# EDGAR Filing Document

**Accession Number:** 0001968487
**File Stem:** 0000950170-25-090889
**Filing Date:** 2025-6
**Character Count:** 133099
**Document Hash:** 365c18b8a3caa96b02244215508249a5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-090889.hdr.sgml**: 20250627

**ACCESSION NUMBER**: 0000950170-25-090889

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 53

**CONFORMED PERIOD OF REPORT**: 20250624

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250627

**DATE AS OF CHANGE**: 20250627

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Worthington Steel, Inc.
- **CENTRAL INDEX KEY:** 0001968487
- **STANDARD INDUSTRIAL CLASSIFICATION:** STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 922632000
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41830
- **FILM NUMBER:** 251086490

**BUSINESS ADDRESS:**
- **STREET 1:** 100 W. OLD WILSON BRIDGE ROAD
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43085
- **BUSINESS PHONE:** 614-840-4995

**MAIL ADDRESS:**
- **STREET 1:** 100 W. OLD WILSON BRIDGE ROAD
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43085

?xml version='1.0' encoding='ASCII'? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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## **FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** June 24, 2025<br>

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WORTHINGTON STEEL, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Ohio | 001-41830 | 92-2632000 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 100 W. Old Wilson Bridge Road |  |  |
| Columbus**,** Ohio |  | 43085 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

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**Registrant's Telephone Number, Including Area Code:** (614) 840-3462<br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Common Shares, without par value | WS | New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

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## **Item 2.02 Results of Operations and Financial Condition.** 
On June 25, 2025, Worthington Steel, Inc. ("we," "us," "our" and "registrant") issued a news release (the "Financial News Release") reporting results for the three months and fiscal year ended May 31, 2025 (the fourth quarter of fiscal 2025). A copy of the Financial News Release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

We conducted a conference call on June 26, 2025, to discuss our fourth quarter and full year fiscal 2025 unaudited financial results and address certain matters related to our outlook for the first quarter of fiscal 2026. A copy of the transcript of the conference call is included herewith as Exhibit 99.2 and is incorporated herein by reference. During the conference call, we referenced an investor presentation that was made available on our website throughout the conference call. The investor presentation is included herewith as Exhibit 99.3 and is incorporated herein by reference.

We have included both financial measures prepared in accordance with accounting principles generally accepted in the United States ("GAAP") and non-GAAP financial measures in the Financial News Release, the investor presentation and the conference call to provide investors with additional information that we believe allows for increased comparability of the performance of our ongoing operations from period to period. Please see the Financial News Release and the investor presentation for further explanations of why we use the non-GAAP financial measures and the reconciliations to the most comparable GAAP financial measures.

The information contained in this Item 2.02, including Exhibit 99.1, Exhibit 99.2 and Exhibit 99.3, is being furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, unless we specifically state that the information is to be considered "filed" under the Exchange Act or incorporate the information by reference into a filing under the Exchange Act or the Securities Act of 1933, as amended.

**Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

On June 24, 2025, Carl A. Nelson Jr., informed our Board of Directors (the "Board") that he will retire from the Board effective as of September 24, 2025. There were no disagreements between the Company and Mr. Nelson related to his retirement.

There were no arrangements or understandings between Mr. Davis and any other persons, pursuant to which Mr. Davis was selected as a director. No information is required to be disclosed pursuant to Item 404(a) of Regulation S-K with respect to Mr. Davis. Mr. Davis will receive the same compensation as our other non-employee directors, as such is described in our proxy statement relating to our 2024 annual meeting of shareholders, prorated for the period between his appointment and the date of our 2025 annual meeting of shareholders.

A copy of the press release announcing the appointment of Mr. Davis is attached hereto as Exhibit 99.4.

**Item 8.01 Other Events.**

On June 25, 2025, we issued a news release (the "Dividend Release") reporting that our Board declared a quarterly cash dividend of $0.16 per common share. The dividend was declared on June 25, 2025, and is payable on September 26, 2025, to our shareholders of record at the close of business on September 12, 2025. A copy of the Dividend Release is filed herewith as Exhibit 99.5.

## **Item 9.01 Financial Statements and Exhibits.** 
(d) Exhibits:

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| | |
|:---|:---|
| **<u>Exhibit No.</u>**<br>| **<u>Description</u>** |
| [<u>99.1</u>](ws-ex99_1.htm)<br>| [<u>News Release of Worthington Steel, Inc. issued on June 25, 2025 (Financial News Release)</u>](ws-ex99_1.htm) |
| [<u>99.2</u>](ws-ex99_2.htm) | [<u>Transcript of Worthington Steel, Inc. Earnings Conference Call held on June 26, 2025</u>](ws-ex99_2.htm)<br>|
| [<u>99.3</u>](ws-ex99_3.htm) | [<u>Investor Presentation of Worthington Steel, Inc., dated June 25, 2025</u>](ws-ex99_3.htm)<br>|

---

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| | |
|:---|:---|
| [<u>99.4</u>](ws-ex99_4.htm)<br>| [<u>News Release of Worthington Steel, Inc. issued on June 25, 2025 (Director Appointment Release)</u>](ws-ex99_4.htm)<br>|
| [<u>99.5</u>](ws-ex99_5.htm) | [<u>News Release of Worthington Steel, Inc. issued on June 25, 2025 (Dividend Release)</u>](ws-ex99_5.htm)<br>|
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | **WORTHINGTON STEEL, INC.** |
| Date: | June 27, 2025 | By:  | /s/ Joseph Y. Heuer |
|  |  |  | Joseph Y. Heuer<br>Vice President - General Counsel and Secretary |

---

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## Exhibit 99.1

**EXHIBIT 99.1**<br>

![img239203593_0.jpg](img239203593_0.jpg)

**Worthington Steel Reports Fourth Quarter and Full Year Fiscal 2025 Results**

**COLUMBUS, Ohio, June 25, 2025** – Worthington Steel, Inc. (NYSE: WS), a market-leading, value-added metals processing company, today reported financial results for the fiscal 2025 fourth quarter and full year ended May 31, 2025.

**Fourth Quarter Highlights** *(all comparisons to the fourth quarter of fiscal 2024)***:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net sales of $832.9 million decreased 9% compared to $911.0 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Operating income of $66.4 million compared to $67.3 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net earnings attributable to controlling interest of $55.7 million compared to $53.2 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net earnings per diluted share attributable to controlling interest of $1.10 compared to $1.06; adjusted net earnings per diluted share attributable to controlling interest of $1.05 compared to $1.06.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBIT of $70.1 million compared to $70.4 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Finalized the definitive agreement to acquire a controlling equity stake in Italy-based Sitem S.p.A. (together with its subsidiaries, Stanzwerk AG, Decoup S.A.S. and Sitem Slovakia spol. s r.o., "Sitem Group"). The transaction closed on June 3, 2025, subsequent to the end of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Named No. 1 Top Workplace in Columbus in the large organization category by Columbus CEO magazine. This marks the 13th consecutive year Worthington Steel has been named to the list—and its first as a standalone public company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Earned 2024 Supplier of the Year by General Motors for the fourth time in five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Recognized as a John Deere Partner-level Supplier for the 13th consecutive year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Declared a quarterly dividend of $0.16 per share payable on September 26, 2025, to shareholders of record at the close of business on September 12, 2025.

"Despite a mixed economic environment, our team executed well in the fourth quarter, advancing key growth initiatives while maintaining our focus on safety and partner relationships," said Geoff Gilmore, president and CEO of Worthington Steel. "We made meaningful progress on our long-term strategy — including closing on the Sitem acquisition earlier this month, making headway on our electrical steel investments, gaining market share in key sectors and earning accolades from our customers."

**Financial highlights for the fiscal 2025 periods and the fiscal 2024 comparative periods are as follows:**

*(In millions, except volume and per share amounts)*

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **4Q 2025** | **4Q 2024** | **FY 2025** | **FY 2024** |
| Volume (tons) | 982180 | 1029565 | 3793752 | 4007373 |
| Net sales | $832.9 | $911.0 | $3093.3 | $3430.6 |
| Operating income | 66.4 | 67.3 | 147.0 | 194.5 |
| Net earnings attributable to controlling interest | 55.7 | 53.2 | 110.7 | 154.7 |
| Adjusted EBIT (Non-GAAP)<sup>(1)</sup> | 70.1 | 70.4 | 149.1 | 224.4 |
| Equity in net income of unconsolidated affiliate | 4.0 | 6.7 | 4.4 | 22.4 |
| Net earnings per diluted share attributable to controlling interest | $1.10 | $1.06 | $2.19 | $3.11 |
| &nbsp;&nbsp;Impairment of assets per diluted share (after-tax) | - | - | 0.07 | 0.01 |
| &nbsp;&nbsp;Restructuring and other expense, net per diluted share (after-tax) | 0.01 | - | 0.02 | - |
| &nbsp;&nbsp;Separation costs per diluted share (after-tax) | - | - | - | 0.30 |
| &nbsp;&nbsp;Pension settlement gain per diluted share (after-tax) | - | - | (0.04) | - |
| &nbsp;&nbsp;Gain on land sale per diluted share (after-tax) | - | - | (0.02) | - |
| &nbsp;&nbsp;Gain on Sitem Group purchase derivative per diluted share (after-tax) | (0.06) | - | (0.06) | - |
| Adjusted net earnings per diluted share attributable to controlling interest (Non-GAAP)<sup>(1)</sup> | $1.05 | $1.06 | $2.16 | $3.42 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Results in both the current year period and prior year period were impacted by certain items, as further discussed in the Non-GAAP Financial Measures / Supplemental Data section later in this release.

