			1,197.9
Total liabilities, mezzanine equity, and equity	$	2,~~150~~315.05		$	1,961.8

See condensed notes to consolidated financial statements.

Table of Contents

WORTHINGTON STEEL, INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(In millions, except per share amounts)

(Unaudited)

	Three Months Ended						~~Six~~Nine Months Ended
	November 30,			November 30,			November 30,			November 30,
	February 28,						February 28,
	2025			2024			2025			2024
	2026			2025			2026			2025
Net sales	$	~~871~~769.98		$	~~739~~687.04		$	12,~~744~~514.86		$	12,~~573~~260.04
Cost of goods sold		~~778~~693.7			~~659~~606.02			12,~~536~~230.41			1,~~392~~998.68
Gross margin		9376.21			8081.02			~~208~~284.45			~~180~~261.46
Selling, general and administrative expense		7077.95			6154.16			~~138~~216.83			~~118~~172.17
Impairment of assets		01.65			-7.4			02.61			-7.4
Restructuring and other (income), net		-			-			(1.0	)		-
Restructuring and other (income) expense, net		(6.0	)		0.9			(7.0	)		0.9
Operating income		213.71			18.93			7073.01			6280.36
Other income (expense):
Miscellaneous income (expense), net		(09.18	)		30.82			09.19			(2.1.9	)
Interest expense, net		(2.71	)		(2.1.4	)		(57.67	)		(46.71	)
Equity in net income (loss) of unconsolidated affiliate		6.8			(0.9	)		13.2			0.4
Equity in net income of unconsolidated affiliate		3.5			-			16.7			0.4
Earnings before income taxes		2514.73			1917.71			7792.70			5573.90
Income tax expense		43.25			35.60			1721.61			712.6
Net earnings		2110.58			1612.1			6070.19			4860.34
Net earnings attributable to noncontrolling interests		2.7			3.3			4.5			7.1
Net earnings (loss) attributable to noncontrolling interests		0.4			(1.7	)		4.9			5.4
Net earnings attributable to controlling interest	$	1810.84		$	1213.8		$	5566.60		$	4155.20
Basic
Weighted average common shares outstanding		49.89			49.5			49.78			49.45
Earnings per share attributable to controlling interest	$	0.3821		$	0.2628		$	1.1233		$	01.8311
Diluted
Weighted average common shares outstanding		50.79			50.65			50.67			50.5
Earnings per share attributable to controlling interest	$	0.3720		$	0.2527		$	1.1030		$	01.8209
Common shares outstanding at end of period		49.9			49.5			49.9			49.5
Cash dividends declared per share	$	0.16		$	0.16		$	0.3248		$	0.3248

See condensed notes to consolidated financial statements.

Table of Contents

WORTHINGTON STEEL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)

	Three Months Ended						~~Six~~Nine Months Ended
	November 30,			November 30,			November 30,			November 30,
	February 28,						February 28,
	2025			2024			2025			2024
	2026			2025			2026			2025
Net earnings attributable to controlling interest	$	1810.84		$	1213.8		$	5566.60		$	4155.20
Net earnings attributable to noncontrolling interests		2.7			3.3			4.5			7.1
Net earnings (loss) attributable to noncontrolling interests		0.4			(1.7	)		4.9			5.4
Net earnings		2110.58			1612.1			6070.19			4860.34
Other comprehensive income, net of tax
Foreign currency translation, net		13.18			(43.87	)		15.75			(26.74	)
Net investment hedge		(01.60	)		-			(01.6	)		-
Pension liability adjustment		-			~~(1.0~~-	)		-			(1.0	)
Cash flow hedges		10.48			(0.1.9	)		12.42			-(1.9	)
Other comprehensive income (loss)		13.96			(5.96	)		26.51			(39.73	)
Comprehensive income		2314.4			106.25			6277.60			4451.61
Comprehensive income attributable to noncontrolling interests		2.7			3.3			4.5			7.1
Comprehensive income (loss) attributable to noncontrolling interests		0.4			(1.7	)		4.9			5.4
Comprehensive income attributable to controlling interest	$	2014.70		$	68.92		$	5872.1		$	3745.57

See condensed notes to consolidated financial statements.

Table of Contents

WORTHINGTON STEEL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

	Six Months Ended
	Nine Months Ended
	November 30,			November 30,
	February 28,
	2025			2024
	2026			2025
Operating activities:
Net earnings	$	6070.19		$	4860.34
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		4263.06			3249.51
Impairment of assets		02.61			-7.4
Benefit from deferred income taxes		(07.9	)		(2.3	)
Bad debt expense		0.26			2.1.9
Equity in net income of unconsolidated affiliate, net of distributions		(76.28	)		412.64
Net gain on sale of assets		(05.73	)		(1.21	)
Stock-based compensation		11.48			58.31
Changes in assets and liabilities, net of impact of acquisitions:
Receivables		3424.86			9458.70
Inventories		4928.65			6263.40
Accounts payable		(9333.62	)		(9958.69	)
Accrued compensation and employee benefits		(10.67	)		(1812.71	)
Other operating items, net		(16.79	)		(59.5	)
Net cash provided by operating activities		93156.03			~~122~~176.64
Investing activities:
Investment in property, plant and equipment		(5484.1	)		(5684.39	)
Acquisitions, net of cash acquired		(1.6	)		-
Proceeds from sale of assets, net of selling costs		116.46			1.1
Net cash used in investing activities		(54.3	)		(55.2	)
Purchases of equity securities		(101.4	)		-
Other investing activities		0.4			-
Net cash used in investing activities		(170.1	)		(83.8	)
Financing activities:
Repayments of short-term borrowings, net		(35.0	)		(25.0	)
Proceeds from (repayments of) short-term borrowings, net		35.0			(20.0	)
Proceeds from revolving credit facility borrowings - swing loans		~~845~~1,166.27			~~223~~337.85
Repayments of revolving credit facility borrowings - swing loans		(~~849~~1,158.42	)		(~~231~~355.85	)
Proceeds from long-term debt, net of issuance costs		23.84			-2.2
Principal payments on long-term debt		(523.20	)		-
Proceeds from issuance of common shares, net of tax withholdings		(4.8	)		(1.7	)
Payments of tax withholdings, net of proceeds from issuance of common shares		(6.0	)		(2.9	)
Payments to noncontrolling interests		-			(56.09	)
Dividends paid		(1624.56	)		(1523.9	)
Net cash used in financing activities		(41.9	)		(55.6	)
Payments of debt issuance costs		(2.3	)		-
Effects of exchange rate changes on cash, cash equivalents, and restricted cash		0.1			-
Net cash provided by (used in) financing activities		11.0			(69.5	)
Increase (decrease) in cash, cash equivalents and restricted cash		(3.1	)		11.8
Effects of exchange rate changes on cash, cash equivalents, and restricted cash		(0.1	)		-
Increase (decrease) in cash, cash equivalents and restricted cash		(2.9	)		23.1
Cash, cash equivalents, and restricted cash at beginning of period		92.9			40.2
Cash, cash equivalents, and restricted cash at end of period	$	8990.80		$	5263.03

See condensed notes to consolidated financial statements.

Table of Contents

WORTHINGTON STEEL, INC.

CONSOLIDATED STATEMENTS OF EQUITY AND MEZZANINE EQUITY

(In millions, except per common share amounts)

(Unaudited)

	Shareholders’ Equity
																						Mezzanine
	Controlling Interest																					Equity
	Common Shares							AOCI,			Retained											Redeemable
	Shares		Amount		APIC			Net of Tax			Earnings			Total			NCI		Total			NCI
Balance at May 31, 2025		49,548,895	$	-	$	913.9		$	(4.0	)	$	164.2		$	1,074.1		$	123.8	$	1,197.9		$	-
Acquisition (Note 12)		-		-		-			-			-			-			-		-			99.2
Acquisition (Note 2)		-		-		-			-			-			-			-		-			99.2
Contribution of Tempel Nagold (Note 12)		-		-		(0.7	)		-			-			(0.7	)		-		(0.7	)		0.7
Contribution of Tempel Nagold (Note 2)		-		-		(0.7	)		-			-			(0.7	)		-		(0.7	)		0.7
Net earnings (loss)		-		-		-			-			36.8			36.8			4.5		41.3			(2.7	)
Other comprehensive income		-		-		-			0.6			-			0.6			-		0.6			-
Foreign currency translation		-		-		-			-			-			-			-		-			0.5
Common shares issued, net of withholding tax		86,349		-		(1.6	)		-			-			(1.6	)		-		(1.6	)		-
Theoretical common shares in non-qualified deferred compensation plans		-		-		0.1			-			-			0.1			-		0.1			-
Stock-based compensation		-		-		3.6			-			-			3.6			-		3.6			-
Cash dividends declared ($0.16) per common share		-		-		-			-			(8.0	)		(8.0	)		-		(8.0	)		-
Balance at August 31, 2025		49,635,244	$	-	$	915.3		$	(3.4	)	$	193.0		$	1,104.9		$	128.3	$	1,233.2		$	97.7
Net earnings		-		-		-			-			18.8			18.8			3.3		22.1			(0.6	)
Other comprehensive income		-		-		-			1.9			-			1.9			-		1.9			-
Foreign currency translation		-		-		-			-			-			-			-		-			1.1
Common shares issued, net of withholding tax		221,867		-		(3.2	)		-			-			(3.2	)		-		(3.2	)		-
Stock-based compensation		-		-		3.0			-			-			3.0			-		3.0			-
Cash dividends declared ($0.16) per common share		-		-		-			-			(8.3	)		(8.3	)		-		(8.3	)		-
Balance at November 30, 2025		49,857,111	$	-	$	915.1		$	(1.5	)	$	203.5		$	1,117.1		$	131.6	$	1,248.7		$	98.2
Net earnings		-		-		-			-			10.4			10.4			4.5		14.9			(4.1	)
Other comprehensive income		-		-		-			3.6			-			3.6			-		3.6			-
Foreign currency translation		-		-		-			-			-			-			-		-			2.7
Common shares issued, net of withholding tax		53,847		-		(1.2	)		-			-			(1.2	)		-		(1.2	)		-
Stock-based compensation		-		-		2.8			-			-			2.8			-		2.8			-
Cash dividends declared ($0.16) per common share		-		-		-			-			(8.2	)		(8.2	)		-		(8.2	)		-
Balance at February 28, 2026		49,910,958	$	-	$	916.7		$	2.1		$	205.7		$	1,124.5		$	136.1	$	1,260.6		$	96.8

	Shareholders’ Equity
																							Mezzanine
	Controlling Interest																						Equity
	Common Shares							AOCI,			Retained												Redeemable
	Shares		Amount		APIC			Net of Tax			Earnings			Total			NCI			Total			NCI
Balance at May 31, 2024		49,331,514	$	-	$	905.3		$	(6.1	)	$	86.1		$	985.3		$	132.2		$	1,117.5		$	-
Net earnings		-		-		-			-			28.4			28.4			3.8			32.2			-
Other comprehensive income		-		-		-			2.2			-			2.2			-			2.2			-
Common shares issued, net of withholding tax		93,217		-		(1.6	)		-			-			(1.6	)		-			(1.6	)		-
Stock-based compensation		-		-		3.0			-			-			3.0			-			3.0			-
Dividends to noncontrolling interests		-		-		-			-			-			-			(1.9	)		(1.9	)		-
Cash dividends declared ($0.16) per common share		-		-		-			-			(8.2	)		(8.2	)		-			(8.2	)		-
Balance at August 31, 2024		49,424,731	$	-	$	906.7		$	(3.9	)	$	106.3		$	1,009.1		$	134.1		$	1,143.2		$	-
Net earnings		-		-		-			-			12.8			12.8			3.3			16.1			-
Other comprehensive loss		-		-		-			(5.9	)		-			(5.9	)		-			(5.9	)		-
Common shares issued, net of withholding tax		58,251		-		(0.1	)		-			-			(0.1	)		-			(0.1	)		-
Theoretical common shares in non-qualified deferred compensation plans		-		-		0.1			-			-			0.1			-			0.1			-
Stock-based compensation		-		-		2.9			-			-			2.9			-			2.9			-
Dividends to noncontrolling interests		-		-		-			-			-			-			(3.1	)		(3.1	)		-
Cash dividends declared ($0.16) per common share		-		-		-			-			(8.1	)		(8.1	)		-			(8.1	)		-
Balance at November 30, 2024		49,482,982	$	-	$	909.6		$	(9.8	)	$	111.0		$	1,010.8		$	134.3		$	1,145.1		$	-

See condensed notes to consolidated financial statements.

Table of Contents

WORTHINGTON STEEL, INC.

