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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 February 28, 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 April 6, 2026, the number of common shares, without par value, of the registrant issued and outstanding was 50,806,338.

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TABLE OF CONTENTS


			Page

Cautionary Note Regarding Forward-Looking Statements			ii

Part I. Financial Information

	Item 1.	Financial Statements

		Consolidated Balance Sheets – February 28, 2026 and May 31, 2025	1

		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 Nine Months Ended February 28, 2026, and February 28, 2025	4

		Consolidated Statements of Cash Flows – Nine Months Ended February 28, 2026, and February 28, 2025	5

		Consolidated Statements of Equity and Mezzanine Equity – Nine Months Ended February 28, 2026, and February 28, 2025	6

		Condensed Notes to Consolidated Financial Statements	8

	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	36

	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53

	Item 4.	Controls and Procedures	53

Part II. Other Information

	Item 1.	Legal Proceedings	55

	Item 1A.	Risk Factors	55

	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	57

	Item 3.	Defaults Upon Senior Securities	58

	Item 4.	Mine Safety Disclosures	58

	Item 5.	Other Information	58

	Item 6.	Exhibits	59

Signatures			60

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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, the notes to the consolidated financial statements contained in Part I, Item 1 hereto, “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;

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•

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;

•

effects 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

•

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

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•

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;

•

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 ability to stay abreast of technological advancements and its dependence on third parties who rely on AI technologies;

•

cybersecurity risks;

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•

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 II, 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.

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PART I. FINANCIAL INFORMATION

Item 1. – Financial Statements

WORTHINGTON STEEL, INC.

CONSOLIDATED BALANCE SHEETS

(In millions, except share amounts)


	(Unaudited)
	February 28,		May 31,
	2026		2025
Assets
Current assets:
Cash and cash equivalents	$	90.0	$	38.0
Restricted cash		-		54.9
Receivables, less allowances of $1.2 and $3.8, respectively		461.6		438.7
Inventories:
Raw materials		179.6		179.4
Work in process		149.4		165.6
Finished products		106.6		77.0
Total inventories		435.6		422.0
Income taxes receivable		2.7		0.1
Assets held for sale		0.6		11.5
Prepaid expenses and other current assets		116.0		83.3
Total current assets		1,106.5		1,048.5
Investment in unconsolidated affiliate		119.8		126.6
Operating lease right-of-use assets		89.1		72.6
Finance lease right-of-use assets, net of accumulated amortization of $2.1 and $–, respectively		9.4		-
Goodwill		103.3		79.6
Other intangible assets, net of accumulated amortization of $56.5 and $50.3, respectively		87.0		67.9
Deferred income taxes		12.7		11.4
Equity securities		101.3		-
Other assets		8.5		7.0
Property, plant and equipment:
Land		42.3		38.6
Buildings and improvements		221.5		190.4
Machinery and equipment		1,038.8		942.6
Construction in progress		182.9		132.7
Total property, plant and equipment		1,485.5		1,304.3
Less: accumulated depreciation		807.6		756.1
Total property, plant and equipment, net		677.9		548.2
Total assets	$	2,315.5	$	1,961.8

See condensed notes to consolidated financial statements.

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WORTHINGTON STEEL, INC.

CONSOLIDATED BALANCE SHEETS

(In millions, except share amounts)


	(Unaudited)
	February 28,		May 31,
	2026		2025
Liabilities, mezzanine equity, and equity
Current liabilities:
Accounts payable	$	401.9	$	402.5
Short-term borrowings		192.7		149.2
Accrued compensation, contributions to employee benefit plans and related taxes		55.3		43.0
Dividends payable		9.1		9.3
Other accrued items		43.8		15.3
Current operating lease liabilities		11.3		7.7
Current finance lease liabilities		2.4		-
Income taxes payable		2.0		4.5
Current maturities of long-term debt		27.1		-
Total current liabilities		745.6		631.5
Other liabilities		57.3		32.8
Long-term debt		31.6		2.3
Noncurrent operating lease liabilities		82.4		68.7
Noncurrent finance lease liabilities		5.1		-
Deferred income taxes		36.1		28.6
Total liabilities		958.1		763.9

Mezzanine equity:
Redeemable noncontrolling interest (“Redeemable NCI”)		96.8		-
Total mezzanine equity		96.8		-

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 49,910,958 shares and 49,548,895 shares, respectively		-		-
Additional Paid-in Capital (“APIC”)		916.7		913.9
Retained Earnings		205.7		164.2
Accumulated other comprehensive income (loss), net of taxes of $(2.2) and $(2.0), respectively		2.1		(4.0	)
Total Shareholders’ equity – controlling interest		1,124.5		1,074.1
Noncontrolling interests (“NCI”)		136.1		123.8
Total equity		1,260.6		1,197.9
Total liabilities, mezzanine equity, and equity	$	2,315.5	$	1,961.8

See condensed notes to consolidated financial statements.

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WORTHINGTON STEEL, INC.