**Quarterly Results**

Net sales for the fourth quarter of fiscal 2025 were $832.9 million, a decrease of $78.1 million, or 9%, compared to the prior year quarter. The decrease was driven primarily by lower average selling prices, and to a lesser extent, lower toll volumes. Direct selling prices decreased 8% and toll selling prices decreased 13% in the fourth quarter of fiscal 2025 compared to the prior year quarter. Direct tons sold were flat, while toll tons sold decreased 11% in the fourth quarter of fiscal 2025 compared to the prior year quarter. The mix of direct tons versus toll tons processed was 60% to 40% in the fourth quarter of fiscal 2025 compared to 58% to 42% in the prior year quarter.

Gross margin decreased by $4.0 million over the prior year quarter to $127.0 million. The decrease was driven primarily by lower toll margins, partially offset by higher direct spreads. Toll margins, down $8.1 million, were impacted by a $3.9 million unfavorable change in toll mix and a $4.2 million unfavorable impact due to lower volumes. Direct spreads, up $3.4 million, were impacted by a $24.2 million favorable change from an estimated $3.4 million inventory holding loss in the prior year quarter to an estimated $20.8 million inventory holding gain in the fourth quarter of fiscal 2025.

Operating income decreased $0.9 million from the prior year quarter to $66.4 million. The decrease was driven primarily by a $4.0 million decrease in gross margin and a $1.7 million fiscal 2025 restructuring and other expense, net, partially offset by lower selling, general and administrative ("SG&A") expense. The $4.8 million decrease in SG&A expense was primarily due to lower wage and benefits costs and lower bad debt expense. The Company recognized restructuring expenses due to the previously announced plans to combine Worthington Samuel Coil Processing's ("WSCP") toll processing manufacturing facility in Cleveland, Ohio into its existing manufacturing facility in Twinsburg, Ohio, as well as the severance expense associated with the TWB Company's ("TWB") voluntary retirement program. Joint ventures WSCP and TWB are consolidated with the equity owned by the other joint venture members shown as noncontrolling interests on the Company's consolidated balance sheets.

The Company reported net earnings attributable to controlling interest of $55.7 million, or $1.10 per diluted share, for its fiscal 2025 fourth quarter. For the prior year quarter, the Company recorded net earnings attributable to controlling interest of $53.2 million, or $1.06 per diluted share.

Adjusted net earnings attributable to controlling interest of $53.4 million, or $1.05 per diluted share, compares to the prior year quarter adjusted net earnings attributable to controlling interest of $53.2 million, or $1.06 per diluted share. The fiscal 2025 adjusted results exclude a $3.0 million after-tax gain on the Sitem Group purchase derivative, or $0.06 per diluted share, and $0.7 million after-tax restructuring and other expense, net, or $0.01 per diluted share. The adjustment in the prior year quarter did not have an impact on net earnings attributable to controlling interest.

**Balance Sheet, Cash Flow and Capital Allocation**

As of May 31, 2025, the Company had cash and cash equivalents of $38.0 million and restricted cash of $54.9 million. During the fourth quarter of fiscal 2025, net cash provided by operating activities was $53.9 million compared to $35.6 million in the prior year quarter. Investment in property, plant and equipment during the fourth quarter of fiscal 2025 was $45.5 million compared to $44.8 million in the prior year quarter. The Company generated free cash flow (as defined in the Non-GAAP Financial Measures / Supplemental Data section later in this release) of $8.4 million in the fourth quarter of fiscal 2025 compared to negative free cash flow of $9.2 million in the prior year quarter.

The Company ended the fourth quarter of fiscal 2025 with debt of $151.5 million and $38.0 million in cash and cash equivalents, resulting in a net debt (as defined in the Non-GAAP Financial Measures / Supplemental Data section later in this release) position of $113.5 million. Restricted cash of $54.9 million was the result of routine pre-closing procedures related to funds designated for the Sitem Group acquisition early in the first quarter of fiscal 2026.

The Board of Directors declared a quarterly dividend of $0.16 per common share. The dividend is payable on September 26, 2025, to shareholders of record at the close of business on September 12, 2025.

**Conference Call**

The Company will review fiscal 2025 fourth quarter results during its quarterly conference call on June 26, 2025, beginning at 8:30 a.m., Eastern Time. Conference call details are available in the investor section of the Company's website at www.WorthingtonSteel.com.

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**About Worthington Steel**

Worthington Steel (NYSE:WS) is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel's expertise in carbon flat-roll steel processing, electrical steel laminations and tailor welded solutions is driving steel toward a more sustainable future.

As one of the most trusted metals processors in North America, Worthington Steel and its approximately 6,000 employees harness the power of steel to advance our customers' visions through value-added processing capabilities including galvanizing, pickling, configured blanking, specialty cold reduction, lightweighting and electrical lamination. Headquartered in Columbus, Ohio, Worthington Steel operates 37 facilities in seven states and 10 countries. Following a people-first Philosophy, commitment to sustainability and proven business system, Worthington Steel's purpose is to generate positive returns by providing trusted and innovative solutions for customers, creating opportunities for employees and strengthening its communities.

**Safe Harbor Statement** 

Selected statements contained in this release constitute "forward-looking statements," as that term is used in the Private Securities Litigation Reform Act of 1995 (the "Act"). The Company wishes to take advantage of the safe harbor provisions included in the Act. 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," "anticipate," "may," "could," "should," "would," "intend," "plan," "will," "likely," "expect," "estimate," "project," "position," "strategy," "target," "aim," "seek," "foresee" and 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; the anticipated benefits of the Company's separation from Worthington Enterprises, Inc. (the "Separation"); the expected financial and operational performance of, and future opportunities for, the Company following the Separation; the tax treatment of the Separation transaction; the leadership of the Company following 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 for the Company or its markets; 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 at the Company's operations; 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 and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; 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; expectations for Company and customer 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; the ever-changing effects of the novel coronavirus ("COVID-19") pandemic and the various responses of governmental and nongovernmental authorities thereto on economies and markets, and on our customers, counterparties, 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: our 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 impact of tariffs, the adoption of trade restrictions affecting the Company's products or suppliers, a United States 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; changing oil 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, labor and other items required by operations (especially in light of Russia's invasion of Ukraine); effects of sourcing and supply chain constraints; the outcome of adverse claims experience with respect to workers' compensation, product recalls or product liability, casualty events or other matters; effects of 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 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

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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 (especially in light of Russia's invasion of Ukraine), 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 (especially in light of Russia's invasion of Ukraine), foreign currency exchange rate exposure and the acceptance of the Company's products in global markets; 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, as well as potential adverse impacts as a result of the Inflation Reduction Act of 2022, 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; the level of imports and import prices in the Company's markets; the impact of environmental laws and regulations or the actions of the United States 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 and considerations; the impact of judicial rulings and governmental regulations, both in the United States and abroad, including those adopted by the United States Securities and Exchange Commission ("SEC") and other governmental agencies as contemplated by the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the effect of healthcare laws in the United States 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 United States and potential changes for such laws, which may increase the Company's costs and negatively impact its operations and financial results; cyber security risks; risks associated with artificial intelligence technologies; the effects of privacy and information security laws and standards; and other risks described from time to time in the Company's filings with the SEC, including those described in "Part I – Item 1A. – Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2024.

Forward-looking statements should be construed in the light of such risks. The Company notes these factors for investors as contemplated by the Act. It is impossible to predict or identify all potential risk factors. Consequently, you 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, which speak only as of the date made. The Company does not undertake, and hereby disclaims, any obligation to 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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**WORTHINGTON STEEL, INC.**<br>**CONSOLIDATED AND COMBINED STATEMENTS OF EARNINGS**<br>**(In millions, except per share amounts)**

**(Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **May 31,** | **May 31,** | **May 31,** | **May 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net sales | $832.9 | $911.0 | $3093.3 | $3430.6 |
| Cost of goods sold | 705.9 | 780.0 | 2704.7 | 2990.8 |
| &nbsp;&nbsp;Gross margin | 127.0 | 131.0 | 388.6 | 439.8 |
| Selling, general and administrative expense | 58.9 | 63.7 | 231.6 | 224.4 |
| Impairment of assets | - | - | 7.4 | 1.4 |
| Restructuring and other expense, net | 1.7 | - | 2.6 | - |
| Separation costs | - | - | - | 19.5 |
| &nbsp;&nbsp;Operating income | 66.4 | 67.3 | 147.0 | 194.5 |
| Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;Miscellaneous income, net | 5.7 | 3.7 | 3.8 | 5.3 |
| &nbsp;&nbsp;Interest expense, net | (1.0) | (2.4) | (7.1) | (6.0) |
| &nbsp;&nbsp;Equity in net income of unconsolidated affiliate | 4.0 | 6.7 | 4.4 | 22.4 |
| &nbsp;&nbsp;Earnings before income taxes | 75.1 | 75.3 | 148.1 | 216.2 |
| Income tax expense | 16.2 | 17.6 | 28.8 | 46.1 |
| Net earnings | 58.9 | 57.7 | 119.3 | 170.1 |
| Net earnings attributable to noncontrolling interests | 3.2 | 4.5 | 8.6 | 15.4 |
| **Net earnings attributable to controlling interest** | $**55.7** | $**53.2** | $**110.7** | $**154.7** |
| **<u>Basic</u>** |  |  |  |  |
| Weighted average common shares outstanding<sup>(1)</sup> | 49.5 | 49.3 | 49.5 | 49.3 |
| **Earnings per share attributable to controlling interest** | $**1.13** | $**1.08** | $**2.24** | $**3.14** |
| **<u>Diluted</u>** |  |  |  |  |
| Weighted average common shares outstanding<sup>(1)</sup> | 50.5 | 50.4 | 50.5 | 49.8 |
| **Earnings per share attributable to controlling interest** | $**1.10** | $**1.06** | $**2.19** | $**3.11** |
| Common shares outstanding at end of period | 49.5 | 49.3 | 49.5 | 49.3 |
| Cash dividends declared per share | $0.16 | $0.16 | $0.64 | $0.32 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Prior to the third quarter of fiscal 2024, Weighted average common shares outstanding (Basic) and Weighted average common shares outstanding (Diluted) reflects the basic common shares at the Separation. This share amount is being utilized in the calculation of basic and diluted earnings per common share for periods prior to the Separation.