CONSOLIDATED STATEMENTS OF EQUITY AND MEZZANINE EQUITY

(In millions, except per common share amounts)

(Unaudited)


	Shareholders’ Equity
																							Mezzanine
	Controlling Interest																						Equity

	Common Shares							AOCI,			Retained												Redeemable
	Shares		Amount		APIC			Net of Tax			Earnings			Total			NCI			Total			NCI
Balance at May 31, 2024		49,331,514	$	-	$	905.3		$	(6.1	)	$	86.1		$	985.3		$	132.2		$	1,117.5		$	-
Net earnings		-		-		-			-			28.4			28.4			3.8			32.2			-
Other comprehensive income		-		-		-			2.2			-			2.2			-			2.2			-
Common shares issued, net of withholding tax		93,217		-		(1.6	)		-			-			(1.6	)		-			(1.6	)		-
Stock-based compensation		-		-		3.0			-			-			3.0			-			3.0			-
Dividends to noncontrolling interests		-		-		-			-			-			-			(1.9	)		(1.9	)		-
Cash dividends declared ($0.16) per common share		-		-		-			-			(8.2	)		(8.2	)		-			(8.2	)		-
Balance at August 31, 2024		49,424,731	$	-	$	906.7		$	(3.9	)	$	106.3		$	1,009.1		$	134.1		$	1,143.2		$	-
Net earnings		-		-		-			-			12.8			12.8			3.3			16.1			-
Other comprehensive loss		-		-		-			(5.9	)		-			(5.9	)		-			(5.9	)		-
Common shares issued, net of withholding tax		58,251		-		(0.1	)		-			-			(0.1	)		-			(0.1	)		-
Theoretical common shares in non-qualified deferred compensation plans		-		-		0.1			-			-			0.1			-			0.1			-
Stock-based compensation		-		-		2.9			-			-			2.9			-			2.9			-
Dividends to noncontrolling interests		-		-		-			-			-			-			(3.1	)		(3.1	)		-
Cash dividends declared ($0.16) per common share		-		-		-			-			(8.1	)		(8.1	)		-			(8.1	)		-
Balance at November 30, 2024		49,482,982	$	-	$	909.6		$	(9.8	)	$	111.0		$	1,010.8		$	134.3		$	1,145.1		$	-
Net earnings (loss)		-		-		-			-			13.8			13.8			(1.7	)		12.1			-
Other comprehensive loss		-		-		-			(5.6	)		-			(5.6	)		-			(5.6	)		-
Common shares issued, net of withholding tax		52,467		-		(1.2	)		-			-			(1.2	)		-			(1.2	)		-
Stock-based compensation		-		-		2.8			-			-			2.8			-			2.8			-
Dividends to noncontrolling interests		-		-		-			-			-			-			(1.8	)		(1.8	)		-
Cash dividends declared ($0.16) per common share		-		-		-			-			(8.3	)		(8.3	)		-			(8.3	)		-
Balance at February 28, 2025		49,535,449	$	-	$	911.2		$	(15.4	)	$	116.5		$	1,012.3		$	130.8		$	1,143.1		$	-

See condensed notes to consolidated financial statements.

Table of Contents

WORTHINGTON STEEL, INC.

Condensed Notes to CONSOLIDATED Financial Statements

(Unaudited)

Note 1 – Description of Business and Basis of Presentation

Description of Business

The Company is one of North America’s premier value-added steel processors with the ability to provide a diversified range of products and services that span a variety of end markets. The Company maintains market-leading positions in the North American carbon flat-rolled steel and tailor welded blank industries and is one of the largest global producers of electrical steel laminations. For over 70 years, the Company has been delivering high quality steel processing capabilities across a variety of end-markets including automotive, heavy truck, agriculture, construction, and energy. The Company serves its customers by processing flat-rolled steel coils, which are sourced primarily from various North American steel mills, into the precise type, thickness, length, width, shape, and surface quality required by customer specifications. The Company sells steel on a direct basis, whereby it is exposed to the risks and rewards of ownership of the material while in its possession. Additionally, the Company toll processes steel under a fee for service arrangement whereby it processes customer-owned material. The Company’s manufacturing facilities further benefit from the flexibility to scale between direct and tolling services based on demand dynamics throughout the year.

On December 1, 2023 at 12:01 a.m., Eastern Time, Worthington Enterprises, Inc., then known as Worthington Industries, Inc. (the “Former Parent”), completed the spin-off of its steel processing business, Worthington Steel, into a stand-alone publicly traded company. On November 30, 2023, in connection with the Separation, the Company entered into several agreements with the Former Parent that govern the relationship between the Former Parent and the Company following the Separation, including the Separation and Distribution Agreement, Tax Matters Agreement, Employee Matters Agreement, Steel Supply and Services Agreement, and Transition Services Agreement.

Basis of Presentation

The consolidated financial statements include the accounts of Worthington Steel and its consolidated subsidiaries. Material intercompany accounts and transactions are eliminated.

On June 3, 2025, the Company, through its wholly owned subsidiary Tempel Steel Company, LLC (“Tempel”), completed its acquisition of 52% of the issued and outstanding capital stock of S.I.T.E.M. S.p.A., a joint stock company incorporated under the laws of Italy (“Sitem” and, together with its subsidiaries, Stanzwerk AG, Decoup S.A.S. and Sitem Slovakia spol. s r.o., the “Sitem Group”). The results of Sitem Group are included in the Company’s consolidated financial statements on a one-month reporting lag to allow for the timely completion of its financial reporting process. The Company did not identify any material events during the most recent lag period that would require adjustment to the consolidated financial statements. For additional information, see “Note 122 – Acquisitions.”

The Company owns controlling interests in the following four operating joint ventures: Spartan Steel Coating, L.L.C. (“Spartan”) (52% interest); TWB Company, L.L.C. (“TWB”) (55% interest); Worthington Samuel Coil Processing, L.L.C. (“WSCP”) (63% interest); and Sitem Group (52% interest). The Company also owns a controlling interest (51% interest) in Worthington Specialty Processing (“WSP”), which became a nonoperating joint venture on October 31, 2022, when its remaining net assets were sold. These joint ventures are consolidated with the equity owned by the other joint venture members shown as NCI, or Redeemable NCI in the case of Sitem Group, on the Company’s consolidated balance sheets, and their portions of net earnings and other comprehensive income (loss) (“OCI”) shown as net earnings or comprehensive income attributable to noncontrolling interests in the Company’s consolidated statements of earnings and comprehensive income, respectively.

The Company owns a noncontrolling interest (50% interest) in one unconsolidated joint venture: Serviacero Planos, S. de R.L. de C.V. (“Serviacero Worthington”). The Company’s investment in its unconsolidated affiliate is accounted for using the equity method using financial information reported on a one-month lag with the Company’s proportionate share of income or loss recognized within equity in net income (loss) of unconsolidated affiliate (“equity income”) in its consolidated statements of earnings. Distributions received are recognized as a reduction in the carrying amount of the investment. The Company received a $17.5 million dividend from Serviacero Worthington during the current one-month lag reporting period that was reflected as a reduction in the carrying amount of the investment in the consolidated balance sheet. See further discussion of the Company’s unconsolidated affiliate in “Note 34 – ~~Investment in Unconsolidated Affiliate~~Investments.”

Table of Contents

Organizational Structure and Operating Segment

The Company’s operations are managed principally on a products and services basis under a single group organizational structure. The Company has determined that it has only one operating segment and therefore one reportable segment after considering several sources of information, including the Company’s internal organizational structure, the basis on which budgets and forecasts are prepared, the financial information that the Company’s chief operating decision maker (“CODM”) reviews in evaluating company performance and determining how resources should be allocated, and how the Company releases information to the public and analysts. The Company’s CODM is Worthington Steel’s chief executive officer (“CEO”).

New Accounting ~~Policy – Redeemable Noncontrolling Interest~~Policies

Redeemable Noncontrolling Interest

During the first quarter of fiscal 2026, the Company entered into an agreement with certain minority interest holders of Sitem Group that provides them with redemption rights (i.e., put options) that could require the Company to purchase the minority interest holders’ remaining 48% noncontrolling interest in Sitem Group upon the occurrence of specified events. These redemption rights represent a new type of transaction for the Company, and accordingly the following accounting policy is being disclosed. As these redemption rights are not solely within the control of the Company, such interests are classified as Redeemable NCI outside of permanent equity, or mezzanine equity, on the Company’s consolidated balance sheets.

At initial recognition, redeemable noncontrolling interests are recorded at their issuance-date, or acquisition date, fair value. Subsequently, redeemable noncontrolling interests that are currently redeemable, or probable of becoming redeemable, are adjusted to the greater of (i) current redemption value or (ii) initial carrying amount. Adjustments to redemption value are recorded through retained earnings or, in the absence of retained earnings, through APIC. Upward adjustments are considered a deemed dividend, and would result in a reduction to earnings available to common shareholders for the calculation of earnings per common share. For additional information, see “Note 911 – Equity and Mezzanine Equity.”

Prior-period financial statements were not recast, as these redemption rights were not applicable in prior periods.

Equity Securities

During the third quarter of fiscal 2026, the Company purchased equity securities of a publicly held company. These equity securities represent a new type of asset for the Company, and accordingly the following accounting policy is being disclosed. For additional information, see “Note 2 – Acquisitions” and “Note 4 – Investments.”

The Company may make investments in both privately and publicly held equity securities in which the Company does not have a controlling interest or significant influence. Equity securities with readily determinable fair values are measured at fair value with changes in fair value recognized in net earnings via miscellaneous income (expense), net, which is below operating income. Transaction costs associated with the acquisition and disposition of equity securities are expensed as incurred and recorded in miscellaneous income (expense), net.

The Company elected to record equity securities without readily determinable fair values at cost, less impairment, plus or minus subsequent adjustments for observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Changes resulting from impairments and observable price adjustments are recognized in net earnings.

Equity securities are classified as current or noncurrent based upon management’s intent and expected timing of sale. Investments held for strategic or long-term business purposes are classified as noncurrent.

Prior-period financial statements were not recast, as there were no equity securities in prior periods.

Table of Contents

Restricted Cash

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the consolidated statements of cash flows as of the beginning and end of the periods presented:

	Six Months Ended
	Nine Months Ended
	November 30,		November 30,
	February 28,		February 28,
(In millions)	~~2025~~2026		~~2024~~2025
Reconciliation of cash, cash equivalents, and restricted cash, beginning of period
Cash and cash equivalents		38.0		40.2
Restricted cash		54.9		-
Total cash and cash equivalents and restricted cash, at beginning of period	$	92.9	$	40.2
Reconciliation of cash, cash equivalents, and restricted cash, end of period
Cash and cash equivalents		8990.80		5263.03
Restricted cash		-		-
Total cash and cash equivalents and restricted cash, at end of period	$	8990.80	$	5263.03

Concentration of Net Sales and Equity Securities

Net Sales

The Company sells its products and services to a diverse customer base and a broad range of end markets. The automotive industry is the largest end market for the Company, which is largely driven by the production schedules of Ford, General Motors and Stellantis North America (the “Detroit Three Automakers”).

While the Company’s business is not dependent on any one customer, net sales to certain customers were at least 10% of the Company’s consolidated net sales for the periods presented. A significant loss of, or decrease in, business from any of these customers could have a material adverse effect on the Company’s consolidated net sales and financial results if the Company ~~was~~were not able to obtain replacement business. Also, the Company’s sales may be increasingly sensitive to deterioration in the financial condition of, or other adverse developments with respect to, one or more of the Company’s largest customers.

Table of Contents

The following table summarizes the concentration percentage of consolidated net sales for the periods presented:

	Three Months Ended						~~Six~~Nine Months Ended
	November 30,			November 30,			November 30,			November 30,
	February 28,			February 28,			February 28,			February 28,
(Percentage of Net Sales)	~~2025~~2026			~~2024~~2025			~~2025~~2026			~~2024~~2025
End Market – Automotive		5654	%		52	%		5655	%		5152	%
Detroit Three Automakers		3633	%		32	%		35	%		32	%
Largest Automotive Customers:
Customer A		15	%		1112	%		14	%		12	%
Customer B		1412	%		1514	%		14	%		14	%

Equity Securities

As of February 28, 2026, the Company’s equity securities were comprised exclusively of Kloeckner Shares (as defined in Note 2 to the accompanying consolidated financial statements). The fair value of these securities may fluctuate based on market conditions and issuer-specific developments.

Table of Contents

Preparation of Financial Statements Including the Use of Estimates

These interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments that are of a normal and recurring nature necessary for a fair presentation of the consolidated financial statements for these interim periods have been included. Operating results for the ~~second~~third quarter of fiscal 2026 are not necessarily indicative of the results that may be expected for the entirety of fiscal 2026 or any other quarter. These interim unaudited consolidated financial statements should be read in conjunction with the consolidated and combined financial statements and notes thereto included in the 2025 Form 10-K.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates.

Reclassifications: Certain amounts disclosed within the Company’s condensed notes to the consolidated financial statements have been reclassified to conform to the current presentation. The reclassifications relate to the unaudited ~~proforma~~pro forma earnings disclosures for Sitem Group and have been updated to include clarified assumptions for the year-to-date amounts disclosed and tofor the removal of the deemed dividend on noncontrolling interest recorded in the first quarter of fiscal 2026. The adjustments had an immaterial impact toon the reported results.

Impairment of Assets

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

There have been no new accounting standards adopted since the filing of the 2025 Form 10-K that have significance, or potential significance, to the interim condensed consolidated financial statements.

New Accounting Pronouncements Not Yet Adopted

Improvements to Income Tax Disclosures – In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-09, Improvements to Income Tax Disclosures, which expands disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid. The ASU is effective for fiscal years beginning after December 15, 2024. The Company expects the adoption of this ASU will result in enhanced disclosures but will not impact its consolidated financial statements.

Disaggregation of Income Statement Expenses – In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”). This guidance requires the disaggregation of certain expense captions into specified categories in disclosures within the notes to the financial statements to provide enhanced transparency into the expense captions presented on the statement of earnings. It is effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. Adoption may be applied either prospectively to financial statements issued for reporting periods after the effective date of ASU 2024-03 or retrospectively to any or all prior periods presented in the financial statements. The Company is evaluating the impact of adoption, but it expects the adoption of this ASU will result in additional disclosures and will not result in a material impact on its consolidated financial statements.

Table of Contents

evaluating the impact of adoption, but it expects the adoption of this ASU will result in additional disclosures and will not result in a material impact on its consolidated financial statements.