CONSOLIDATED STATEMENTS OF EARNINGS

(In millions, except per share amounts)

(Unaudited)


	Three Months Ended						Nine Months Ended
	February 28,						February 28,
	2026			2025			2026			2025
Net sales	$	769.8		$	687.4		$	2,514.6		$	2,260.4
Cost of goods sold		693.7			606.2			2,230.1			1,998.8
Gross margin		76.1			81.2			284.5			261.6
Selling, general and administrative expense		77.5			54.6			216.3			172.7
Impairment of assets		1.5			7.4			2.1			7.4
Restructuring and other (income) expense, net		(6.0	)		0.9			(7.0	)		0.9
Operating income		3.1			18.3			73.1			80.6
Other income (expense):
Miscellaneous income (expense), net		9.8			0.2			9.9			(1.9	)
Interest expense, net		(2.1	)		(1.4	)		(7.7	)		(6.1	)
Equity in net income of unconsolidated affiliate		3.5			-			16.7			0.4
Earnings before income taxes		14.3			17.1			92.0			73.0
Income tax expense		3.5			5.0			21.1			12.6
Net earnings		10.8			12.1			70.9			60.4
Net earnings (loss) attributable to noncontrolling interests		0.4			(1.7	)		4.9			5.4
Net earnings attributable to controlling interest	$	10.4		$	13.8		$	66.0		$	55.0

Basic
Weighted average common shares outstanding		49.9			49.5			49.8			49.5
Earnings per share attributable to controlling interest	$	0.21		$	0.28		$	1.33		$	1.11

Diluted
Weighted average common shares outstanding		50.9			50.5			50.7			50.5
Earnings per share attributable to controlling interest	$	0.20		$	0.27		$	1.30		$	1.09

Common shares outstanding at end of period		49.9			49.5			49.9			49.5

Cash dividends declared per share	$	0.16		$	0.16		$	0.48		$	0.48

See condensed notes to consolidated financial statements.

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WORTHINGTON STEEL, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(In millions)

(Unaudited)


	Three Months Ended						Nine Months Ended
	February 28,						February 28,
	2026			2025			2026			2025
Net earnings attributable to controlling interest	$	10.4		$	13.8		$	66.0		$	55.0
Net earnings (loss) attributable to noncontrolling interests		0.4			(1.7	)		4.9			5.4
Net earnings		10.8			12.1			70.9			60.4
Other comprehensive income, net of tax
Foreign currency translation, net		3.8			(3.7	)		5.5			(6.4	)
Net investment hedge		(1.0	)		-			(1.6	)		-
Pension liability adjustment		-			-			-			(1.0	)
Cash flow hedges		0.8			(1.9	)		2.2			(1.9	)
Other comprehensive income (loss)		3.6			(5.6	)		6.1			(9.3	)
Comprehensive income		14.4			6.5			77.0			51.1
Comprehensive income (loss) attributable to noncontrolling interests		0.4			(1.7	)		4.9			5.4
Comprehensive income attributable to controlling interest	$	14.0		$	8.2		$	72.1		$	45.7

See condensed notes to consolidated financial statements.

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WORTHINGTON STEEL, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)


	Nine Months Ended
	February 28,
	2026			2025
Operating activities:
Net earnings	$	70.9		$	60.4
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		63.6			49.1
Impairment of assets		2.1			7.4
Benefit from deferred income taxes		(7.9	)		(2.3	)
Bad debt expense		0.6			1.9
Equity in net income of unconsolidated affiliate, net of distributions		6.8			12.4
Net gain on sale of assets		(5.3	)		(1.1	)
Stock-based compensation		11.8			8.1
Changes in assets and liabilities, net of impact of acquisitions:
Receivables		24.6			58.0
Inventories		28.5			63.0
Accounts payable		(33.2	)		(58.9	)
Accrued compensation and employee benefits		0.7			(12.1	)
Other operating items, net		(6.9	)		(9.5	)
Net cash provided by operating activities		156.3			176.4

Investing activities:
Investment in property, plant and equipment		(84.1	)		(84.9	)
Acquisitions, net of cash acquired		(1.6	)		-
Proceeds from sale of assets, net of selling costs		16.6			1.1
Purchases of equity securities		(101.4	)		-
Other investing activities		0.4			-
Net cash used in investing activities		(170.1	)		(83.8	)

Financing activities:
Proceeds from (repayments of) short-term borrowings, net		35.0			(20.0	)
Proceeds from revolving credit facility borrowings - swing loans		1,166.7			337.5
Repayments of revolving credit facility borrowings - swing loans		(1,158.2	)		(355.5	)
Proceeds from long-term debt, net of issuance costs		23.4			2.2
Principal payments on long-term debt		(23.0	)		-
Payments of tax withholdings, net of proceeds from issuance of common shares		(6.0	)		(2.9	)
Payments to noncontrolling interests		-			(6.9	)
Dividends paid		(24.6	)		(23.9	)
Payments of debt issuance costs		(2.3	)		-
Net cash provided by (used in) financing activities		11.0			(69.5	)

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	$	90.0		$	63.3

See condensed notes to consolidated financial statements.

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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 2)		-		-		-			-			-			-			-		-			99.2
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

See condensed notes to consolidated financial statements.

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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	)		-	&nbs

Worthington Steel, Inc. 10-Q