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**WORTHINGTON STEEL, INC.**<br>**CONSOLIDATED BALANCE SHEETS**<br>**(In millions, except share amounts)**

**(Unaudited)**

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| | | |
|:---|:---|:---|
|  | **May 31,** | **May 31,** |
|  | **2025** | **2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $38.0 | $40.2 |
| &nbsp;&nbsp;Restricted cash | 54.9 | - |
| &nbsp;&nbsp;Receivables, less allowances of $3.8 and $3.2, respectively | 438.7 | 472.6 |
| &nbsp;&nbsp;Inventories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Raw materials | 179.4 | 150.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Work in process | 165.6 | 176.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finished products | 77.0 | 78.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total inventories | 422.0 | 405.3 |
| Income taxes receivable | 0.1 | 4.2 |
| Assets held for sale | 11.5 | 2.9 |
| Prepaid expenses and other current assets | 83.3 | 76.6 |
| &nbsp;&nbsp;Total current assets | 1048.5 | 1001.8 |
| Investment in unconsolidated affiliate | 126.6 | 135.0 |
| Operating lease assets | 72.6 | 72.9 |
| Goodwill | 79.6 | 79.6 |
| Other intangible assets, net of accumulated amortization of $50.3 and $45.3, respectively | 67.9 | 77.0 |
| Deferred tax asset | 11.4 | 8.5 |
| Other assets | 7.0 | 16.8 |
| Property, plant and equipment: |  |  |
| &nbsp;&nbsp;Land | 38.6 | 37.9 |
| &nbsp;&nbsp;Buildings and improvements | 190.4 | 177.1 |
| &nbsp;&nbsp;Machinery and equipment | 942.6 | 893.8 |
| &nbsp;&nbsp;Construction in progress | 132.7 | 83.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment | 1304.3 | 1192.4 |
| &nbsp;&nbsp;Less: accumulated depreciation | 756.1 | 717.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment, net | 548.2 | 474.8 |
| **Total assets** | $**1961.8** | $**1866.4** |

---

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**WORTHINGTON STEEL, INC.**<br>**CONSOLIDATED BALANCE SHEETS**<br>**(In millions, except share amounts)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **May 31,** | **May 31,** |
|  | **2025** | **2024** |
| **Liabilities and equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable | $402.5 | $380.4 |
| &nbsp;&nbsp;Short-term borrowings | 149.2 | 148.0 |
| &nbsp;&nbsp;Accrued compensation, contributions to employee benefit plans and related taxes | 43.0 | 52.8 |
| &nbsp;&nbsp;Dividends payable | 9.3 | 8.7 |
| &nbsp;&nbsp;Other accrued items | 15.3 | 15.7 |
| &nbsp;&nbsp;Current operating lease liabilities | 7.7 | 7.6 |
| &nbsp;&nbsp;Income taxes payable | 4.5 | 5.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 631.5 | 618.4 |
| Other liabilities | 32.8 | 34.3 |
| Long-term debt | 2.3 | - |
| Noncurrent operating lease liabilities | 68.7 | 68.3 |
| Deferred income taxes | 28.6 | 27.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 763.9 | 748.9 |
| 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 |  |  |
| &nbsp;&nbsp;and outstanding 49,548,895 shares and 49,331,514 shares, respectively | - | - |
| Additional Paid-in Capital | 913.9 | 905.3 |
| Retained Earnings | 164.2 | 86.1 |
| Accumulated other comprehensive loss, net of taxes of $(2.0) and $(1.7), respectively | (4.0) | (6.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Shareholders' equity - controlling interest | 1074.1 | 985.3 |
| Noncontrolling interests | 123.8 | 132.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total equity | 1197.9 | 1117.5 |
| **Total liabilities and equity** | $**1961.8** | $**1866.4** |

---

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**WORTHINGTON STEEL, INC.**<br>**CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS**<br>**(In millions)**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **May 31,** | **May 31,** |
|  | **2025** | **2024** |
| **Operating activities:** |  |  |
| Net earnings | $119.3 | $170.1 |
| Adjustment to reconcile net earnings to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 66.0 | 65.3 |
| &nbsp;&nbsp;Impairment of assets | 7.4 | 1.4 |
| &nbsp;&nbsp;Provision for (benefit from) deferred income taxes | (3.1) | 1.1 |
| &nbsp;&nbsp;Bad debt expense | 1.8 | 1.1 |
| &nbsp;&nbsp;Equity in net income of unconsolidated affiliate, net of distributions | 8.4 | (20.4) |
| &nbsp;&nbsp;Net (gain) loss on sale of assets | (0.7) | 1.0 |
| &nbsp;&nbsp;Stock-based compensation | 11.0 | 10.3 |
| Changes in assets and liabilities, net of impact of acquisitions: |  |  |
| &nbsp;&nbsp;Receivables | 34.1 | (1.4) |
| &nbsp;&nbsp;Inventories | (16.7) | 16.4 |
| &nbsp;&nbsp;Accounts payable | 15.8 | (26.7) |
| &nbsp;&nbsp;Accrued compensation and employee benefits | (9.8) | 7.9 |
| &nbsp;&nbsp;Other operating items, net | (3.2) | (26.6) |
| **Net cash provided by operating activities** | **230.3** | **199.5** |
| **Investing activities:** |  |  |
| &nbsp;&nbsp;Investment in property, plant and equipment | (130.4) | (103.4) |
| &nbsp;&nbsp;Acquisitions, net of cash acquired | - | (21.0) |
| &nbsp;&nbsp;Proceeds from sale of assets, net of selling costs | 1.3 | 1.2 |
| **Net cash used in investing activities** | **(129.1)** | **(123.2)** |
| **Financing activities:** |  |  |
| &nbsp;&nbsp;Distribution to the Former Parent in connection with the Separation | - | (150.0) |
| &nbsp;&nbsp;Transfers to the Former Parent, net | - | (47.6) |
| &nbsp;&nbsp;Proceeds from short-term borrowings, net | 15.0 | 127.2 |
| &nbsp;&nbsp;Proceeds from revolving credit facility borrowings - swing loans | 508.7 | 266.1 |
| &nbsp;&nbsp;Repayments of revolving credit facility borrowings - swing loans | (522.5) | (248.1) |
| &nbsp;&nbsp;Proceeds from long-term debt, net of issuance costs | 2.3 | - |
| &nbsp;&nbsp;Proceeds from issuance of common shares, net of tax withholdings | (3.1) | 0.3 |
| &nbsp;&nbsp;Payments to noncontrolling interests | (17.0) | (8.8) |
| &nbsp;&nbsp;Dividends paid | (31.9) | (7.9) |
| **Net cash used in financing activities** | **(48.5)** | **(68.8)** |
| Increase in cash, cash equivalents, and restricted cash | 52.7 | 7.5 |
| Cash, cash equivalents, and restricted cash at beginning of period | 40.2 | 32.7 |
| **Cash, cash equivalents, and restricted cash at end of period** | $**92.9** | $**40.2** |

---

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**WORTHINGTON STEEL, INC.**<br>**NON-GAAP FINANCIAL MEASURES / SUPPLEMENTAL DATA**<br>**(In millions, except volume and per share amounts)**

The Company reports its financial results in accordance with accounting principles generally accepted in the United States ("GAAP"). The Company also presents certain non-GAAP financial measures including (a) adjusted operating income, (b) adjusted earnings before income taxes, (c) adjusted income tax expense, (d) adjusted net earnings attributable to controlling interest, (e) adjusted net earnings per diluted share attributable to controlling interest, (f) net earnings before interest and taxes attributable to controlling interest ("EBIT"), (g) adjusted net earnings before interest and taxes attributable to controlling interest ("adjusted EBIT"), (h) net earnings before interest, taxes, depreciation and amortization attributable to controlling interest ("EBITDA"), (i) adjusted net earnings before interest, taxes, depreciation and amortization attributable to controlling interest ("adjusted EBITDA"), (j) free cash flow, (k) total debt less cash and cash equivalents ("net debt"), and (l) pro forma adjusted net earnings before interest and taxes attributable to controlling interest ("pro forma adjusted EBIT").

These non-GAAP financial measures typically exclude impairment and restructuring charges (gains) but may also exclude other items that management believes are not reflective of, and thus should not be included when evaluating the performance of, the Company's ongoing operations. Management uses these non-GAAP financial measures to evaluate the Company's performance, engage in financial and operational planning, and determine incentive compensation and believes these non-GAAP financial measures provide useful information to investors because they provide additional perspective on the performance of the Company's ongoing operations. Additionally, management believes these non-GAAP financial measures provide useful information to investors because they allow for meaningful comparisons and analysis of trends in the Company's business and enable investors to evaluate operations and future prospects in the same manner as management.