Targeted Improvements to the Accounting for Internal-Use Software – In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). This guidance modernizes the accounting for internal-use software. ASU 2025-06 removes all references to software development stages and requires capitalization of software costs when management has committed to the software project and it is probable the software will be completed and perform its intended use. It is effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2027, with early adoption permitted. ASU 2025-06 can be applied prospectively to new software costs incurred as of the beginning of the adoption period for all projects, prospectively to new software costs incurred only for projects that meet the new capitalization requirements, or retrospectively by recasting comparative periods and recognizing a cumulative-effect adjustment to the opening balance of retained earnings of the first period presented. The Company is currently evaluating the impact that adoption of ASU 2025-06 will have on its consolidated financial statements and related disclosures.

Table of Contents

Hedge Accounting Improvements – In September 2025, the FASB issued ASU No. 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements (“ASU 2025-09”). This guidance amends existing guidance to simplify the application of hedge accounting, enhance alignment between risk management activities and financial reporting, and provide additional flexibility in the designation and measurement of certain hedging relationships. The amendments included in the five matters addressed in this ASU are intended to better reflect those strategies in financial reporting by enabling entities to achieve and maintain hedge accounting for highly effective economic hedges of forecasted transactions. It is effective for annual periods beginning after December 15, 2026, and interim periods within those annual periods, with early adoption permitted. The Company is currently evaluating the impact that adoption of ASU 2025-09 will have on its consolidated financial statements and related disclosures.

~~Note~~Accounting 2for Government Grants Received by Business Entities – ~~Revenue~~In ~~Recognition~~December 2025, the FASB issued ASU No. 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities (“ASU 2025-10”). This guidance establishes authoritative guidance for the recognition, measurement, presentation, and disclosure of government grants received by business entities. It is effective for annual periods beginning after December 15, 2028, including interim periods within those annual periods. ASU 2025-10 allows for modified prospective, modified retrospective, or full retrospective application. Early adoption in interim or annual periods is permitted, with adoption in an interim period to be applied as of the beginning of the annual period that includes that interim. The Company is currently evaluating the effect the adoption of ASU 2025-10 may have on its consolidated financial statements and disclosures.

Interim Reporting: Narrow-Scope Improvements – In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”). This guidance enhances consistency in interim reporting for all entities by clarifying interim disclosure requirements and the form and content of interim financial statements in accordance with GAAP. It is effective for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and must be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. The Company is currently evaluating the impact of ASU 2025-11 on its consolidated financial statements and disclosures.

Note 2 – Acquisitions

Proposed Acquisition of Kloeckner

On January 15, 2026, the Company entered into a Business Combination Agreement (“BCA”) with Klöckner & Co SE (“Kloeckner”). Following execution of the BCA, the Company, through its wholly owned indirect subsidiary Worthington Steel GmbH (the “Bidder”), launched a voluntary public cash takeover offer to all Kloeckner shareholders to tender each issued and outstanding share of Kloeckner (each, a “Kloeckner Share”) to the Bidder. Subject to the terms and conditions of the offer document (the “Offer Document”) relating to the Offer (as defined below), upon settlement of the Offer (the “Offer Closing”) the Company will pay cash consideration equal to €11.00 (subject to any increases either made voluntarily or in accordance with applicable German law) for each Kloeckner Share validly tendered by Kloeckner shareholders (such tender offer, the “Offer,” and such acquisition of Kloeckner Shares, the “Proposed Acquisition”). The initial acceptance period for the Offer began on February 5, 2026, upon publication of the Offer Document following its approval by the German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, “BaFin”). The Proposed Acquisition has not been completed as of February 28, 2026, and, accordingly, the Company has not applied acquisition accounting. The results of operations and financial position of Kloeckner are not included in the Company’s financial statements.

On March 10, 2026, the Company executed an amendment (the “Offer Amendment”) to the Offer Document. Pursuant to the Offer Amendment, Bidder reduced the minimum acceptance threshold of the Kloeckner Shares required as a condition to the closing of the Offer from at least 65% to at least 57.5% of the Kloeckner Shares at the expiry of the acceptance period for the Offer (the “Acceptance Period”). As a result of the Offer Amendment, the Acceptance Period was extended by two weeks pursuant to the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) (“WpÜG”), and expired on March 26, 2026.

On March 31, 2026, the Company announced that it had achieved the minimum acceptance threshold of Kloeckner’s issued share capital. Following the expiration, an additional, statutory two-week acceptance period began on April 1, 2026, which will conclude on April 14, 2026, after which, the Company will announce the final results for the Offer. Subject to the Regulatory Condition (as defined below in Part II, Item 1A), the Company expects the Offer Closing to occur in the second half of calendar 2026. On March 27, 2026, Worthington Steel informed Kloeckner about its firm intention to enter into a domination and profit and loss transfer agreement (“DPLTA”) with Kloeckner immediately after completion of the Offer. At the time of the completion of the DPLTA, any outstanding Kloeckner Shares not owned by the Company will be minority shareholders of Kloeckner.

If completed, the Proposed Acquisition is expected to have a material impact on the Company, results of operations and financial condition.

Table of Contents

Equity Securities

As of February 28, 2026, the Company owns Kloeckner Shares, but does not have a controlling interest or the ability to exercise significant influence. Accordingly, the Company has not recognized Kloeckner’s assets or liabilities in the accompanying consolidated financial statements. Upon closing of the Proposed Acquisition, the Company expects to obtain a controlling financial interest and account for the transaction as a business combination. For additional information, see “Note 4 – Investments.”

Sitem Group (Fiscal 2026)

On June 3, 2025, Tempel completed its acquisition of 52% of Sitem Group. Sitem Group produces electric motor laminations and accessory products primarily for automotive and industrial applications in Europe.

The total purchase price as of the acquisition date for the Sitem Group acquisition consisted of the following:

(1)

Cash consideration for stock acquired from shareholders of €43.1 million ($48.9 million);

(2)

Cash capital contribution of €10.0 million ($11.3 million) related to the purchase for newly issued shares, of which €4.8 million ($5.4 million) is attributable to minority interest; and

(3)

Contribution of Tempel’s electrical steel subsidiary in Nagold, Germany (“Tempel Nagold”), which was valued at €22.0 million ($25.0 million) at the time of acquisition, of which €10.6 million ($12.0 million) is attributable to minority interest.

The cash consideration included cash that is contingent on certain customary conditions, of which €4.2 million ($4.7 million) relates to the purchase of existing shares and €0.6 million ($0.7 million) relates to the purchase of newly issued shares. As of February 28, 2026, the contingent cash consideration had not yet been paid. The acquisition was funded primarily with restricted cash held in escrow at May 31, 2025. The difference between the contributed fair value of Tempel Nagold at the time of the acquisition and the noncontrolling interest in Tempel Nagold, which was at the Company’s historical cost, was $0.7 million and was recorded as an adjustment to APIC.

For the third quarter of fiscal 2026, there were no material acquisition-related expenses incurred compared to $1.2 million for the third quarter of fiscal 2025. For the nine months ended February 28, 2026 and February 28, 2025, such expenses were $0.7 million and $3.2 million, respectively. These costs are included in selling, general and administrative expense (“SG&A”) in the consolidated statements of earnings, consisting primarily of legal, advisory, and valuation services. There was a one-time bonus of €4.0 million ($4.6 million) that was paid in the first quarter of fiscal 2026 to key individuals at Sitem Group as a result of the successful closing, which was recorded in SG&A in the consolidated statements of earnings. There was a deferred tax asset adjustment of €0.7 million ($0.8 million) related to the disallowance of deferred tax assets located within Germany as a result of the contribution of Tempel Nagold. This adjustment was recorded in income tax expense in the consolidated statements of earnings.

The Sitem Group transaction includes a series of put options and call options. The net put/call was valued at €9.4 million ($10.7 million) using a Monte Carlo simulation in a risk-neutral framework and is recorded within Mezzanine Equity. The fair value of the remaining noncontrolling interest of 48% after the acquisition was determined using the implied enterprise value based on the purchase price. For additional information, see “Note 11 – Equity and Mezzanine Equity.”

The following table summarizes the consideration transferred and the estimated fair value assigned to the assets acquired and liabilities assumed at the acquisition date. These amounts reflect various preliminary fair value estimates and assumptions, including preliminary work performed by a third-party valuation specialist, and are subject to change within the measurement period as the valuation is finalized. The primary areas of preliminary purchase price allocation subject to change relate to the final net financial position adjustment calculation and the resulting valuation of residual goodwill. During the second quarter of fiscal 2026, the Company recognized certain tax-related measurement period adjustments shown due to changes in the underlying calculation. No measurement period adjustments were recorded in the third quarter of fiscal 2026.

Table of Contents


							Revised
							Valuation
				Measurement			as of
	Preliminary			Period			February 28,
(In millions)	Valuation			Adjustments			2026
Consideration Transferred
Cash Consideration	$	44.2		$	-		$	44.2
Contingent Consideration - Cash		4.7			-			4.7
Subtotal		48.9			-			48.9

Cash Capital Contribution		5.1			-			5.1
Contingent Capital Contribution - Cash		0.3			-			0.3
Subtotal		5.4			-			5.4

Contribution of Tempel’s electrical steel subsidiary in Nagold, Germany		12.0			-			12.0
Total Consideration Transferred	$	66.3			-		$	66.3

Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	42.6		$	-		$	42.6
Receivables		39.6			-			39.6
Inventories		40.4			-			40.4
Deferred income tax assets		3.2			-			3.2
Prepaid expenses		4.9			-			4.9
Operating lease right-of-use assets		16.5			-			16.5
Finance lease right-of-use assets		8.6			-			8.6
Property, plant and equipment		98.8			-			98.8
Intangible assets		24.0			-			24.0
Other assets		1.0			-			1.0
Total identifiable assets		279.6			-			279.6
Accounts payable		(34.7	)		-			(34.7	)
Accrued compensation and related taxes		(9.3	)		-			(9.3	)
Current operating lease liabilities		(2.7	)		-			(2.7	)
Current finance lease liabilities		(2.4	)		-			(2.4	)
Noncurrent operating lease liabilities		(13.9	)		-			(13.9	)
Noncurrent finance lease liabilities		(6.2	)		-			(6.2	)
Current maturities of long-term debt and short-term borrowings		(25.9	)		-			(25.9	)
Deferred income tax liabilities		(16.9	)		0.5			(16.4	)
Long-term debt		(25.3	)		-			(25.3	)
Pension and other postretirement benefit obligations		(14.3	)		-			(14.3	)
Other non-current liabilities		(1.9	)		-			(1.9	)
Total identifiable liabilities		(153.5	)		0.5			(153.0	)
Sitem Group - Net identifiable assets		126.1			0.5			126.6
Goodwill		22.0			(0.5	)		21.5
Total – Sitem Group		148.1			-			148.1

Redeemable NCI - Net Put option		(10.7	)		-			(10.7	)
Redeemable NCI		(71.1	)		-			(71.1	)
Total - Redeemable NCI		(81.8	)		-			(81.8	)
Total	$	66.3		$	-		$	66.3

In addition to the Redeemable NCI above of $81.8 million, the Company recorded $17.4 million of Redeemable NCI related to the cash capital contribution and the contribution of Tempel Nagold.

The Company recognized goodwill related to this acquisition of $21.5 million, which is not expected to be deductible for income tax purposes. The goodwill recognized in this acquisition was attributable to the acquired assembled workforce, expected synergies, expanded market opportunities, and economies of scale, none of which qualify for recognition as a separate intangible asset. Goodwill and intangible assets associated with foreign subsidiaries are translated at the applicable reporting period end exchange rates, with translation adjustments recorded in AOCI.

Table of Contents

Acquired intangible assets are being amortized over the estimated useful lives on a straight-line basis. The following table summarizes the purchase price allocation and weighted average remaining useful lives for identifiable intangible assets acquired as of the acquisition date:


			Weighted Average
(In millions)			Estimated Useful	Valuation
Category	Amount		Life (Years)	Methodology
Customer relationships	$	12.3	13	Multi-period Excess Earnings Method
Technological know-how		7.7	8	Relief-from-Royalty Method
Favorable right-of-use lease asset		2.7	7	Discounted Cash Flow Method
Software		1.3	3	Cost
Total acquired identifiable intangible assets	$	24.0

Operating results of Sitem Group have been included in the Company’s consolidated statements of earnings since June 3, 2025, the date of acquisition. For the three months ended February 28, 2026, Sitem Group contributed net sales of $41.8 million and net loss of $4.5 million. For the nine months ended February 28, 2026, Sitem Group contributed net sales of $133.8 million and net loss of $8.2 million.

The following unaudited pro forma information presents consolidated financial information as if Sitem Group had been acquired at the beginning of fiscal 2025. Depreciation and amortization expenses included in the pro forma results reflect the preliminary acquisition-date fair values assigned to the definite-lived intangible assets and fixed assets of Sitem Group assuming a June 1, 2024, acquisition date. Adjustments have been made to remove acquisition-related costs and the acquisition date fair value adjustment to acquired inventories. The pro forma adjustments noted below have been adjusted for the applicable income tax impact. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on June 1, 2024.


	Three Months Ended				Nine Months Ended
	February 28,		February 28,		February 28,		February 28,
(In millions, except per share amounts)	2026		2025		2026		2025
Net Sales	$	769.8	$	734.6	$	2,514.6	$	2,428.8
Net earnings attributable to controlling interest	$	10.3	$	9.2	$	66.7	$	48.8
Diluted earnings per share attributable to controlling interest	$	0.20	$	0.19	$	1.33	$	0.97

Note 3 – Revenue Recognition

The Company recognizes revenue upon transfer of control of promised goods or services to customers in an amount that reflects the consideration it expects to receive for those goods or services, including any variable consideration.

The Company generates revenue by processing steel to the precise type, thickness, length, width, shape, and surface quality required by customer specification. The Company can also toll process steel for steel mills, large end-users, and service centers. Toll processing revenue is recognized over time. All other revenue is recognized at a point in time, generally upon shipment to the customer.