For the purposes of the subsequent tables, the non-GAAP measures have been adjusted for the items identified below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Impairment of assets</u> – impairments of assets are excluded because they do not occur in the ordinary course of the Company's ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, so their exclusion facilitates the comparison of historical and current financial results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Restructuring</u> – restructuring activities consist of items that are not part of the Company's ongoing 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Separation costs</u> – direct and incremental costs incurred in connection with the Separation from the Worthington Enterprises, Inc. (the "Former Parent"), including audit, legal, and other fees paid to third-party advisors as well as direct and incremental costs associated with the separation of shared corporate functions which are not part of the Company's ongoing operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Tax indemnification adjustment</u> – tax and indemnification adjustments reported in income tax expense and miscellaneous income, net, related to an indemnification agreement with the former owners of Tempel Steel Company ("Tempel"). These adjustments are the result of a first quarter fiscal 2025 favorable tax ruling, a fourth quarter fiscal 2025 interest charge true-up, and a fourth quarter fiscal 2024 unfavorable tax ruling in one of the jurisdictions in which Tempel operates. The indemnification agreement, which was entered into with the former Tempel owners at the time the Company acquired Tempel, provides protection to the Company from rulings by tax authorities through the acquisition date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Pension settlement gain</u> – pension lift-out transaction to transfer a portion of the total projected benefit obligation of the Tempel pension plan to a third-party insurance company, which resulted in a pre-tax non-cash gain reported in miscellaneous income, net, is excluded as it is not part of the Company's ongoing operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Gain on land sale</u> – sale of unused land on the campus of the Tempel subsidiary in China, which resulted in a pre-tax gain in miscellaneous income, net, is excluded as it is not part of the Company's ongoing operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•<u>Gain on Sitem Group purchase derivative</u> – mark-to-market gain on the economic (non-designated) foreign currency exchange contract entered into related to the purchase price for Sitem Group, which resulted in a pre-tax gain in miscellaneous income, net, and is excluded as it is not part of the Company's ongoing operations.

The following provides a reconciliation to the non-GAAP financial measures adjusted operating income, adjusted earnings before income taxes, adjusted income tax expense, adjusted net earnings attributable to controlling interest and adjusted net earnings per diluted share attributable to controlling interest from the most comparable GAAP measures for the three- and 12-month periods ended May 31, 2025, and May 31, 2024.

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended May 31, 2025** | **Three Months Ended May 31, 2025** | **Three Months Ended May 31, 2025** | **Three Months Ended May 31, 2025** | **Three Months Ended May 31, 2025** |
|  | Operating <br>Income | Earnings Before Income Taxes | Income Tax Expense | Net Earnings Attributable to Controlling Interest<sup>(1)</sup> | Net Earnings per Diluted Share Attributable to Controlling Interest |
| **GAAP** | $**66.4** | $**75.1** | $**16.2** | $**55.7** | $**1.10** |
| Restructuring and other expense, net | 1.7 | 1.7 | 0.3 | 0.7 | 0.01 |
| Tax indemnification adjustment | - | 0.2 | 0.2 | - | - |
| Gain on Sitem Group purchase derivative | - | (4.0) | (1.0) | (3.0) | (0.06) |
| **Non-GAAP** | $**68.1** | $**73.0** | $**15.7** | $**53.4** | $**1.05** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended May 31, 2024** | **Three Months Ended May 31, 2024** | **Three Months Ended May 31, 2024** | **Three Months Ended May 31, 2024** | **Three Months Ended May 31, 2024** |
|  | Operating <br>Income | Earnings Before Income Taxes | Income Tax Expense | Net Earnings Attributable to Controlling Interest | Net Earnings per Diluted Share Attributable to Controlling Interest |
| **GAAP** | $**67.3** | $**75.3** | $**17.6** | $**53.2** | $**1.06** |
| Tax indemnification adjustment | - | (2.8) | (2.8) | - | - |
| **Non-GAAP** | $**67.3** | $**72.5** | $**14.8** | $**53.2** | $**1.06** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended May 31, 2025** | **Twelve Months Ended May 31, 2025** | **Twelve Months Ended May 31, 2025** | **Twelve Months Ended May 31, 2025** | **Twelve Months Ended May 31, 2025** |
|  | Operating <br>Income | Earnings Before Income Taxes | Income Tax Expense | Net Earnings Attributable to Controlling Interest<sup>(1)</sup> | Net Earnings per Diluted Share Attributable to Controlling Interest |
| **GAAP** | $**147.0** | $**148.1** | $**28.8** | $**110.7** | $**2.19** |
| Impairment of assets | 7.4 | 7.4 | 1.2 | 3.4 | 0.07 |
| Restructuring and other expense, net | 2.6 | 2.6 | 0.4 | 1.1 | 0.02 |
| Tax indemnification adjustment | - | 4.6 | 4.6 | - | - |
| Pension settlement gain | - | (2.7) | (0.7) | (2.0) | (0.04) |
| Gain on land sale | - | (1.5) | (0.4) | (1.1) | (0.02) |
| Gain on Sitem Group purchase derivative | - | (4.0) | (1.0) | (3.0) | (0.06) |
| **Non-GAAP** | $**157.0** | $**154.5** | $**32.9** | $**109.1** | $**2.16** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Twelve Months Ended May 31, 2024** | **Twelve Months Ended May 31, 2024** | **Twelve Months Ended May 31, 2024** | **Twelve Months Ended May 31, 2024** | **Twelve Months Ended May 31, 2024** |
|  | Operating <br>Income | Earnings Before Income Taxes | Income Tax Expense | Net Earnings Attributable to Controlling Interest<sup>(1)</sup> | Net Earnings per Diluted Share Attributable to Controlling Interest |
| **GAAP** | $**194.5** | $**216.2** | $**46.1** | $**154.7** | $**3.11** |
| Impairment of assets | 1.4 | 1.4 | 0.2 | 0.7 | 0.01 |
| Separation costs | 19.5 | 19.5 | 4.3 | 15.1 | 0.30 |
| Tax indemnification adjustment | - | (2.8) | (2.8) | - | - |
| **Non-GAAP** | $**215.4** | $**234.3** | $**47.8** | $**170.5** | $**3.42** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Excludes the impact of the noncontrolling interest.

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To further assist in the analysis of results for the periods presented, the following volume and net sales information for three- and 12-month periods ended May 31, 2025, and May 31, 2024, has been provided along with a reconciliation of the non-GAAP financial measures, EBIT, adjusted EBIT and adjusted EBITDA to the most comparable GAAP measure, which is net earnings attributable to controlling interests. Net earnings margin is calculated by dividing net earnings attributable to controlling interest by net sales. Adjusted EBIT margin is calculated by dividing adjusted EBIT by net sales. Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by net sales.

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| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **May 31,** | **May 31,** |
| &nbsp;&nbsp;*(In millions, except volume)* | **2025** | **2024** |
| Volume (tons) | 982180 | 1029565 |
| Net sales | $832.9 | $911.0 |
| **Net earnings attributable to controlling interest** | $**55.7** | $**53.2** |
| &nbsp;&nbsp;Interest expense, net | 1.0 | 2.4 |
| &nbsp;&nbsp;Income tax expense | 16.2 | 17.6 |
| **EBIT** | **72.9** | **73.2** |
| &nbsp;&nbsp;Restructuring and other expense, net<sup>(1)</sup> | 1.0 | - |
| &nbsp;&nbsp;Tax indemnification adjustment | 0.2 | (2.8) |
| &nbsp;&nbsp;Gain on Sitem Group purchase derivative | (4.0) | - |
| **Adjusted EBIT** | **70.1** | **70.4** |
| &nbsp;&nbsp;Depreciation and amortization | 16.9 | 16.1 |
| **Adjusted EBITDA** | $**87.0** | $**86.5** |
| **Net earnings margin** | **6.7%** | **5.8%** |
| **Adjusted EBIT margin** | **8.4%** | **7.7%** |
| **Adjusted EBITDA margin** | **10.4%** | **9.5%** |

---

---

| | | |
|:---|:---|:---|
|  | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **May 31,** | **May 31,** |
| &nbsp;&nbsp;*(In millions, except volume)* | **2025** | **2024** |
| Volume (tons) | 3793752 | 4007373 |
| Net sales | $3093.3 | $3430.6 |
| **Net earnings attributable to controlling interest** | $**110.7** | $**154.7** |
| &nbsp;&nbsp;Interest expense, net | 7.1 | 6.0 |
| &nbsp;&nbsp;Income tax expense | 28.8 | 46.1 |
| **EBIT** | **146.6** | **206.8** |
| &nbsp;&nbsp;Impairment of assets<sup>(2)</sup> | 4.6 | 0.9 |
| &nbsp;&nbsp;Restructuring and other expense, net<sup>(3)</sup> | 1.5 | - |
| &nbsp;&nbsp;Separation costs | - | 19.5 |
| &nbsp;&nbsp;Tax indemnification adjustment | 4.6 | (2.8) |
| &nbsp;&nbsp;Pension settlement gain | (2.7) | - |
| &nbsp;&nbsp;Gain on land sale | (1.5) | - |
| &nbsp;&nbsp;Gain on Sitem Group purchase derivative | (4.0) | - |
| **Adjusted EBIT** | **149.1** | **224.4** |
| &nbsp;&nbsp;Depreciation and amortization | 66.0 | 65.3 |
| **Adjusted EBITDA** | $**215.1** | $**289.7** |
| **Net earnings margin** | **3.6%** | **4.5%** |
| **Adjusted EBIT margin** | **4.8%** | **6.5%** |
| **Adjusted EBITDA margin** | **7.0%** | **8.4%** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Excludes the noncontrolling interest portion of restructuring and other expense, net of $0.7 million in the fiscal 2025 period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Excludes the noncontrolling interest portion of impairment of assets of $2.8 million and $0.5 million in the fiscal 2025 and prior year periods, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Excludes the noncontrolling interest portion of restructuring and other expense, net of $1.1 million in the fiscal 2025 period.

The table below provides a reconciliation from net earnings attributable to controlling interest (the most comparable GAAP financial measure) to the non-GAAP financial measures, EBITDA and adjusted EBITDA, for each of the past five fiscal quarters, the 12 months ended May 31, 2025, and the 12 months ended February 28, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fourth** | **Third** | **Second** | **First** | **Fourth** |
|  | **Quarter** | **Quarter** | **Quarter** | **Quarter** | **Quarter** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** |
| **Net earnings attributable to controlling interest** | $**55.7** | $**13.8** | $**12.8** | $**28.4** | $**53.2** |
| &nbsp;&nbsp;Interest expense, net | 1.0 | 1.4 | 2.1 | 2.6 | 2.4 |
| &nbsp;&nbsp;Income tax expense | 16.2 | 5.0 | 3.6 | 4.0 | 17.6 |
| &nbsp;&nbsp;Depreciation and amortization | 16.9 | 16.6 | 16.3 | 16.2 | 16.1 |
| **EBITDA** | **89.8** | **36.8** | **34.8** | **51.2** | **89.3** |
| &nbsp;&nbsp;Impairment of assets<sup>(1)</sup> | - | 4.6 | - | - | - |
| &nbsp;&nbsp;Restructuring and other expense, net<sup>(2)</sup> | 1.0 | 0.5 | - | - | - |
| &nbsp;&nbsp;Tax indemnification adjustment | 0.2 | - | - | 4.4 | (2.8) |
| &nbsp;&nbsp;Pension settlement gain | - | - | (2.7) | - | - |
| &nbsp;&nbsp;Gain on land sale | - | - | (1.5) | - | - |
| &nbsp;&nbsp;Gain on Sitem Group purchase derivative | (4.0) | - | - | - | - |
| **Adjusted EBITDA** | $**87.0** | $**41.9** | $**30.6** | $**55.6** | $**86.5** |
| **Trailing 12 months adjusted EBITDA** | $**215.1** | $**214.6** |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Excludes the noncontrolling interest portion of impairment of assets of $2.8 million in the third quarter of fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Excludes the noncontrolling interest portion of restructuring and other expense, net of $0.7 million and $0.4 million in the fourth quarter and third quarter of fiscal 2025, respectively.

The following provides a reconciliation of net cash provided by operating activities (the most comparable GAAP financial measure) to free cash flow for each of the past five fiscal quarters and the 12 months ended May 31, 2025. Free cash flow is a non-GAAP financial measure that management believes measures the Company's ability to generate cash beyond what is required for its business operations and capital expenditures.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Fourth** | **Third** | **Second** | **First** | **Fourth** |
|  | **Quarter** | **Quarter** | **Quarter** | **Quarter** | **Quarter** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** |
| **Net cash provided by operating activities** | $**53.9** | $**53.8** | $**68.0** | $**54.6** | $**35.6** |
| &nbsp;&nbsp;Investment in property, plant and equipment | (45.5) | (28.6) | (34.8) | (21.5) | (44.8) |
| **Free cash flow** | $**8.4** | $**25.2** | $**33.2** | $**33.1** | $**(9.2)** |
| **Trailing 12 months free cash flow** | $**99.9** |  |  |  |  |

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The following provides a reconciliation of total debt (the most comparable GAAP financial measure) to the non-GAAP financial measure net debt. Net debt is calculated by subtracting cash and cash equivalents from total debt (defined as the aggregate of short-term borrowings, current maturities of long-term debt, and long-term debt). The calculation of net debt as of May 31, 2025, is outlined below.

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| | |
|:---|:---|
|  | **May 31,** |
|  | **2025** |
| Short-term borrowings | $149.2 |
| Long-term debt | 2.3 |
| **Total debt** | $**151.5** |
| &nbsp;&nbsp;Less: cash and cash equivalents | (38.0) |
| **Net debt** | $**113.5** |

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To further assist in the analysis of results for the periods presented, the following information for the 12 month periods ended May 31, 2025, and May 31, 2024, has been provided along with a reconciliation of net earnings attributable to controlling interest (the most comparable GAAP financial measure) to pro forma adjusted EBIT. Pro forma adjusted EBIT is a non-GAAP financial measure that

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management believes includes incremental and on-going impacts to the Company's operating results as a stand-alone public company resulting from the Separation from the Former Parent. The pro forma financial information assumes the Separation occurred on June 1, 2022, the first day of the Company's 2023 fiscal year.

The pro forma financial information has been prepared based upon the best available information and management estimates and is subject to assumptions and adjustments described in the accompanying footnotes. It is not intended to be a complete presentation of the Company's financial position or results of operations had the Separation occurred as of and for the periods indicated. In addition, the pro forma financial information is being provided for informational purposes only, and is not necessarily indicative of the Company's future results of operations or financial condition had the Separation and related transactions been completed on the dates assumed. Management believes these assumptions and estimates are reasonable, given the information available on the date of this release.

The three months ended May 31, 2025 and May 31, 2024 did not include any pro forma adjustments given these periods were both subsequent to the Separation, and thus no reconciliation of net earnings attributable to controlling interest (the most comparable GAAP financial measure) to pro forma adjusted EBIT was included.

There were no incremental pro forma adjustments made for the 12 months ended May 31, 2025, given this period included the actual results of operating as a stand-alone public company. For the 12 months ended May 31, 2024, the adjustments included in the information below represent the adjustments for the period prior to the Separation.

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| | | |
|:---|:---|:---|
|  | **Twelve Months Ended** | **Twelve Months Ended** |
|  | **May 31,** | **May 31,** |
|  | **2025** | **2024** |
| **Net earnings attributable to controlling interest** | $**110.7** | $**154.7** |
| &nbsp;&nbsp;Interest expense, net | 7.1 | 6.0 |
| &nbsp;&nbsp;Income tax expense | 28.8 | 46.1 |
| **EBIT** | **146.6** | **206.8** |
| &nbsp;&nbsp;Impairment of assets<sup>(1)</sup> | 4.6 | 0.9 |
| &nbsp;&nbsp;Restructuring and other expense (income), net<sup>(2)</sup> | 1.5 | - |
| &nbsp;&nbsp;Separation costs | - | 19.5 |
| &nbsp;&nbsp;Tax indemnification adjustment | 4.6 | (2.8) |
| &nbsp;&nbsp;Pension settlement gain | (2.7) | - |
| &nbsp;&nbsp;Gain on land sale | (1.5) | - |
| &nbsp;&nbsp;Gain on Sitem Group purchase derivative | (4.0) | - |
| **Adjusted EBIT** | **149.1** | **224.4** |
| &nbsp;&nbsp;Pro Forma Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;Incremental steel supply agreement margin<sup>(3)</sup> | - | 1.9 |
| &nbsp;&nbsp;&nbsp;Incremental stand-alone corporate costs<sup>(4)</sup> | - | (8.5) |
| **Total Pro Forma Adjustments** | **-** | **(6.6)** |
| **Pro Forma Adjusted EBIT** | $**149.1** | $**217.8** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Excludes the noncontrolling interest portion of impairment of assets of $2.8 million and $0.5 million in the fiscal 2025 and prior year periods, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Excludes the noncontrolling interest portion of restructuring and other expense, net of $1.1 million in the fiscal 2025 period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Reflects the incremental margin on sales to the Former Parent under the steel supply agreement between the Company and the Former Parent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)Includes an increase in SG&A expense for the 12 months ended May 31, 2024, to capture the effects of recurring and ongoing costs required to operate the Company's stand-alone corporate functions as well as public company costs, offset by lower corporate profit sharing and bonus expense post-separation than what was allocated to the Company in the combined financial statements due to the employee matters agreement with the Former Parent.

###

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## Exhibit 99.2

**EXHIBIT 99.2**<br>

**Worthington Steel, Inc.**

NYSE:WS

## *Q4 FY2025 Earnings Call* 
*Thursday, June 26, 2025 1:30 PM GMT*

CALL PARTICIPANTS 2

PRESENTATION 3

QUESTION AND ANSWER 9

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**WORTHINGTON STEEL, INC. FQ4 2025 EARNINGS CALL JUN 26, 2025**<br>

# **Call Participants**....................................................................................................................................................................

**EXECUTIVES**

**Geoffrey G. Gilmore**

*CEO, President & Director*

**Timothy A. Adams**

*VP & CFO*

**Melissa Dykstra**

*Vice President of Corporate Communication & Investor Relations*

**ANALYSTS**

**John Charles Tumazos**

*John Tumazos Very Independent Research, LLC*

**Samuel J. McKinney** *KeyBanc Capital Markets Inc., Research Division*

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**2**

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**WORTHINGTON STEEL, INC. FQ4 2025 EARNINGS CALL JUN 26, 2025**<br>

# **Presentation**....................................................................................................................................................................

**Operator**

Good morning, and welcome to Worthington Steel's Fourth Quarter 2025 Earnings Call. [Operator Instructions]

I will now turn the call over to Melissa Dykstra, Vice President of Corporate Communications and Investor Relations. Please go ahead.

**Melissa Dykstra**

***Vice President of Corporate Communication & Investor Relations***

Thank you, operator. Good morning, and welcome to Worthington Steel's fourth quarter fiscal year 2025 earnings call.