The following table summarizes net sales by product class for the periods presented:

Three Months Ended

~~Six~~Nine Months Ended

November 30,

February 28,

(In millions)

~~2025~~2026

~~2024~~2025

~~2025~~2026

~~2024~~2025

Product class

Direct

~~844~~743.10

~~700~~653.98

12,~~683~~426.6

12,~~490~~144.86

Toll

2726.8

3833.16

6188.20

82115.28

Total

~~871~~769.98

~~739~~687.04

12,~~744~~514.86

12,~~573~~260.04

The following table summarizes the unbilled receivables and contract assets at the dates indicated:

		November 30,		May 31,
		February 28,		May 31,
(In millions)	Balance Sheet Classification	~~2025~~2026		2025
Unbilled receivables	Receivables	$	34.21	$	4.0
Contract assets	Prepaid expenses and other current assets	$	911.91	$	7.0

~~The following table summarizes the changes in contract liabilities for the periods presented:~~15

(In millions)
Balance at May 31, 2025	$	5.2
Unearned revenue from cash received during the period		2.4
Revenue recognized related to contract liability balance		(2.0	)
Balance at November 30, 2025	$	5.6

Table of Contents

~~Note~~The 3following –table ~~Investment~~summarizes the changes in ~~Unconsolidated~~contract ~~Affiliate~~liabilities for the periods presented:


(In millions)
Balance at May 31, 2025	$	5.2
Unearned revenue from cash received during the period		4.1
Revenue recognized related to contract liability balance		(3.4	)
Balance at February 28, 2026	$	5.9

Note 4 – Investments

Investment in Unconsolidated Affiliate

Investments in affiliated companies that the Company does not control, either through majority ownership or otherwise, are accounted for using the equity method. The Company owns a noncontrolling interest (50% interest) in one unconsolidated joint venture, Serviacero Worthington. Serviacero Worthington provides steel processing services, such as pickling, blanking, slitting, multi-blanking and cutting-to-length, to customers in a variety of industries including automotive, appliance and heavy equipment.

The Company ~~received~~accounts ~~distributions~~for ~~from~~its investment in Serviacero Worthington ofunder ~~$6.0~~the ~~million~~equity ~~and~~method ~~$5.0~~using ~~million~~financial ~~during~~information ~~the~~on ~~six~~a ~~months~~one-month ~~ended~~lag. ~~November 30~~Accordingly, ~~2025~~the ~~and~~summarized ~~November~~financial ~~30,~~information ~~2024,~~included ~~respectively,~~below ~~and~~does ~~distributions~~not ofreflect ~~$6.0~~events ~~million~~occurring ~~and~~in ~~$5.0 million during~~ the ~~three~~subsequent ~~months~~one-month ~~ended November 30, 2025, and November 30, 2024~~period.

The Company received distributions from Serviacero Worthington of $23.5 million and $12.8 million during the nine months ended February 28, 2026 and February 28, 2025, respectively, and distributions of $17.5 million and $7.8 million during the three months ended February 28, 2026, and February 28, 2025. The gross distribution to the members of Serviacero Worthington during the three months ended February 2026 was $35.0 million, of which the Company received $17.5 million. This distribution was reported as a reduction of the Company’s investment in unconsolidated affiliate balance but is not reflected in the summarized financial information presented below because it occurred during the lag period.

The following tables summarize certain financial information of Serviacero Worthington as of the dates, and for the periods presented:

	November 30,		May 31,
	February 28,		May 31,
(In millions)	~~2025~~2026		2025
Cash and cash equivalents	$	31.6	$	16.0
Cash and cash equivalents (1)	$	54.9	$	16.0
Other current assets		~~213~~195.60		219.4
Noncurrent assets		6061.57		62.2
Total assets	$	~~305~~311.76	$	297.6
Current liabilities		3433.54		40.5
Other noncurrent liabilities		4.8		5.0
Equity		266.4		252.1
Equity (1)		273.4		252.1
Total liabilities and equity	$	~~305~~311.76	$	297.6

(1)

	Three Months Ended					Six Months Ended
	November 30,		November 30,			November 30,		November 30,
(In millions)	2025		2024			2025		2024
Net sales	$	136.7	$	138.7		$	270.8	$	287.2
Gross margin		18.2		9.6			36.8		25.2
Operating income		14.5		5.5			28.9		17.2
Depreciation and amortization		1.1		1.2			2.0		2.3
Interest expense		-		-			-		-
Income tax expense		0.7		5.8			2.7		12.6
Net earnings (loss)		13.6		(1.7	)		26.3		0.9

Excludes the impact of a $35.0 million distribution paid in cash to members in February 2026 due to reporting Serviacero Worthington on a one-month lag.


	Three Months Ended					Nine Months Ended
	February 28,			February 28,		February 28,		February 28,
(In millions)	2026			2025		2026		2025
Net sales	$	99.7		$	99.7	$	370.5	$	386.9
Gross margin		11.6			8.2		48.4		33.4
Operating income		7.3			4.3		36.2		21.5
Depreciation and amortization		1.1			1.2		3.1		3.5
Interest expense		-			-		-		-
Income tax expense (benefit)		(0.8	)		0.2		1.9		12.8
Net earnings		7.0			-		33.3		0.9

Table of Contents

The following table presents the net earnings of Serviacero Worthington attributable to the Company for the periods presented:

	Three Months Ended					~~Six~~Nine Months Ended
	November 30,		November 30,			November 30,		November 30,
	February 28,		February 28,			February 28,		February 28,
(In millions)	~~2025~~2026		~~2024~~2025			~~2025~~2026		~~2024~~2025
Equity in net income (loss) of unconsolidated affiliate	$	6.8	$	(0.9	)	$	13.2	$	0.4
Equity in net income of unconsolidated affiliate	$	3.5	$	-		$	16.7	$	0.4

~~Note~~Equity ~~4 – Restructuring and Other (Income), Net~~securities

The ~~Company~~following ~~considers~~table ~~restructuring~~summarizes ~~activities~~the toequity ~~be programs whereby it fundamentally changes its operations~~securities, ~~such~~all asof ~~divestitures,~~which ~~closing~~are orKloeckner ~~consolidating facilities~~Shares, ~~employee~~at ~~severance~~the ~~(including~~dates rationalizing headcount or other significant changes in personnel), and realignment of existing operations (including changes to management structure in response to underlying performance and/or changing market conditions).indicated:


	February 28,		May 31,
(In millions)	2026		2025
Equity securities	$	101.3	$	-

Amounts presented as net gains (losses) on equity securities reflect changes in fair value and exclude transaction costs, which are expensed as incurred. The following table summarizes the net gains and losses recognized in miscellaneous income (expense), net, for the periods presented:


	Three Months Ended				Nine Months Ended
	February 28,		February 28,		February 28,		February 28,
(In millions)	2026		2025		2026		2025
Net unrealized gains (losses) on equity securities	$	0.3	$	-	$	0.3	$	-
Realized gains (losses) on sales of equity securities		-		-		-		-
Total recognized in net earnings	$	0.3	$	-	$	0.3	$	-

For additional information, see “Note 2 – Acquisitions” and “Note 15 – Fair Value.”

Note 5 – Impairment of Assets

The Company reviews its assets for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may be impaired.

Fiscal 2026

Tempel, a wholly owned subsidiary of Worthington Steel, owns a subsidiary in Canada (“Tempel Canada”). During the third quarter of fiscal 2026, the Company determined that certain internal-use software assets associated with a project at Tempel Canada were impaired. It was determined that it was no longer probable that the software being developed would be completed and placed in service. As the assessment for impairment for uncompleted software is performed at the module level, the assets associated with specific modules of the internal-use software assets were determined to have no value and were written down to zero, which resulted in a pre-tax impairment charge of $1.5 million for assets previously recorded in construction in progress.

During the second quarter of fiscal 2026, the net asset value on certain machinery at the Company’s manufacturing facility in Taylor, Michigan was lowered to $0.5 million, resulting in a pre-tax impairment charge of $0.6 million. No additional impairments related to this matter were recorded during the three months ended February 28, 2026.

Fiscal 2025

During the third quarter of fiscal 2025, the Company recognized pre-tax asset impairment charges of $7.4 million in connection with a (a) $1.3 million pre-tax impairment of an in-process research and development intangible asset and a (b) $6.1 million pre-tax asset impairment related to the consolidation of WSCP’s Cleveland, Ohio toll processing manufacturing facility into its existing manufacturing facility in Twinsburg, Ohio. These charges were reflected in the consolidated statements of earnings for the three months and nine months ended February 28, 2025. No additional impairments related to these matters were recorded during the three months and nine months ended February 28, 2026.

Table of Contents

ANote ~~progression~~6 of– ~~the~~Restructuring ~~liabilities associated with the restructuring activities, combined with a reconciliation to the restructuring~~ and ~~other~~Other (~~income~~Income), ~~net financial statement caption in the Company’s consolidated statement of earnings as of the dates presented~~Expense, ~~is summarized below:~~Net

	Balance, as of		Expense								Balance, as of
(In millions)	May 31, 2025		(Income)			Payments			Adjustments		November 30, 2025
Early retirement and severance	$	2.1	$	-		$	(1.2	)	$	-	$	0.9
Net gain on sale of assets				(1.0	)
Restructuring and other (income), net			$	(1.0	)

The Company considers restructuring activities to be programs whereby it fundamentally changes its operations, such as divestitures, closing or consolidating facilities, employee severance (including rationalizing headcount or other significant changes in personnel), and realignment of existing operations (including changes to management structure in response to underlying performance and/or changing market conditions).

~~During~~A progression of the ~~six~~liabilities ~~months~~associated ~~ended~~with ~~November~~the 30restructuring activities, ~~2025~~combined with a reconciliation to the restructuring and other (income) expense, net financial statement caption in the ~~following~~Company’s ~~actions~~consolidated ~~were~~statements ~~taken~~of ~~related~~earnings toas ~~our~~of ~~restructuring~~the ~~activities~~dates presented, is summarized below:

The Company made early retirement and severance payments of $0.7 million associated with a TWB voluntary retirement program (“VRP”). Under the terms of the VRP, eligible TWB employees in the U.S. who chose to participate in the program were offered severance based on their years of service. The VRP was closed to employee acceptance during the fourth quarter of fiscal 2025. The Company does not expect to incur additional material severance expenses in fiscal 2026 or beyond due to these announced plans.


	Balance, as of		Expense								Balance, as of
(In millions)	May 31, 2025		(Income)			Payments			Adjustments		February 28, 2026
Early retirement and severance	$	2.1	$	-		$	(1.5	)	$	-	$	0.6
Net gain on sale of assets				(7.0	)
Restructuring and other (income) expense, net			$	(7.0	)

~~The~~During ~~Company~~the ~~made~~nine ~~severance~~months ~~payments~~ended ofFebruary ~~$0.5 million associated with its announced plans to consolidate WSCP’s remaining Cleveland~~28, ~~Ohio toll processing manufacturing facility into WSCP’s existing manufacturing facility in Twinsburg, Ohio. The Company does not expect to incur additional material severance expenses in fiscal~~ 2026 ~~or beyond due to these announced plans. During the first quarter of fiscal 2026~~, the ~~Company~~following ~~sold~~actions ~~machinery~~were ~~and~~taken ~~equipment~~related ~~with~~to aour ~~net~~restructuring ~~book value of $0.3 million that was reported within assets held for sale for net cash proceeds of $1.3 million, resulting in a pre-tax gain of $1.0 million.~~activities:

•

The ~~total~~Company ~~liability~~made asearly retirement and severance payments of ~~November~~$1.0 30million associated with a TWB voluntary retirement program (“VRP”). Under the terms of the VRP, eligible TWB employees in the U.S. who chose to participate in the program were offered severance based on their years of service. The VRP was closed to employee acceptance during the fourth quarter of fiscal 2025,. isThe ~~expected~~Company does not expect to beincur ~~paid~~additional material severance expenses in ~~the~~fiscal ~~next~~2026 12or ~~months~~beyond due to these announced plans.

•

~~Note~~The Company made severance payments of $0.5 –million ~~Contingent~~associated ~~Liabilities~~with ~~and~~its ~~Commitments~~announced plans to consolidate WSCP’s remaining Cleveland, Ohio toll processing manufacturing facility into WSCP’s existing manufacturing facility in Twinsburg, Ohio. The Company does not expect to incur additional material severance expenses in fiscal 2026 or beyond due to these announced plans.

During the first quarter of fiscal 2026, the Company sold machinery and equipment with a net book value of $0.3 million that was reported within assets held for sale for net cash proceeds of $1.3 million, resulting in a pre-tax gain of $1.0 million.

During the third quarter of fiscal 2026, the Company sold substantially all of the remaining net assets of WSCP’s remaining Cleveland, Ohio toll processing manufacturing facility, which were reported in assets held for sale prior to the sale. Finance lease assets and buildings and improvements, net, with a net book value of $9.7 million were sold for $14.7 million, which included net cash proceeds of $14.1 million, resulting in a pre-tax gain of $5.0 million. Machinery and equipment with a net book value of $0.3 million were sold for net cash proceeds of $1.3 million, resulting in a pre-tax gain of $1.0 million.

The total liability as of February 28, 2026, is expected to be paid in the next 12 months.

Note 7 – Contingent Liabilities and Commitments

Contingent Liabilities

The Company accrues for loss contingencies when losses are probable and reasonably estimable. Otherwise, the Company discloses the matter if there is a reasonable possibility that a loss may have occurred.