On our call today, we have Geoff Gilmore, Worthington Steel's President and Chief Executive Officer, and Tim Adams, Vice President and Chief Financial Officer. Before we begin, I'd like to remind everyone that certain statements made today are forward-looking within the meaning of the 1995 Private Securities Litigation Reform Act. These statements are subject to risks and uncertainties that could cause actual results to differ from those suggested. We issued our earnings release yesterday after the market closed. Please refer to it for more detail on the factors that could cause actual results to differ materially. Unless noted as reported, today's discussion will reference non-GAAP financial measures, which adjust for certain items included in our GAAP results and which are presented on a stand-alone basis. You can find definitions of each non-GAAP measure and GAAP to non-GAAP reconciliations within our earnings release.

Today's call is being recorded, and a replay will be available later today on WorthingtonSteel.com.

Now I'll turn it over to Geoff Gilmore.

**Geoffrey G. Gilmore**

***CEO, President & Director***

Good morning, thank you for joining us.

First, I want to thank our incredible Worthington Steel team. Once again, they demonstrated resilience, flexibility, and an unwavering commitment to safety and serving our customers. In the fourth quarter, we generated adjusted EBITDA of 87 million dollars compared with 86.5 million dollars in the prior-year quarter. Earnings per share were one dollar and ten cents compared to one dollar and six cents in the same period last year. While the macroeconomic environment remained mixed, Worthington Steel employees stayed focused on execution, and we made important strategic progress.

Let me begin with a look at what we saw across our end markets. In automotive, our volume strengthened in the fourth quarter. We continue to gain market share in the overall automotive market, and I commend our commercial teams, and everyone involved, for their commitment to fulfilling the needs of our automotive customers. The construction markets we serve, which include fencing, culvert and metal buildings, were down slightly year over year. We saw an uptick in heavy truck because we have gained some share in that market.

The agriculture market, however, continues to face pressure. Energy demand and the need for transformer cores continue to grow as the world relies more and more on artificial intelligence and electrified vehicles. Transformer core growth is also fueled by the need to replace aging electrical infrastructure as more than half of the transformers in use today reach the end of their useful life.

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**WORTHINGTON STEEL, INC. FQ4 2025 EARNINGS CALL JUN 26, 2025**<br>

Now, let's talk about the progress we're making on our long-term strategy. We continue to execute against a roadmap that's built on three pillars. Focused investments in the rapidly growing electrical steel market, margin accretive growth using a strong commercial focus combined with strategic capex and acquisitions, and base business improvements to improve margins, reduce working capital and add incremental capacity through our Transformation. Starting with our capital investments. We continued to progress on our electrical steel expansions in Mexico and Canada. Testing is underway on the five presses in Mexico, and we are preparing for initial production later this calendar year. Electrified vehicle adoption continues to make gains globally with current estimates projecting that hybrids and BEVs will make up more than two-thirds of global market share by 2030. Our Canada transformer core expansion project remains on track to begin production in early calendar 2026. The transformer market in the U.S. is expected to double over the next 10 years to meet the growing demand for electrification.

On the acquisition front, I'm pleased to share that we closed on our acquisition of a 52 percent ownership stake in Sitem on June 3. Sitem is a European electrical steel lamination manufacturer and electric motor die casting expert. This move marks a significant step in enhancing our position in the European electric motor lamination market and strengthening our ability to support global automotive and industrial motor customers. Sitem brings strong technical capabilities and expertise in tooling and automation systems for electric motor laminations that will benefit our electrical steel operations globally. Beyond those capabilities, what truly excites us is the cultural fit—their people-first values mirror our own Worthington Philosophy. We are thrilled to welcome the Sitem team into the Worthington family.

From a commercial perspective, we continue pursuing growth opportunities in select markets, and our team continues to gain market share, fill open capacity and exceed customer expectations. Our team deserves high praise for their ability to collaborate with our suppliers and customers this quarter as they managed through potential supply chain disruptions due to the idling of several mill locations. They worked hard to ensure an uninterrupted supply for our customers. This quarter, Worthington Steel was named a 2024 Supplier of the Year by General Motors, marking our fourth time in the past five years achieving this distinction and, we were recognized as a Partner-level supplier in the John Deere Achieving Excellence Program for the 13th consecutive year – Deere & Company's highest supplier rating. These awards validate our commitment to quality, innovation, and service for our customers.

Now, looking at continuous improvement to our base business, which we call Transformation. Looking for ways to get better is a part of our DNA. Across the company, teams are reducing changeover times, optimizing working capital, improving safety, and streamlining operations. We have added another tool to our transformation tool belt – artificial intelligence. We kicked off our AI journey in earnest this quarter and we see AI as a force multiplier that will elevate our work. AI will become an expectation at Worthington Steel, and we believe it will help us be more productive, improve quality and unlock new value for our customers. Together, these actions strengthen our competitive advantage and give us a clear path to margin expansion, higher returns on capital, and long-term value creation. I'm pleased with how well our team is executing on our strategy, despite some headwinds. We are focused on what we can control, what we can improve and what we can do to serve our customers, all with an eye toward safety.

On the governance front, we announced yesterday the addition of Mark Davis to our board of directors. Mark brings an extensive background in finance, mergers and acquisitions and corporate governance. He will be a tremendous asset to Worthington Steel as we continue to grow.

As I conclude my remarks, I want to reiterate the cautious optimism we mentioned last quarter. We still sense a bit of uncertainty around policy and the overall macro-economy, but our team continues to find ways to win. We are improving our processes and gaining market share. We are embracing AI to unlock even more potential in our business. And I firmly believe we have the right strategy, strong customer relationships, and most importantly, the right people. Although we have only been a stand-alone company for 18 months, we are celebrating 70 years of heritage this year – and for me, that means celebrating the people who fuel our momentum. Our employees are the true strength behind Worthington Steel. Together, we are building the most innovative, customer-focused and efficient steel processor in North America and beyond — one that's purpose-built for the next 70 years.

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**WORTHINGTON STEEL, INC. FQ4 2025 EARNINGS CALL JUN 26, 2025**<br>

Now, I'll turn it over to Tim Adams to walk through the financials.

**Timothy A. Adams**

***VP & CFO***

Thank you, Geoff, and good morning everyone.

For the fourth quarter, we are reporting earnings of 55.7 million dollars or $1.10 per share as compared with earnings of 53.2 million dollars or $1.06 per share in the prior-year quarter. There were several unique items that impacted our quarterly results. First, the current quarter results include 1.7 million dollars, or 1 cent per share, of pre-tax restructuring charges, related to two discrete items. The first was 800 thousand dollars of severance expense associated with our previously announced closure of Worthington Samuel Coil Processing's toll pickling facility in Cleveland. Production at the Cleveland pickling facility effectively ended in May.

The second discrete item was a restructuring expense of 900 thousand dollars associated with the previously announced early retirement program at our tailor welded blank joint venture. Additionally, in the current quarter, we recognized a 4 million dollar gain in miscellaneous income associated with a currency hedge on the Sitem purchase price.

Finally, the prior-year quarter results included recognition of the final unfavorable tax court ruling related to a Tempel pre-acquisition matter for which we were indemnified by the former owners of Tempel. The net impact to earnings is zero, however, we recognized 2.8 million dollars of miscellaneous income related to the indemnity receivable and an additional 2.8 million dollars of tax expense. Excluding these unique items, we generated earnings of $1.05 per share in the current year quarter compared with $1.06 per share in the prior-year quarter.

In the fourth quarter we had estimated pre-tax inventory holding GAINS of 20.8 million dollars, or 31 cents per share, compared to estimated pre-tax inventory holding LOSSES of 3.4 million dollars or 5 cents per share in the prior-year quarter, a favorable pre-tax swing of 24.2 million dollars or 36 cents per share.

In the fourth quarter, we reported adjusted EBIT of 70.1 million dollars, which was down 300 thousand dollars from the prior-year quarter adjusted EBIT of 70.4 million dollars. This decrease in adjusted EBIT is primarily due to lower gross margin and lower equity earnings at Serviacero, partially offset by a year-over-year decrease in SG&A expense. Gross margin was 4 million dollars lower than the prior-year quarter, primarily due to unfavorable tolling margins, offset by increased direct spreads.

Toll processing margins were down 8.1 million dollars, impacted by lower toll volumes and an unfavorable toll processing mix. Direct volume was flat year-over-year, while direct spreads were up 3.4 million dollars, primarily due to the impact of year-over-year pre-tax inventory holding GAINS. Direct spreads, excluding the impact of estimated holding GAINS, were down primarily due to a shift in direct product mix to lower value-added products and market compression in the spread between hot-rolled products and higher value-added products. SG&A decreased 4.8 million dollars over the prior year fourth quarter, primarily due to a 3.3 million dollar decrease in compensation and benefit costs as well as lower bad-debt expense. In the prior year, we recognized 1.7 million dollars of bad-debt expense due to an isolated matter as compared with 100 thousand dollars of income in the current year quarter. Equity earnings from Serviacero decreased due to lower direct volumes and spreads, as well as the impact of exchange rate movements.