The Company is a defendant in certain legal proceedings that are incidental to its business. In the opinion of management, the outcome of these legal proceedings, which is not clearly determinable at the present time, individually and in the aggregate, would not have a material adverse effect on the Company, its consolidated financial position, future results of operations or cash flows. The Company has recorded a liability, as necessary, to provide for the anticipated costs, including legal defense costs, associated with the resolution of these legal proceedings. However, the possibility exists that the costs to resolve these legal proceedings could differ materially from the recorded estimates and, therefore, have a material effect on the Company, its consolidated financial position, future results of operations or cash flows for the periods in which they are resolved.

~~Note 6 – Guarantees~~18

The Company does not have guarantees that it believes are reasonably likely to have a material current or future effect on its consolidated financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

At November 30, 2025, the Company had in place outstanding stand-by letters of credit in the aggregate amount of $2.4 million issued to third-party service providers. The fair value of the guarantee instruments, based on premiums paid, was not material and no amounts were drawn against it at November 30, 2025. These guarantee instruments are subject to annual renewal.

Table of Contents

~~Note~~The 7Company –is ~~Debt~~currently involved in a dispute relating to the import of steel across international borders. Based on currently available information, the Company believes a loss is not probable and therefore has not recorded a reserve. The Company estimates that a reasonably possible loss could range from $2.0 million to $4.0 million. The Company will continue to monitor the dispute and will record a reserve if settlement in the dispute becomes probable.

Commitments

In February 2026, the Bidder entered into a binding agreement with a single Kloeckner shareholder to purchase 1,000,000 Kloeckner Shares at €11.00 per share. The agreement requires delivery of these Kloeckner Shares at closing of the binding agreement, which is expected to take place on June 15, 2026. No voting or economic rights transfer until closing. As of February 28, 2026, no asset or liability has been recorded because the agreement remains executory. The total contractual purchase price under the agreement is €11.0 million ($13.0 million as of February 28, 2026).

Note 8 – Guarantees

At February 28, 2026, the Company had in place outstanding stand-by letters of credit in the aggregate amount of $2.4 million issued to third-party service providers. The fair value of the guarantee instruments, based on premiums paid, was not material and no amounts were drawn against it at February 28, 2026. These guarantee instruments are subject to annual renewal.

Note 9 – Debt

The following table summarizes the Company’s debt outstanding at the dates presented:

		Rate			~~November~~February 3028,		May 31,
(In millions)	Security	Type	Rate	Maturity	~~2025~~2026		2025
Long-term debt:
Canadian Expansion Loans:
FED DEV Loan	Unsecured	–	–	March 2032	$	2.3	$	2.3
BDC Loan	Secured	Variable	BDC Floating Base Rate minus 1.75%	June 2051		21.28		-
AMIC Loan	Unsecured	Fixed	0% until June 2028, 5.97% thereafter	May 2032		1.8		-
Sitem Group Term Loans:
Sitem Group Term Loan 1 (a)	Unsecured	Variable	Euribor 3m/360 + 1.50%	June 2029		3.6		-
Sitem Group Term Loan 2	Unsecured	Fixed	1.50%	March 2027		1.0		-
Sitem Group Term Loan 2	Unsecured	Fixed	1.50%	March 2027		1.1		-
Sitem Group Term Loan 3	Secured	Fixed	1.94%	September 2030		4.1		-
Sitem Group Term Loan 3	Secured	Fixed	1.94%	September 2030		4.2		-
Sitem Group Term Loan 4	Unsecured	Fixed	0.36%	February 2029		0.5		-
Sitem Group Term Loan 4	Unsecured	Fixed	0.36%	February 2029		0.2		-
Sitem Group Term Loan 6	Unsecured	Fixed	0.55%	December 2028		0.7		-
Sitem Group Term Loan 5 (b)	Unsecured	Variable	Euribor 3m/360 + 1.60%	March 2029		3.3		-
Sitem Group Term Loan 8	Secured	Variable	Euribor 1m/360 + 1.65%	May 2026		0.5		-
Sitem Group Term Loan 6	Unsecured	Fixed	0.55%	December 2028		0.8		-
Sitem Group Term Loan 10	Secured	Variable	Euribor 3m/360 + 1.20%	September 2026		0.3		-
Sitem Group Term Loan 7 (b)	Unsecured	Variable	Euribor 1m/360 + 1.40%	March 2027		0.9		-
Sitem Group Term Loan 11	Unsecured	Variable	Euribor 3m/360 + 1.65%	March 2028		3.5		-
Sitem Group Term Loan 8	Secured	Variable	Euribor 1m/360 + 1.65%	May 2026		0.9		-
Sitem Group Term Loan 9 (c)	Secured	Variable	Euribor 3m/360 + 1.90%	March 2030		6.2		-
Sitem Group Term Loan 10	Secured	Variable	Euribor 3m/360 + 1.20%	September 2026		0.4		-
Sitem Group Term Loan 11	Unsecured	Variable	Euribor 3m/360 + 1.65%	March 2028		3.7		-
Sitem Group Term Loan 12	Unsecured	Fixed	0.65%	November 2025		0.2		-
Sitem Group Term Loan 13	Secured	Fixed	0.90%	October 2026		0.1		-
Standstill Agreement – Sitem Group	Secured	Variable	SARON (subject to 0% floor) + 5.0%	June 2026		2122.21		-
Total						7258.17		2.3
Less: current maturities of long-term debt	–	–	–	–		3027.41		-
Long-term debt, net of current maturities					$	4131.76	$	2.3
Short-term borrowing and current maturities:
Short-term borrowings and current maturities:
Revolving credit facility	Secured	Variable	Various	November 2028	$	~~110~~192.07	$	149.2
Current maturities of long-term debt	–	–	–	–		3027.41		-
Total short-term borrowings and current maturities						~~140~~219.48		149.2
Total Debt					$	~~182~~251.14	$	151.5

Annually, Sitem Group shall maintain a ratio of bank debt plus financial lease obligations less cash and cash equivalents (“Net Financial Position” or “NFP”) to net earnings before interest, tax, depreciation and amortization (“EBITDA”) less than or equal to 3, and a ratio of NFP to Equity less than or equal to 1.

Annually, Sitem Group shall maintain a ratio of NFP to EBITDA less than or equal to 3, a ratio of NFP to Equity less than or equal to 1, a ratio of EBITDA to financial expenses less than or equal to 10, and a NFP less than or equal to €40.0 million (approximately USD $46.1 million as of November 30, 2025).

Annually, Sitem Group shall maintain a ratio of NFP to EBITDA less than or equal to 3.60, a ratio of NFP to Equity less than or equal to 1.20, a ratio of EBITDA to financial expenses less than or equal to 8, and a NFP less than or equal to €48.0 million (approximately USD $55.4 million as of November 30, 2025).

Foreign currency-denominated borrowings are translated at the applicable reporting period exchange rates, with translation adjustments recorded in accumulated other comprehensive income (loss) (“AOCI”).

~~The following table provides the maturities of long-term debt in the next five years and the remaining years thereafter as of November 30, 2025:~~19

(In millions)
Year 1	$	30.4
Year 2		7.7
Year 3		6.6
Year 4		5.4
Year 5		3.2
Thereafter		18.8
Total	$	72.1

Table of Contents

AsThe offollowing ~~November~~table ~~30,~~provides ~~2025,~~the ~~there~~maturities ~~are $110.0 million~~ of ~~short~~long-term ~~borrowings~~debt ~~under~~in the ~~Credit~~next ~~Facility~~five ~~due~~years inand ~~fiscal~~the remaining years thereafter as of February 28, 2026.:

Short-Term borrowings


(In millions)
Year 1	$	27.1
Year 2		4.3
Year 3		3.0
Year 4		2.8
Year 5		2.5
Thereafter		19.0
Total	$	58.7

As of February 28, 2026, there are $192.7 million of short-term borrowings under the Credit Facility due in fiscal 2026.

Short-Term Borrowings

Revolving Credit Facility

On November 30, 2023, the Company entered into a senior secured revolving credit facility scheduled to mature on November 30, 2028, with a group of lenders (the “Credit Facility”). The Credit Facility provides capacity of up to $550.0 million to the extent secured by eligible accounts receivable and inventory balances at period end, which consist primarily of U.S. dollar denominated account balances. At ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, there were $~~110~~192.07 million and $149.2 million, respectively, of outstanding borrowings drawn against the Credit Facility. After accounting for the eligible borrowing base, at ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, availability under the Credit Facility was $~~306~~150.15 million and $260.9 million, respectively. Individual amounts drawn under the Credit Facility accrue interest at rates equal to an applicable margin over the one-, three-, or six-month term Secured Overnight Financing Rate (“SOFR Rate”), plus a SOFR adjustment. The Company incurred approximately $2.7 million of issuance costs, of which $2.5 million will be amortized to interest expense over the expected five-year term of the Credit Facility and are reflected in other assets.

The Credit Facility permits borrowings under two types of borrowing mechanisms: (i) Term SOFR Rate Loans (as defined in the Credit Facility) and (ii) a swing loan. The Term SOFR Rate Loans permit the Company to draw a specific principal amount for a defined maturity of up to six months with the interest rate determined at the time of the draw, which equals an applicable margin over the applicable term SOFR Rate, plus a SOFR adjustment. Each Term SOFR Rate Loan has an individual, unique identifier and is distinguishable from the other Term SOFR Rate Loans drawn by the Company. At the end of each relevant interest period, the Company has the option to continue the same interest period for such Term SOFR Rate Loan, or the Company can request a conversion to a new interest period for such Term SOFR Rate Loan. If no notice is given by the Company, the Term SOFR Rate Loan is deemed to continue with the same interest period.

The swing loan permits the Company to draw on the Credit Facility at any time up to a maximum of the greater of (i) $55 million and (ii) 10% of the then-maximum amount of the Credit Facility. The swing loan interest rate is variable based upon the interest rate market. As of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, the swing loan rate was equal to 7.5025% and 8.00%, respectively. Any amounts drawn on the swing loan mature on the same date as the maturity of the Credit Facility; however, it has been the practice of the Company to repay the outstanding draws on the swing loan within a short-term period.

The Credit Facility is secured by a first priority lien (subject to permitted liens and certain other exceptions) on certain working capital assets of the Company and the guarantors, including accounts and inventory, but excluding intellectual property, real property and equity interests, and subject to customary exceptions.

~~The~~On ~~Company~~January ~~currently~~15, ~~has~~2026, nothe ~~material~~Company ~~contractual~~amended orthe ~~regulatory~~Credit ~~restrictions~~Facility onwhen it entered into the ~~payment~~Second ofAmendment ~~dividends~~to ~~provided~~the ~~that~~Company’s noRevolving ~~event~~Credit ofand ~~default~~Security ~~exists~~Agreement ~~under~~(“Second Amendment to the Credit Facility”). ~~and~~The itSecond ~~meets~~Amendment to the ~~minimum~~Credit ~~availability~~Facility, ~~threshold~~among ~~thereunder.~~other Asthings, ofpermits ~~November~~the ~~30,~~Company ~~2025,~~to consummate the Offer. The Company ~~was~~incurred inimmaterial ~~compliance~~costs associated with the ~~financial~~amendment. ~~covenants~~For ofadditional ~~the~~information, ~~Credit~~see ~~Facility~~“Note 2 – Acquisitions.”

AsThe ofCompany ~~November~~currently ~~30,~~has ~~2025~~no ~~and~~material ~~May~~contractual ~~31,~~or ~~2025,~~regulatory restrictions on the ~~weighted~~payment ~~average~~of ~~interest~~dividends ~~rate~~provided onthat ~~the~~no ~~outstanding~~event ~~interest-bearing~~of ~~debt~~default exists under the Credit Facility ~~was~~and ~~5.56%~~it ~~and~~meets 5the minimum availability threshold thereunder.~~98%~~ As of February 28, ~~respectively~~2026, the Company was in compliance with the financial covenants of the Credit Facility.

As of February 28, 2026 and May 31, 2025, the weighted average interest rate on the outstanding interest-bearing debt under the Credit Facility was 5.40% and 5.98%, respectively.

Table of Contents

Long-Term Debt

Canadian Government Regional Economic Growth Loan

~~Tempel, a wholly owned subsidiary of Worthington Steel, owns a subsidiary in Canada (“Tempel Canada”).~~ On December 17, 2024, Tempel Canada entered into an agreement with the Federal Economic Development Agency for Southern Ontario, Canada, through the Canadian Government’s Regional Economic Growth Innovation program, which provided a 0% interest loan of up to CAD $3.5 million (approximately USD $2.56 million as of ~~November~~February 3028, ~~2025~~2026) (“FED DEV Loan”) to be used for the purchase and installation of advanced manufacturing equipment at Tempel Canada’s Burlington, Ontario location. The first distribution to Tempel Canada was received in the third quarter of fiscal 2025 in the amount of CAD $3.2 million (approximately USD $2.2 million at the time of distribution), or 90% of the total available through the program. The remaining 10% is expected to be received upon project completion. The FED DEV Loan is scheduled to be paid off in 60 equal installments beginning April 1, 2027, with the final payment due March 1, 2032. There were no debt issuance costs associated with the loan.

As of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, the amount outstanding under the FED DEV Loan was $2.3 million.

Table of Contents

Business Development Bank of Canada Canadian Loan

On March 25, 2025, Tempel Canada entered into a letter of offer (“BDC Letter”) with Business Development Bank of Canada (“BDC”). Pursuant to the terms of the BDC Letter, BDC committed to lend Tempel Canada up to CAD $57.5 million (approximately USD $4142.12 million as of ~~November~~February 3028, ~~2025~~2026) (“BDC Loan”), subject to the satisfaction of customary closing conditions and deliverables. The purpose of the BDC Loan is to fund the construction of a new manufacturing facility to be located in Burlington, Ontario, Canada (“Burlington Property”).

The BDC Loan is structured as a construction draw loan. ~~The~~As extended in the third quarter of fiscal 2026, the draw period for the BDC Loan will lapse on ~~March~~June 2130, 2026, unless further extended by BDC. Monthly interest only payments will be due until July 1, 2026, at which point the BDC Loan will also be subject to monthly amortization payments until maturity. The BDC Loan will accrue interest (a) during the construction period, at a per annum rate equal to BDC’s Floating Base Rate minus 1.75%, and (b) at all times thereafter, at a per annum rate equal to BDC’s Floating Base Rate minus 1.75% or BDC’s Base Rate minus 1.75%, at Tempel Canada’s election. The BDC Loan matures on June 1, 2051.

Worthington Steel guarantees the payment obligations of Tempel Canada in respect of the BDC Loan. As amended during the first quarter of fiscal 2026, the guarantee is for the full amount of the BDC Loan amount on the date of any demand. Provided that there has never been a breach of certain default conditions, the guarantee is reduced to 50% of the outstanding BDC Loan balance once the principal amount outstanding is less than CAD $40.0 million (approximately USD $2829.63 million as of ~~November~~February 3028, ~~2025~~2026), subject to the satisfaction of certain conditions. The Company will also provide customary cost overrun and completion guarantees in respect of the construction of the Burlington Property. The obligations of Tempel Canada under the BDC Letter are secured by a mortgage on the Burlington Property, an assignment of rents relating to the Burlington Property, and a lien on certain equipment and other personal property located on or used in connection with the Burlington Property.

The BDC Loan contains representations, covenants and events of default customary for transactions of this nature, including that Tempel Canada will maintain a total debt to tangible equity ratio of 1.0 to 1.0 and a fixed charge coverage ratio of 1.15 to 1.0, each tested annually beginning May 31, 2026.

As of ~~November~~February 3028, ~~2025~~2026, the amount outstanding under the BDC Loan was $21.28 million, while there were no amounts drawn and outstanding as of May 31, 2025.

Canadian Advanced Manufacturing and Innovation Competitiveness Loan

On May 12, 2025, Tempel Canada entered into an agreement with the Province of Ontario’s Minister of Economic Development, Job Creation and Trade, which provided a loan for up to CAD $5.0 million (approximately USD $3.67 million as of ~~November~~February 3028, ~~2025~~2026) (“AMIC Loan”) to support building and equipment expansion at the Burlington Property. During fiscal 2026, the Company received total distributions of CAD $2.5 million (approximately USD $1.8 million as of ~~November~~February 3028, ~~2025~~2026). The remaining amount of the loan is expected to be received in steps as project spending progresses. The AMIC Loan is interest free until June 1, 2028, at which point it will bear interest at a fixed rate of 5.97% per annum with interest due annually. The AMIC Loan is scheduled to be paid off in four equal annual installments beginning June 30, 2029 with the final payment due June 30, 2032. The AMIC Loan is structured with an incentive component that states up to CAD $0.5 million (approximately USD $0.4 million as of ~~November~~February 3028, ~~2025~~2026) of the principal may be forgiven if certain performance targets are met. The Company will continue to recognize the full liability until such time as the conditions for forgiveness are satisfied. There were no debt issuance costs associated with the AMIC Loan.

As of ~~November~~February 3028, ~~2025~~2026, the amount outstanding under the AMIC Loan was $1.8 million.

Table of Contents

Sitem Group

The Company assumed the liabilities of Sitem Group as part of the acquisition and recorded Sitem Group liabilities within the Company’s consolidated balance sheets. Sitem Group’s obligations ~~included~~include various Euro-denominated term loans, which have varying maturities, interest rates and interest rate mechanisms, and have periodic payments due until maturity. The obligations, along with the relevant loan terms, are included in the summary table within this footnote. Sitem Group was in compliance with its financial covenants as of ~~November~~February 3028, ~~2025~~2026.

During the third quarter of fiscal 2026, Sitem Group fully repaid four of its loan agreements prior to the maturity date totaling €12.4 million (approximately USD $14.3 million at the time of payment) with cash on hand. Upon repayment of one of the loan agreements, the associated interest rate swap was terminated. For additional information, see “Note 14 – Derivative Financial Instruments and Hedging Activities.” Additionally, during the third quarter of fiscal 2026, a fifth loan was fully repaid at the expected maturity date.

Standstill Agreement – Sitem Group

Sitem Group, through its subsidiary Stanzwerk AG, entered into a standstill agreement (the “~~standstill~~Standstill ~~agreement~~Agreement”) with UBS Switzerland AG, as agent and a syndicate of lenders in April 2025. The agreement relates to bilateral credit facilities originally provided to Stanzwerk AG in the aggregate principal amount of CHF 17.1 million (approximately USD $2122.21 million as of ~~November~~February 3028, ~~2025~~2026). Under the terms of the ~~standstill~~Standstill ~~agreement~~Agreement, the lenders agreed to maintain availability under the credit lines through June 30, 2026, and to forbear from exercising termination, enforcement, or acceleration rights with respect to scheduled repayments or collateral during the standstill period, subject to customary extraordinary termination rights upon events of default.

15The Standstill Agreement provides for continued use of the facilities solely for loan advances and requires pro rata utilization of the credit lines across participating lenders. Borrowings bear interest at the applicable reference rate (which is based on the Swiss Average Rate Overnight and has a floor of zero) plus a 500 basis point margin, with an additional 0.25% quarterly commission on overdraft balances.

~~Table~~The Standstill Agreement contains financial covenants requiring Stanzwerk AG to maintain (i) a minimum equity ratio of ~~Contents~~15%, tested quarterly beginning June 30, 2025, and (ii) minimum liquidity of CHF 4.0 million (approximately USD $5.2 million as of February 28, 2026), tested monthly beginning April 30, 2025. Stanzwerk AG was in compliance with these covenants as of February 28, 2026.

to forbear from exercising termination, enforcement, or acceleration rights with respect to scheduled repayments or collateral during the standstill period, subject to customary extraordinary termination rights upon events of default.

The standstill agreement provides for continued use of the facilities solely for loan advances and requires pro rata utilization of the credit lines across participating lenders. Borrowings bear interest at the applicable reference rate (which is based on the Swiss Average Rate Overnight and has a floor of zero) plus a 500 basis point margin, with an additional 0.25% quarterly commission on overdraft balances.

The standstill agreement contains financial covenants requiring Stanzwerk AG to maintain (i) a minimum equity ratio of 15%, tested quarterly beginning June 30, 2025, and (ii) minimum liquidity of CHF 4.0 million (approximately USD $5.0 million as of November 30, 2025), tested monthly beginning April 30, 2025. Stanzwerk AG was in compliance with these covenants as of November 30, 2025.

Other Debt

Other – Debt Financing Commitment

The Company intends to fund the consideration and related transaction costs for the Proposed Acquisition with a combination of cash on hand and new debt financing expected to consist of senior secured indebtedness, which will be issued subject to market conditions and other factors. In connection and concurrently with the entry into the Offer for the Proposed Acquisition, the Company obtained debt financing commitments (“Bridge Nonrevolving Loan Commitment”) in an aggregate amount not to exceed $1.9 billion from a group of lenders, with Wells Fargo Bank, National Association, as administrative agent, to support the expected permanent financing.

In connection with the Bridge Nonrevolving Loan Commitment, the Company incurred approximately $16.3 million of fees and costs, which were capitalized in prepaid expenses and other current assets and will remain unamortized until funding (in whole or in part) or until the commitment expires or is no longer applicable. The remaining fees and costs were expensed during the third quarter of fiscal 2026. The Bridge Nonrevolving Loan Commitment is subject to potential additional fees, including but not limited to, funding fees and drawn and undrawn duration fees. As of February 28, 2026, approximately $14.0 million of the fees remained accrued and were yet to be paid. Excluding any ongoing commitment fees, the Company will pay the substantial balance of those fees once the Bridge Nonrevolving Loan Commitment has been terminated, the Proposed Acquisition has closed, or the amounts available under the Bridge Nonrevolving Loan Commitment remain undrawn upon expiration.

If the Bridge Nonrevolving Loan Commitment is drawn, the obligations thereunder will be secured by a second-priority lien on the assets secured under the Company’s first-lien Credit Facility and a first-priority lien on the assets (other than real property) that are not currently secured by the Company’s Credit Facility (in each case, subject to customary exceptions).

If the Bridge Nonrevolving Loan Commitment is drawn, the loan matures 364 days from the draw date. If the Bridge Nonrevolving Loan Commitment remains undrawn, it expires at the earliest of (a) 10 business days after March 12, 2027 (unless prior thereto, (i) the Transaction (as defined in the BCA) (unless the closing date has occurred on or prior thereto) has occurred and (ii) settlement of the Offer has occurred), (b) settlement of the Offer with or without the borrowings under the commitment, (c) the date of the Offer is terminated or expires, or (d) at the election of the Company to terminate.

Table of Contents

Borrowings under the Bridge Nonrevolving Loan Commitment incur interest at a rate per annum equal to, (i) at the election of the Company, either (A) a base rate of interest based on the administrative agent’s published Prime Rate, or (B) one, three, or six-month term SOFR plus (ii) an applicable margin ranging from 2.0% to 2.75% for loans based on the base rate or 3.0% to 3.75% for loans based on term SOFR, based on the funding date and the period for which the bridge loans remain outstanding after the initial funding date. The undrawn commitments under the Bridge Nonrevolving Loan Commitment will be subject to a commitment fee consistent with bridge acquisition financings of this type. The commitment to provide the Bridge Nonrevolving Loan Commitment is subject to certain conditions to funding consistent with bridge acquisition financings of this type.

As of February 28, 2026, the Bridge Nonrevolving Loan Commitment was undrawn and available. For additional information, see “Note 2 – Acquisitions.”

Other – Tempel China

Tempel owns a subsidiary in China (“Tempel China”), and Tempel China utilizes multiple short-term loan facilities, which are used to finance raw material purchases, and are collateralized by Tempel China property and equipment. There were no outstanding borrowings under the facilities at ~~November~~February 3028, ~~2025~~2026 and May 31, 2025.

As of ~~November~~February 3028, ~~2025~~2026, Tempel China had two active short-term loan facilities, for an aggregate amount of CNY 90.0 million (approximately USD $1213.71 million and USD $12.5 million, as of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025), respectively). The first facility is for CNY 40.0 million (approximately USD $5.68 million as of ~~November~~February 3028, ~~2025~~2026) and matures on September 10, 2026. The second facility is for CNY 50.0 million (approximately USD $7.13 million as of ~~November~~February 3028, ~~2025~~2026) and matures on July 29, 2026.

Other – Tempel India

Tempel owns a subsidiary in India (“Tempel India”) which has two individual credit facilities with separate financial institutions, each of which contain a line of credit and standby letters of credit/letters of guarantee secured by applicable Tempel India current assets and fixed assets. The facilities are subject to annual renewals, which are effective as of the date of the annual renewal letter.

The aggregate size of the Tempel India credit facilities is INR 1,~~200~~150.0 million (approximately USD $1312.46 million and USD $14.0 million, as of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, respectively), subject to adjustment pursuant to the security noted above. One credit facility is for INR ~~550~~500.0 million (approximately USD $65.15 million as of ~~November~~February 3028, ~~2025~~2026) and ~~matured~~matures on ~~December~~January 187, ~~2025~~2027. The Company submitted renewal documentation to the lending bank and is in the process of renewing the credit facility. The Company continues to have access to the facility and, pending completion of the renewal process, expects the credit facility to be renewed for an additional 12-month term. The other credit facility is for INR 650.0 million (approximately USD $7.31 million as of ~~November~~February 3028, ~~2025~~2026) and matures on December 15, 2026. Both of the credit facilities allow for borrowing on the lines of credit up to a sublimit of the total facility size, which was equal to an aggregate of INR ~~600~~550.0 million (approximately USD $6.70 million and USD $7.0 million, as of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, respectively). Interest is payable monthly and will accrue on the outstanding balance according to the lender’s base lending rate plus an applicable margin as determined by the lender. As of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, there were no borrowings outstanding under Tempel India line of credit facilities.

Letters of credit may be drawn against the aggregate limit of these credit facilities, excluding any amounts drawn by the lines of credit. As of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025, no amounts under the Tempel India credit facilities were due to the financial institutions. The purchases, made in the normal course of business that are supported by the letters of credit, are recorded in accounts payable in the consolidated balance sheets as of ~~November~~February 3028, ~~2025~~2026 and May 31, 2025.

Table of Contents

Other – Sitem Slovakia

Tempel owns a majority interest in a subsidiary in Slovakia (“Sitem Slovakia”), and Sitem Slovakia has an overdraft line of credit in the amount of €0.3 million (approximately USD $0.4 million as of ~~November~~February 3028, ~~2025~~2026), which is secured by Sitem Slovakia’s trade receivables. The overdraft line of credit matures in February ~~2026~~2027, and is reviewed annually for renewal. Outstanding borrowings carry an interest rate of 1-month Euribor plus 1.75%. There were no borrowings outstanding under the facilities as of ~~November~~February 3028, ~~2025~~2026.