Next, I will provide some perspective on the market and our shipments. The market pricing for hot rolled coil began the calendar year at just under $700 per ton. Once steel tariffs of 25% were implemented, the price of hot roll jumped to $950 per ton in March and April but dropped back to approximately $850 per ton in June. With the recent announcement of 50% tariffs on imported steel, we may see additional upward pressure on steel prices. Given that many of our contracts use lagging index-based pricing mechanisms, we expect to generate inventory holding gains in the first quarter of Fiscal 2026. We estimate those GAINS could be approximately 5 to 10 million dollars as compared with the 20.8 million dollars of estimated holding GAINS in the fourth quarter of 2025. Net sales in the quarter were 833 million dollars, down 78

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**WORTHINGTON STEEL, INC. FQ4 2025 EARNINGS CALL JUN 26, 2025**<br>

million dollars, or 9 percent from the prior-year quarter, primarily due to lower direct selling prices and, to a lesser extent, lower toll volumes and, an unfavorable toll processing mix. [NOTE: Toll volume/mix impacted sales by approx..$10M).] We shipped approximately 982,000 tons during the quarter, which was down 5 percent compared with the prior-year quarter. Direct sales volume made up 60 percent of our mix in the current year quarter as compared with 58 percent in the prior-year quarter. Direct sale volume was flat compared with the prior-year quarter and we experienced pluses and minuses across various markets as customers continued to navigate uncertainty during the quarter.

Automotive was a bright spot during the current quarter. Our shipments to the automotive market were up 5 percent compared to the prior-year quarter. As we noted in prior quarters, we have won share in the automotive market. The new programs have begun to ship and we expect to show incremental volume from the new programs over the next few quarters. This additional automotive volume more than offset the continued year-over-year challenges faced by one of our Detroit 3 OEM customers.

We continue to be optimistic the OEM is making progress toward optimizing their commercial strategy leading to a more normal build schedule later in calendar 2025. Similar to last quarter, our year-over-year shipments to the remaining D3 grew despite a small drop in OEM unit production. Our teams continue to work collaboratively with our automotive customers to deliver mutually beneficial solutions. We look forward to expanding our long-term relationships with our automotive customers.

We also saw volume increases in the heavy truck market due to market share gains despite an apparent slowdown in the truck and trailer market. These results reflect our successful execution in targeted markets, particularly where we pursued a strategy to support key customers. Volume increases in the automotive and heavy truck markets were offset by reductions in the construction and ag markets. Construction volume was down 5% year over year, but consistent with historic fourth quarter levels.

Our ag volumes were down 40% compared with the prior-year quarter, primarily due to the expected softness in the agricultural equipment market as well as increased competition in the grain bin sector resulting in spread compression. While tariffs have introduced additional uncertainty, and competition has intensified in the ag market, we responded with strategic pricing discipline and remain well-positioned to adapt quickly as conditions evolve.

Toll processing tons were down 11 percent year-over-year, for several reasons. First, we saw slowness on some automotive tolling programs that are platform specific. Second, we began to show a reduction in volume associated with the wind down of Worthington Samuel Coil Processing's toll pickling facility in Cleveland which we idled in Q4. Finally, we were impacted by several customer decisions. For example, one customer changed a program from toll processing to direct sale while another customer elected to re-source a toll processing program to capture freight savings.

When end-market demand picks up, we expect our toll processing volumes to increase. However, as we discussed last quarter, we expect to see a decrease of approximately 100,000 annual toll processing tons primarily as a result of the WSCP consolidation from Cleveland to Twinsburg. Turning to cash flows and the balance sheet. Cash flow from operations was 54 million dollars and free cash flow was 8 million dollars.

During the quarter, we spent 46 million dollars on capital expenditures related to a variety of projects, including the previously announced electrical steel expansions. In addition, we purchased a building for our Columbus, Ohio, headquarters and expect to move into the building next summer when renovations are complete.

Capital expenditures for Fiscal 2025 totaled 130.4 million dollars and we expect capex for Fiscal 2026 to be approximately 100 million dollars. Our disciplined capital investments are aligned with long-term priorities — particularly in electrical steel and maintaining our key equipment in market ready condition — to support growth and customer needs even in uncertain markets. On a trailing-12-month basis, we generated 100 million dollars of free cash flow. Wednesday, we announced a quarterly dividend of 16 cents per share, payable on September 26, 2025. We ended the quarter with 38 million dollars of cash and our outstanding debt as of May 31st was 152 million dollars, resulting in net debt of 114 million dollars. The increase in net

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**WORTHINGTON STEEL, INC. FQ4 2025 EARNINGS CALL JUN 26, 2025**<br>

debt over the third quarter of fiscal 2025 is primarily the result of our funding of the Sitem acquisition, with the funds held in restricted cash as of May 31. We closed on the Sitem acquisition on June 3rd, acquiring a 52% controlling ownership interest. With this addition, we broaden our electrical steel capabilities and customer base in Europe. Sitem will be consolidated in our results going forward. Integration is already underway, with joint teams identifying commercial and operational synergies. We are confident the integration is progressing as planned and view Sitem as a natural extension of our electrification growth strategy. Thank you to both the Sitem and Worthington teams for their hard work to finalize the transaction.

Finally, I would like to thank everyone at Worthington Steel for making safety the highest priority at every facility and for driving results in a dynamic market. With a strong balance sheet, a focused strategy, and an agile team, Worthington Steel is well-equipped to create value and act decisively as opportunities arise. I want to thank our entire team for their hard work during our first full year as an independent company and for their dedication to our Philosophy and our shareholders.

At this point, we would be happy to take your questions.

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**WORTHINGTON STEEL, INC. FQ4 2025 EARNINGS CALL JUN 26, 2025**<br>

# **Question and Answer**....................................................................................................................................................................

**Operator**

[Operator Instructions] Our first question comes from the line of Samuel McKinney with KeyBanc Capital Markets.

**Samuel J. McKinney**

***KeyBanc Capital Markets Inc., Research Division***

Congrats on the great quarter. Starting on fourth quarter gross margin, up nearly 350 basis points quarter-on-quarter, and it was the best figure you guys have posted in 2 years. Talk us through how you achieved the richer mix of direct tons and stronger metal spreads despite the macro headwinds that you're still facing in some key end markets.

**Timothy A. Adams**

***VP & CFO***

Well, Sam, this is Tim. Let's parse that a little bit. So fourth quarter in terms of volume is typically our strongest quarter, right? So when you look year-over-year, we were fairly flat on volume, but quarter- over-quarter, we were up quite a bit, right? And I think that's an indication of the market is solid across a lot, right? It's not hugely up or hugely down, but solid across a lot of industries.

I think when it comes to the spreads or the gross margin, I think you have to back out inventory holding gains and losses. So once you do that, I think what we saw was spread compression in both quarters, Q3 and Q4 because of product mix. We had a richer product mix in Q3 versus Q4. And year-over-year, we had a richer product mix in the prior year.

I think the other same thing you're seeing there is you're seeing compression on market spreads from a -- just a high value-add versus hot-rolled, so hot dip to hot-rolled spread or cold rolled to hot-rolled spreads. So you're seeing some compression there.

**Samuel J. McKinney**

***KeyBanc Capital Markets Inc., Research Division***

And that leads into my next question, which is that galvanized spreads, like you said, still relatively compressed with demand still cautious on tariff uncertainty, interest rates. And how do you view that market as we move into fiscal year '26?

**Geoffrey G. Gilmore**

***CEO, President & Directo****r*

Yes, cautiously optimistic. You'll hear that a lot, unfortunately, Sam. But look, we're in a period where there's not a lot of clarity with the tariffs. Because of the tariffs and not having a lot of clarity, you're not seeing much movement on interest rates either. So demand has been a bit muted across several markets that use a lot of galvanized. At the same time, there's been 4.5 million tons of galvanized capacity that's been added over the last several years, and you had quite a bit of imports coming in.

So that's certainly compressed that spread you're referring to between hot rolled and galvanized, and it just creates a more competitive environment. I think we're working through that and why I'm cautiously optimistic, we'll begin to see improvements there.

And it's really a couple of things. I think when we put the 25% tariffs in place, that didn't have a very significant impact on market pricing or on imports, raising that to 50%, certainly will. At the same time, a lot of antidumping cases that have been pushed through, and that's going to limit the amount of galvanized coming in as well. So just those things alone, you'll start to see that spread recover.

And then as we work through the tariffs, and I believe firmly, we will, but we're not going to see any significant movement on interest rate cuts until that's done. But as we move through that, we certainly

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**WORTHINGTON STEEL, INC. FQ4 2025 EARNINGS CALL JUN 26, 2025**<br>

are going to start to see demand pick up. You got the big beautiful bill coming behind it. And so there's money to be spent, things will pick up, and that certainly will help drive that spread as well.

**Samuel J. McKinney**

***KeyBanc Capital Markets Inc., Research Division***

Okay. And then last one for me. I know throughout the course of fiscal year '25, you guys dealt with some destocking from the automotive OEMs. With the understanding that they're probably not going to build up a huge amount of inventory anytime soon. I mean how can you guys continue to be successful in that end market? I know you noted the new market share wins.

**Geoffrey G. Gilmore**

***CEO, President & Director***

Yes. Good question, Sam. Fortunately, and not a surprise, we clearly are watching forecasts closely, historical forecasts. We get great information on build rates. We had sales and operation planning meetings. And so to your point, we didn't see or feel any type of significant pull ahead this quarter. And the reality is if you look at the Detroit 3 is the easy example I can get, whether it be Ford or GM or Stellantis, this is all published publicly, build rates were down quite a bit. And we were down less than half.

And why we performed well this quarter as far as volume goes, specifically in that market, which was up 5% automotive, is market share gains. Our team, again, I gave them high praise in my comments. We've been talking about this over the last few quarters. We picked up significant market share in automotive. And we will continue over the next few quarters to see that additional market share trickle in. And we had also mentioned one of our larger customers was struggling a little bit. They were late on several launches, and they were not nearly as aggressive as others on pricing and incentives and it cost market share. We saw a bit of a rebound here last month from that customer. And so far into this month, I think, again, cautiously optimistic there. It's going to continue to progress, but it's going to take a few quarters. But that's why our volume was very strong, specifically to automotive.