~~Note 8 – Other Comprehensive Income (Loss)~~23

Table of Contents

Note 10 – Other Comprehensive Income (Loss)

Other Comprehensive Income (Loss): The following table summarizes the tax effects on each component of OCI for the periods presented:

	Three Months Ended
	November 30, 2025									November 30, 2024
	February 28, 2026									February 28, 2025
(In millions)	Before-Tax			Tax			Net-of-Tax			Before-Tax			Tax		Net-of-Tax
Currency translation adjustments:
Foreign currency translation, net	$	13.18		$	-		$	13.18		$	(43.87	)	$	-	$	(43.87	)
Net investment hedge		(01.73	)		0.13			(01.60	)		-			-		-
Pension liability adjustment		-			-			-			~~(1.3~~-	)		~~0.3~~-		~~(1.0~~-	)
Cash flow hedges		1.80			(0.42	)		10.48			(02.14	)		-0.5		(0.1.9	)
Other comprehensive income (loss)	$	23.25		$	(0.31	)	$	13.96		$	(6.21	)	$	0.35	$	(5.96	)

	Six Months Ended
	Nine Months Ended
	November 30, 2025									November 30, 2024
	February 28, 2026									February 28, 2025
(In millions)	Before-Tax			Tax			Net-of-Tax			Before-Tax			Tax		Net-of-Tax
Currency translation adjustments:
Foreign currency translation, net	$	15.75		$	-		$	15.75		$	(26.74	)	$	-	$	(26.74	)
Net investment hedge		(02.70	)		0.14			(01.6	)		-			-		-
Pension liability adjustment		-			-			-			(1.3	)		0.3		(1.0	)
Cash flow hedges		12.8			(0.46	)		12.42			-(2.4	)		-0.5		-(1.9	)
Other comprehensive income (loss)	$	26.83		$	(0.32	)	$	26.51		$	(410.01	)	$	0.38	$	(39.73	)

Accumulated Other Comprehensive Income (Loss): The following table summarizes the changes in AOCI for the periods presented:

	Currency Translation Adjustments
	Foreign						Total
	Currency			Net			Foreign			Pension
	Translation,			Investment			Currency			Liability		Cash Flow
(In millions)	Net			Hedge			Translation			Adjustment		Hedges			AOCI
Balance at May 31, 2025	$	(10.7	)	$	-		$	(10.7	)	$	7.3	$	(0.6	)	$	(4.0	)
OCI, before reclassifications		15.75			(02.70	)		13.05			-		24.5			38.50
Reclassification adjustments to net earnings (1)		-			-			-			-		(01.7	)		(01.7	)
Income tax effect		-			0.14			0.14			-		(0.46	)		(0.32	)
Balance at November 30, 2025	$	(9.0	)	$	(0.6	)	$	(9.6	)	$	7.3	$	0.8		$	(1.5	)
Balance at February 28, 2026	$	(5.2	)	$	(1.6	)	$	(6.8	)	$	7.3	$	1.6		$	2.1

	Currency Translation Adjustments
	Foreign					Total
	Currency			Net		Foreign			Pension
	Translation,			Investment		Currency			Liability			Cash Flow
(In millions)	Net			Hedge		Translation			Adjustment			Hedges			AOCI
Balance at May 31, 2024	$	(11.9	)	$	-	$	(11.9	)	$	8.4		$	(2.6	)	$	(6.1	)
OCI, before reclassifications		(26.74	)		-		(26.74	)		(4.0	)		(58.36	)		(1219.0	)
Reclassification adjustments to net earnings (1)		-			-		-			2.7			56.32			8.09
Income tax effect		-			-		-			0.3			-0.5			0.38
Balance at November 30, 2024	$	(14.6	)	$	-	$	(14.6	)	$	7.4		$	(2.6	)	$	(9.8	)
Balance at February 28, 2025	$	(18.3	)	$	-	$	(18.3	)	$	7.4		$	(4.5	)	$	(15.4	)

(1)

17The consolidated statements of earnings classification of amounts reclassified to net earnings include:

~~Table~~Cash offlow ~~Contents~~hedges – See the disclosure in “Note 14 – Derivative Financial Instruments and Hedging Activities”.

The consolidated statement of earnings classification of amounts reclassified to net income include:

Cash flow hedges – See the disclosure in “Note 13 – Derivative Financial Instruments and Hedging Activities”.

Pension liability adjustment – During the second quarter of fiscal 2025, the Company, through Tempel, purchased (using pension plan assets) an annuity contract from a third-party insurance company to transfer approximately 25% of the total projected benefit obligation of the Tempel Employees Pension Plan as of the purchase date. As a result of this transaction: (i) the Company recognized a non-cash settlement gain of $2.7 million within miscellaneous income (expense), net; (ii) the Company was relieved of all responsibility for these transferred pension obligations; and (iii) the insurance company is now required to pay and administer the retirement benefits owed to 472 beneficiaries.

~~Note 9 – Mezzanine Equity~~24

~~Mezzanine~~Table ~~Equity: The Sitem Group purchase agreement includes a series~~ of put options and call options. The put options are held by the minority investors of Sitem Group, which provide the right to sell up to 100% of their remaining interest (i.e., a 48% interest) in Sitem Group to the Company. The call options are held by the Company and provide it with the right to acquire from the minority investors of Sitem Group up to 100% of their remaining interest (i.e., a 48% interest) in Sitem Group. The call options require the achievement of certain EBITDA based milestones. There are two put options held by the minority investors and two call options held by the Company, with the first and second put option period occurring in fiscal 2030 and fiscal 2032, respectively, and the first and second call option period occurring in fiscal 2031 and 2033, respectively.Contents

~~The~~Note ~~put~~11 ~~and~~– ~~call~~Equity ~~options are considered a redeemable noncontrolling interest as: (1) the minority shareholders can put the Sitem Group shares to the Company; (2) the put is outside of the Company’s control;~~ and ~~(3)~~Mezzanine ~~redemption is possible as it is based upon specified financial metrics. As a result, the redeemable noncontrolling interest is presented as mezzanine equity.~~Equity

The put and call options cannot be separated from the noncontrolling interest. Due to the redemption features, the minority interest is classified as a Redeemable NCI within mezzanine equity on the Company’s consolidated balance sheets. For additional information, see “Note 12 – Acquisitions.”Equity

Shortfall Recovery Arrangement: During the third quarter of fiscal 2026, the Company and the minority interest member of Spartan quantified an economic shortfall of $5.9 million arising from certain performance expectations previously agreed to that were not achieved, as contemplated by the amended Spartan operating agreement. The amended operating agreement provides for a temporary recovery mechanism (the “Shortfall Recovery Arrangement”) pursuant to which (1) profits and cash distributions otherwise payable to the minority interest member of Spartan are paid to the Company and applied against the shortfall until it is satisfied and (2) a $9.0 million distribution was authorized, of which $4.3 million was applied to the shortfall.

Upon full recovery of the shortfall, allocations of profits and distributions will revert to the stated ownership percentages of 52% to the Company and 48% for the minority interest owner, as specified in the operating agreement.

The Shortfall Recovery Arrangement does not affect the recognition of consolidated net earnings of the consolidated joint venture. However, the Company concluded that the arrangement represents a substantive profit-sharing arrangement, as it temporarily reallocates economic participation in the joint venture’s earnings during the recovery period. Accordingly, during the recovery period, consolidated net earnings and comprehensive income of the joint venture are attributed between the controlling interest and the noncontrolling interest in accordance with the amended profit-sharing provisions rather than the stated ownership percentages. Net earnings attributable to noncontrolling interest presented in the consolidated statements of earnings also include amounts attributed to noncontrolling interests for other consolidated subsidiaries.

Mezzanine Equity

Mezzanine Equity: The Sitem Group purchase agreement includes a series of put options and call options. The put options are held by the minority investors of Sitem Group, which provide the right to sell up to 100% of their remaining interest collectively, a 48% interest, in Sitem Group to the Company. The call options are held by the Company and provide it with the right to acquire from the minority investors of Sitem Group up to 100% of their remaining interest (i.e., a 48% interest) in Sitem Group. The call options require the achievement of certain EBITDA based milestones. There are two put options held by the minority investors and two call options held by the Company, with the first and second put option period occurring in fiscal 2030 and fiscal 2032, respectively, and the first and second call option period occurring in fiscal 2031 and 2033, respectively.

The put and call options are considered a redeemable noncontrolling interest as: (1) the minority shareholders can put Sitem Group shares to the Company; (2) the put is outside of the Company’s control; and (3) redemption is possible as it is based upon specified financial metrics. As a result, the redeemable noncontrolling interest is presented as mezzanine equity.

Redeemable noncontrolling interests are initially recorded at the issuance date fair value, which is the acquisition date for the Sitem Group transaction. When redeemable noncontrolling interest is currently redeemable, or probable of becoming redeemable, it is subsequently adjusted to the greater of current redemption value or initial carrying value. The redemption value is determined via a contractual-based formula using certain EBITDA adjusted metrics.

For the roll forward of mezzanine equity, see the Company’s consolidated statement of equity and mezzanine equity.

Note 1012 – Income Taxes

The Company’s effective income tax rate (“ETR”) was 1825.26% and 2226.27% for the ~~second~~third quarter of fiscal 2026 and fiscal 2025, respectively, and 24.02% and 1518.67% for the ~~six~~nine months ended ~~November~~February 3028, ~~2025~~2026 and ~~November~~February 3028, ~~2024~~2025, respectively.

The ETR for the ~~second~~third quarter of fiscal 2026 differed from the statutory rate primarily due to ~~excess~~income ~~tax~~from ~~benefits~~the ~~from~~Company’s ~~share-based~~unconsolidated ~~compensation~~joint venture recognized innet of tax, partially offset by a valuation allowance recorded on foreign deferred tax assets and the ~~quarter~~impact of additional state tax nexus. The ETR for the ~~six~~nine months ended ~~November~~February 3028, ~~2025~~2026 ~~differed~~did not differ materially from the statutory rate. ~~primarily~~Variances due to ~~non-deductible~~foreign ~~executive~~operations ~~compensation~~ and ~~income~~compensation-related ~~from~~items ~~unconsolidated~~were ~~joint~~largely ~~ventures~~offset ~~outside~~for the ~~U.S.~~year-to-date ~~recognized net of tax~~period.

The ETR for the ~~second~~third quarter of fiscal 2025 differed from the statutory rate primarily due to ~~foreign~~non-deductible ~~tax~~executive ~~credits~~compensation ~~recognized in the quarter~~expense. The ETR for the ~~six~~nine months ended ~~November~~February 3028, ~~2024~~2025 differed from the statutory rate primarily due to a pre-acquisition tax matter at Tempel.

The provision for income taxes is based on a current estimate of the annual ETR adjusted to reflect the impact of discrete items and excludes any impact from the inclusion of net earnings attributable to NCI in the consolidated statements of earnings. Net earnings attributable to noncontrolling interests primarily relate to the Company’s consolidated joint ventures. Earnings attributable to the noncontrolling interests in the U.S. operations of the Company’s consolidated joint ventures do not generate tax expense for the Company, as the joint venture investors are taxed directly based on their respective share of earnings. The tax expense of TWB’s wholly owned foreign subsidiaries and Sitem Group is reported in the consolidated income tax expense. Management is required to estimate the annual ETR based upon its forecast of annual pre-tax income for domestic and foreign operations. The Company’s actual ETR for fiscal 2026 could be materially different from the forecasted rate as of November 30, 2025.25

Table of Contents

~~Note~~The 11provision –for income taxes is based on the Company’s current estimate of its annual ETR, adjusted to reflect the impact of discrete items, and excludes any impact from net earnings attributable to NCI in the consolidated statements of earnings. Net earnings attributable to NCI primarily relate to the Company’s consolidated joint ventures. Earnings ~~per~~attributable ~~Common~~to ~~Share~~noncontrolling interests in the U.S. operations of the consolidated joint ventures do not generate tax expense for the Company, as the joint venture investors are taxed directly on their respective shares of earnings. The tax expense of TWB’s wholly owned foreign subsidiaries and Sitem Group is included in consolidated income tax expense. Management estimates the annual ETR based on its forecast of annual pre-tax income for domestic and foreign operations. The Company’s actual ETR for fiscal 2026 could differ materially from the estimated rate as of February 28, 2026.

Note 13 – Earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per common share attributable to controlling interest for the periods presented:

	Three Months Ended
	November 30,		November 30,
	February 28,		February 28,
(In millions, except per share amounts)	~~2025~~2026		~~2024~~2025
Numerator (basic & diluted):
Net earnings attributable to controlling interest – income available to common shareholders	$	1810.84	$	1213.8
Denominator:
Basic earnings weighted average common shares		49.89		49.5
Effect of dilutive securities		01.90		1.10
Diluted earnings adjusted weighted average common shares		50.79		50.65
Basic earnings per common share attributable to controlling interest	$	0.3821	$	0.2628
Diluted earnings per common share attributable to controlling interest	$	0.3720	$	0.2527
Anti-dilutive non-qualified stock options and restricted common share awards(1)		0.1		0.13

	Six Months Ended
	Nine Months Ended
	November 30,		November 30,
	February 28,		February 28,
(In millions, except per share amounts)	~~2025~~2026		~~2024~~2025
Numerator (basic & diluted):
Net earnings attributable to controlling interest – income available to common shareholders	$	5566.60	$	4155.20
Denominator:
Basic earnings weighted average common shares		49.78		49.45
Effect of dilutive securities		0.9		1.10
Diluted earnings adjusted weighted average common shares		50.67		50.5
Basic earnings per common share attributable to controlling interest	$	1.1233	$	01.8311
Diluted earnings per common share attributable to controlling interest	$	1.1030	$	01.8209
Anti-dilutive non-qualified stock options and restricted common share awards(1)		0.1		0.21

(1)

These non-qualified stock options and restricted common share awards were excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.

Earnings per common share was calculated based on the weighted-average number of common shares outstanding. Earnings per diluted common share included the weighted-average effect of dilutive restricted common shares and non-qualified stock options on the weighted-average shares outstanding.

Note 1214 – ~~Acquisitions~~Derivative Financial Instruments and Hedging Activities

Sitem Group (Fiscal 2026)

The total purchase price as of the acquisition date for the Sitem Group acquisition consisted of the following:

Cash consideration for stock acquired from shareholders of €43.1 million ($48.9 million)

Cash capital contribution of €10.0 million ($11.3 million) related to the purchase for newly issued shares, of which €4.8 million ($5.4 million) is attributable to minority interest; and

Table of Contents

The cash consideration included cash that is contingent on certain customary conditions, of which €4.2 million ($4.7 million) relates to the purchase of existing shares and €0.6 million ($0.7 million) relates to the purchase of newly issued shares. As of November 30, 2025, the contingent cash consideration had not yet been paid. The acquisition was funded primarily with restricted cash held in escrow at May 31, 2025. The difference between the contributed fair value of Tempel Nagold at the time of the acquisition and the noncontrolling interest in Tempel Nagold, which was at the Company’s historical cost, was $0.7 million and was recorded as an adjustment to APIC.

As of the second quarter of fiscal 2026, total acquisition-related expenses, consisting primarily of legal, advisory, and valuation services were $5.3 million, of which $0.4 million, $0.3 million, and $2.0 million was incurred in the first quarter of fiscal 2026, second quarter of fiscal 2026, and second quarter of fiscal 2025, respectively. These costs are included in selling, general and administrative expense (“SG&A”) in the consolidated statement of earnings. There was a one-time bonus of €4.0 million ($4.6 million) that was paid in the first quarter of fiscal 2026 to key individuals at the Sitem Group as a result of the successful closing, which was recorded in SG&A in the consolidated statement of earnings. There was a deferred tax asset adjustment of €0.7 million ($0.8 million) related to the disallowance of deferred tax assets located within Germany as a result of the contribution of Tempel Nagold. This adjustment was recorded in income tax expense in the consolidated statement of earnings.

The following table summarizes the consideration transferred and the estimated fair value assigned to the assets acquired and liabilities assumed at the acquisition date. These amounts reflect various preliminary fair value estimates and assumptions, including preliminary work performed by a third-party valuation specialist, and are subject to change within the measurement period as the valuation is finalized. The primary areas of preliminary purchase price allocation subject to change relate to the valuation of acquired tangible assets and liabilities, identification and valuation of residual goodwill and tax effects of acquired assets and assumed liabilities. During the second quarter of fiscal 2026, the Company recognized certain tax-related measurement period adjustments shown due to changes in the underlying calculation.

Table of Contents

							Revised
							Valuation
				Measurement			as of
	Preliminary			Period			November 30,
(In millions)	Valuation			Adjustments			2025
Consideration Transferred
Cash Consideration	$	44.2		$	-		$	44.2
Contingent Consideration - Cash		4.7			-			4.7
Subtotal		48.9			-			48.9
Cash Capital Contribution		5.1			-			5.1
Contingent Capital Contribution - Cash		0.3			-			0.3
Subtotal		5.4			-			5.4
Contribution of Tempel’s electrical steel subsidiary in Nagold, Germany		12.0			-			12.0
Total Consideration Transferred	$	66.3			-		$	66.3
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	42.6		$	-		$	42.6
Receivables		39.6			-			39.6
Inventories		40.4			-			40.4
Deferred income tax assets		3.2			-			3.2
Prepaid expenses		4.9			-			4.9
Operating lease right-of-use assets		16.5			-			16.5
Finance lease right-of-use assets		8.6			-			8.6
Property, plant and equipment		98.8			-			98.8
Intangible assets		24.0			-			24.0
Other assets		1.0			-			1.0
Total identifiable assets		279.6			-			279.6
Accounts payable		(34.7	)		-			(34.7	)
Accrued compensation and related taxes		(9.3	)		-			(9.3	)
Current operating lease liabilities		(2.7	)		-			(2.7	)
Current finance lease liabilities		(2.4	)		-			(2.4	)
Noncurrent operating lease liabilities		(13.9	)		-			(13.9	)
Noncurrent finance lease liabilities		(6.2	)		-			(6.2	)
Current maturities of long-term debt and short-term debt		(25.9	)		-			(25.9	)
Deferred income tax liabilities		(16.9	)		0.5			(16.4	)
Long-term debt		(25.3	)		-			(25.3	)
Pension and other postretirement benefit obligations		(14.3	)		-			(14.3	)
Other non-current liabilities		(1.9	)		-			(1.9	)
Total identifiable liabilities		(153.5	)		0.5			(153.0	)
Sitem Group - Net identifiable assets		126.1			0.5			126.6
Goodwill		22.0			(0.5	)		21.5
Total – Sitem Group		148.1			-			148.1
Redeemable NCI - Net Put option		(10.7	)		-			(10.7	)
Redeemable NCI		(71.1	)		-			(71.1	)
Total - Redeemable NCI		(81.8	)		-			(81.8	)
Total	$	66.3		$	-		$	66.3

In addition to the Redeemable NCI above of $81.8 million, the Company recorded $17.4 million of Redeemable NCI related to the cash capital contribution and the contribution of Tempel Nagold.

Table of Contents

			Weighted Average
(In millions)			Estimated Useful	Valuation
Category	Amount		Life (Years)	Methodology
Customer relationships	$	12.3	13	Multi-period Excess Earnings Method
Technological know-how		7.7	8	Relief-from-Royalty Method
Favorable right-of-use lease asset		2.7	7	Discounted Cash Flow Method
Software		1.3	3	Cost
Total acquired identifiable intangible assets	$	24.0

Operating results of Sitem Group have been included in the Company’s consolidated statement of earnings since June 3, 2025, the date of acquisition. For the three months ended November 30, 2025, Sitem Group contributed net sales of $52.6 million and net loss of $0.7 million. For the six months ended November 30, 2025, Sitem Group contributed net sales of $92.0 million and net loss of $3.7 million.

The following unaudited pro forma information presents consolidated financial information as if Sitem Group had been acquired at the beginning of fiscal 2025. Depreciation and amortization expenses included in the pro forma results reflect the preliminary acquisition-date fair values assigned to the definite-lived intangible assets and fixed assets of Sitem Group assuming a June 1, 2024 acquisition date. Adjustments have been made to remove acquisition-related costs and the acquisition date fair value adjustment to acquired inventories. The pro forma adjustments noted below have been adjusted for the applicable income tax impact. The pro forma information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place on June 1, 2024.

	Three Months Ended				Six Months Ended
	November 30,		November 30,		November 30,		November 30,
(In millions, except per share amounts)	2025		2024		2025		2024
Net Sales	$	871.9	$	797.0	$	1,744.8	$	1,694.2
Net earnings attributable to controlling interest	$	19.0	$	12.2	$	56.4	$	39.6
Diluted earnings per share attributable to controlling interest	$	0.37	$	0.24	$	1.13	$	0.78

Note 13 – Derivative Financial Instruments and Hedging Activities

The Company utilizes derivative financial instruments to primarily manage exposure to certain risks related to its ongoing operations. The primary risks managed through the use of derivative financial instruments are commodity price risk, foreign currency exchange risk, and interest rate risk. While certain of the Company’s derivative financial instruments are designated as hedging instruments, the Company also enters into derivative financial instruments that are designed to hedge a risk, but are not designated as hedging instruments and, therefore, do not qualify for hedge accounting. These derivative financial instruments are adjusted to current fair value through earnings at the end of each period.

Table of Contents

Commodity Price Risk Management – The Company is exposed to changes in the price of certain commodities, including steel, zinc and other raw materials, and the Company’s utility requirements. The objective is to reduce earnings and cash flow volatility associated with forecasted purchases and sales of these commodities to allow management to focus its attention on business operations. Accordingly, the Company enters into derivative financial instruments to manage the associated price risk.

Interest Rate Risk Management – The Company is exposed to the impact of interest rate changes. The Company’s objective is to manage the impact of interest rate changes on cash flows and the market value of borrowings. The Company utilizes a mix of debt maturities along with both fixed-rate and variable-rate debt to manage changes in interest rates. In addition, the Company enters into interest rate swaps to further manage exposure to interest rate variations related to borrowings and to lower overall borrowing costs.

Foreign Currency Exchange Risk Management – The Company conducts business in several major international currencies and is, therefore, subject to risks associated with changing foreign currency exchange rates. The Company uses various methods to protect against exchange rate movements.

•

Foreign currency forward contracts – the Company uses these contracts to protect against exchange rate movements for forecasted cash flows, primarily operating expenses denominated in currencies other than the functional currency. Such contracts limit exposure to both favorable and unfavorable foreign currency exchange rate fluctuations.

•

Table of Contents

Cross-currency swap contract – the Company uses a cross-currency swap to manage the impact of foreign currency exposure related to a portion of the Company’s Euro net investment in certain foreign subsidiaries against changes in Euro/USD exchange rates.

The translation of foreign currencies into U.S. dollars also subjects the Company to exposure related to fluctuating foreign currency exchange rates; however, derivative financial instruments are not used to manage this risk.

The Company is exposed to counterparty credit risk on all of its derivative financial instruments. Accordingly, the Company has established and maintains strict counterparty credit guidelines. The Company has credit support agreements in place with certain counterparties to limit the Company’s credit exposure. These agreements require either party to post cash collateral if its cumulative market position exceeds a predefined liability threshold. Amounts posted to the margin accounts accrue interest at market rates and are required to be refunded in the period in which the cumulative market position falls below the required threshold. The Company does not have significant exposure to any one counterparty, and management believes the overall risk of loss is remote and, in any event, would not be material.

Refer to “Note 1415 – Fair Value” for additional information regarding the accounting treatment for the Company’s derivative financial instruments, as well as how fair value is determined.

~~The following table summarizes the fair value of the derivative financial instruments and the respective lines in which they were recorded in the consolidated balance sheet at the dates presented:~~27

	Fair Value of Assets					Fair Value of Liabilities
	Balance					Balance
	Sheet	November 30,		May 31,		Sheet	November 30,		May 31,
(In millions)	Location	2025		2025		Location	2025		2025
Derivatives designated as hedging instruments:
Cash Flow Hedges
Commodity contracts	Receivables	$	0.5	$	0.2	Accounts payable	$	0.1	$	1.2
Commodity contracts	Other assets		-		-	Other liabilities		-		-
Subtotal			0.5		0.2			0.1		1.2
Foreign currency exchange contracts	Receivables		0.4		0.3	Accounts payable		-		-
Foreign currency exchange contracts	Other assets		-		-	Other liabilities		-		-
Subtotal			0.4		0.3			-		-
Interest rate contracts	Receivables		-		-	Accounts payable		-		-
Interest rate contracts	Other assets		0.2		-	Other liabilities		-		-
Subtotal			0.2		-			-		-
Net Investment Hedges
Cross-currency swap	Receivables		-		-	Accounts payable		-		-
Cross-currency swap	Other assets		-		-	Other liabilities		0.7		-
Subtotal			-		-			0.7		-
Total		$	1.1	$	0.5		$	0.8	$	1.2
Derivatives not designated as hedging instruments:
Cash Flow Hedges
Commodity contracts	Receivables	$	2.1	$	1.5	Accounts payable	$	0.5	$	2.5
Commodity contracts	Other assets		0.2		-	Other liabilities		-		-
Subtotal			2.3		1.5			0.5		2.5
Foreign currency exchange contracts	Receivables		-		3.6	Accounts payable		-		-
Foreign currency exchange contracts	Other assets		-		-	Other liabilities		-		-
Subtotal			-		3.6			-		-
Interest rate contracts	Receivables		-		-	Accounts payable		-		-
Interest rate contracts	Other assets		-		-	Other liabilities		-		-
Subtotal			-		-			-		-
Total		$	2.3	$	5.1		$	0.5	$	2.5
Total derivative financial instruments		$	3.4	$	5.6		$	1.3	$	3.7

Table of Contents

As allowable under GAAP, the Company’s policy is to record derivative financial instruments, with the exception of cross-currency swaps, on a net basis where the Company has an executed master netting arrangement with counterparties as well as where the right of offset exists. The ~~cross-currency~~following ~~swap is reflected on a gross basis in the consolidated balance sheet as the Company has not entered into any master netting arrangements. The amounts in the~~ table ~~above~~summarizes ~~reflect~~ the fair value of the derivative financial instruments ~~on a net basis, where allowable under master netting arrangements~~ and~~/or~~ ~~where~~ the ~~right~~respective oflines ~~offset exists. Had these amounts been recognized on a gross basis, the impact would have been an increase~~ in ~~receivables~~which ~~with~~they awere ~~corresponding~~recorded ~~increase~~ in ~~accounts~~the ~~payable~~consolidated ofbalance ~~$0.6~~sheet ~~million and $0.6 million~~ at ~~November~~the ~~30,~~dates ~~2025 and May 31, 2025, respectively.~~presented:


	Fair Value of Assets					Fair Value of Liabilities
	Balance					Balance
	Sheet	February 28,		May 31,		Sheet	February 28,		May 31,
(In millions)	Location	2026		2025		Location	2026		2025
Derivatives designated as hedging instruments:
Cash Flow Hedges
Commodity contracts	Receivables	$	1.3	$	0.2	Accounts payable	$	-	$	1.2
Commodity contracts	Other assets		-		-	Other liabilities		-		-
Subtotal			1.3		0.2			-		1.2

Foreign currency exchange contracts	Receivables		0.5		0.3	Accounts payable		-		-
Foreign currency exchange contracts	Other assets		-		-	Other liabilities		-		-
Subtotal			0.5		0.3			-		-

Net Investment Hedges
Cross-currency swap	Receivables		-		-	Accounts payable		-		-
Cross-currency swap	Other assets		-		-	Other liabilities		2.0		-
Subtotal			-		-			2.0		-
Total		$	1.8	$	0.5		$	2.0	$	1.2

Derivatives not designated as hedging instruments:
Cash Flow Hedges

Filing Compare · Worthington Steel, Inc.