And in addition, again, not necessarily this quarter, but as you look out in the future, that specific OEM buys the most of our value-added products. And the Tier 1s we support that by a significant amount of value-added products support that specific customer. So Tim talks about mix. We're cautiously optimistic as we start moving into second and third quarter, along with the volume, we can start seeing a more favorable product mix. I don't anticipate a great deal of that right now. Again, that will trickle in over the quarters to come, Sam.

**Operator**

Our next question comes from the line of John Tumazos with John Tumazos Very Independent Research.

**John Charles Tumazos**

***John Tumazos Very Independent Research, LLC***

Could you describe the competitive dynamics in the tailor welded blanks business? Who else makes them besides ArcelorMittal? Are there trading companies in that business? I'm surprised that you have to take early retirements there.

**Geoffrey G. Gilmore**

***CEO, President & Director***

Yes, John, so interesting market. There are several players globally, not several players in North America. Obviously, there's ArcelorMittal Tailored Blanks, and then there's Worthington Steel Tailor Welded Blanks. And it's not an area where the trading partners would play. You're familiar with this business, it is highly technical. So the barriers of entry are high, which is why I don't think you've seen a significant amount of players in North America.

That business is truly specific to part consolidation and lightweighting. And we've seen significant growth at Tailor Welded Blanks really specifically over the last 5 years, I would tell you, AMTB has seen the same

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**WORTHINGTON STEEL, INC. FQ4 2025 EARNINGS CALL JUN 26, 2025**<br>

with significant focus on lightweighting over the last 10 years, you're just continuing to see more and more of those specialized parts going into the body in white.

And the future is bright for both AMTB and I think -- well, not think, I know for TWB as well with ultra-high strength steels and specifically press hardened steels, those parts are becoming more sought after. And AMTB was able to work with their research and development team on a process to adjoin high-strength parts. You recall, we mentioned 3 months ago that we reached a licensing agreement with them for

what's called the ablation process. That's what's used to weld press hardened steel together. So the OEMs certainly want more than one player. We knew that, AMTB knew that. So it's a wonderful opportunity for us both to pursue competitively.

Why that's growing? If you look at the nature of that product, John, and again, I talk about it being highly technical. This press hardened steel is heated up to temperatures that make it much more formidable.

And then when it goes through the actual hot stamping, it retains its strength. And why that's important, you're able to take what's several parts today and now create one, and one that's lighter. And so there are savings on the weight that the customer is buying, freight that they're paying, and scrap.

And then when it gets to the assembly line, it takes out significant cost for the automotive company because you're assembling one part versus what was several parts. And it's a critical component, and this is probably the most important. There's huge safety concerns. It's a critical part of the body in white.

And what it will do is it protects the passenger and the battery if there is to be any type of crash. And then further, because of the lightweighting, you're taking out significant miles per gallon in the vehicle. So a lot less emissions, if it's an internal combustion engine. If it's hybrid or battery electric, obviously, range is important and lighter weight will increase range. But that's why those products are becoming so popular.

**John Charles Tumazos**

***John Tumazos Very Independent Research, LLC***

So if the products are growing, why are you thinning out your people?

**Geoffrey G. Gilmore**

***CEO, President & Director***

I didn't understand that, John. Could you repeat that for me, please?

**John Charles Tumazos**

***John Tumazos Very Independent Research, LLC***

You described how the products are growing. So then why were you taking early retirements?

**Geoffrey G. Gilmore**

***CEO, President & Director***

TWB?

**John Charles Tumazos**

***John Tumazos Very Independent Research, LLC***

Yes.

**Geoffrey G. Gilmore**

***CEO, President & Director***

TWB took early retirements simply because we've made a couple of significant acquisitions in there. And John, part of the part -- part of your assumptions making any acquisitions is SG&A. You know Our Philosophy, and we tried to stick to Our Philosophy. That's never something that we want to cut too deep into. We like to embrace the companies that we buy. It takes time, John, to identify top talent. And rather than going in and with an impulsive RIF or putting a family in stress, this is a way to go about doing that, that much more aligns with Our Philosophy.

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**WORTHINGTON STEEL, INC. FQ4 2025 EARNINGS CALL JUN 26, 2025**<br>

And as this grows, again, we just got the license, John. We've just put our first ablation line in. So certainly, there will be that opportunity for the business to grow. And as it grows, and we need to scale up, we won't have a problem doing so.

**Operator**

I will now turn the call back over to Geoff Gilmore, President and CEO, for any closing remarks.

**Geoffrey G. Gilmore**

***CEO, President & Director***

First, again, I want to thank our team for an exceptional job. I could not be more proud of all of them. We are exceeding my expectations, which are high for myself and the team and truly appreciate everybody that's been listening in today and asking questions and showing interest in Worthington Steel. We had an exceptional quarter. Again, I want to continue to use cautiously optimistic, but our base business has never been stronger. And as we work through some of the headwinds that we faced, we are well-positioned to take advantage of any opportunity in the growth that's coming. Thank you.

**Operator**

And that concludes our call today. Thank you all for joining. You may now disconnect.

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## Exhibit 99.3

![Slide 1](ws-ex99_3s1.jpg)

Worthington Steel Investor Presentation \| June 2025 Exhibit 99.3

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![Slide 2](ws-ex99_3s2.jpg)

Safe Harbor Statement Selected statements contained in this release constitute "forward-looking statements," as that term is used in the Private Securities Litigation Reform Act of 1995 (the "Act"). The Company wishes to take advantage of the safe harbor provisions included in the Act. 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," "anticipate," "may," "could," "should," "would," "intend," "plan," "will," "likely," "expect," "estimate," "project," "position," "strategy," "target," "aim," "seek," "foresee" and 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; the anticipated benefits of the Company's separation from Worthington Enterprises, Inc. (the "Separation"); the expected financial and operational performance of, and future opportunities for, the Company following the Separation; the tax treatment of the Separation transaction; the leadership of the Company following 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 for the Company or its markets; 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 at the Company's operations; 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 and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; 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; expectations for Company and customer 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; the ever-changing effects of the novel coronavirus ("COVID-19") pandemic and the various responses of governmental and nongovernmental authorities thereto on economies and markets, and on our customers, counterparties, 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: our 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 impact of tariffs, the adoption of trade restrictions affecting the Company's products or suppliers, a United States 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; changing oil 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, labor and other items required by operations (especially in light of Russia's invasion of Ukraine); effects of sourcing and supply chain constraints; the outcome of adverse claims experience with respect to workers' compensation, product recalls or product liability, casualty events or other matters; effects of 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 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; 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 (especially in light of Russia's invasion of Ukraine), 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 (especially in light of Russia's invasion of Ukraine), foreign currency exchange rate exposure and the acceptance of the Company's products in global markets; 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, as well as potential adverse impacts as a result of the Inflation Reduction Act of 2022, 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; the level of imports and import prices in the Company's markets; the impact of environmental laws and regulations or the actions of the United States 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 and considerations; the impact of judicial rulings and governmental regulations, both in the United States and abroad, including those adopted by the United States Securities and Exchange Commission ("SEC") and other governmental agencies as contemplated by the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; the effect of healthcare laws in the United States 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 United States and potential changes for such laws, which may increase the Company's costs and negatively impact its operations and financial results; cyber security risks; the effects of privacy and information security laws and standards; and other risks described from time to time in the Company's filings with the SEC, including those described in "Part I – Item 1A. – Risk Factors" of the Company's Annual Report on Form 10-K for the fiscal year ended May 31, 2024 and its subsequent filings with the SEC. Forward-looking statements should be construed in the light of such risks. The Company notes these factors for investors as contemplated by the Act. It is impossible to predict or identify all potential risk factors. Consequently, you 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, which speak only as of the date made. The Company does not undertake, and hereby disclaims, any obligation to 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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Investment Highlights 2. Long-standing customer relationships focused on value creation and best-in-class service delivery 1. Well-positioned to capitalize on opportunities from expected growth in electricity usage to support data center growth and vehicle electrification combined with the modernization and expansion of the electric grid 3. Strong balance sheet and ample liquidity to pursue attractive growth opportunities via strategic capital investments and/or value-enhancing acquisitions Experienced management team with a track record of delivering value and driving success through the Worthington Business System 4.

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Value-added Metals Processing Company TTM Financial Metrics2 Volume Delivered (tons) 3.8M Direct / Toll (tons) 2.2M / 1.6M Net Sales $3.1B Adjusted EBITDA / Margin $215M / 7.0% Free Cash Flow $99.9M Capex / % of sales $130.4M / 4.2% Dividend (Annualized Rate) $0.64 1955 Founded Columbus, OH Headquarters 32 Locations1 ~5,000 Employees1 ~$1.3B4 Market Capitalization As a leader in the markets we serve, we boldly drive the metals industry toward a sustainable future as the most trusted, most innovative and most value-added metals processing partner in North America and beyond. OUR VISION 1 Includes JV people & locations; 2 TTM ended May 31, 2025; 3 Excludes pro-rata share of unconsolidated JVs; 4 As of May 31, 2025. Net Sales by End-Market2,3

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We Occupy a Unique Position in the Steel Supply Chain Worthington Steel Operations Mills Service Centers Melt Hot Roll Coil (HRC) Hot Roll Conversion Pickling / scale removal Hot dip galvanizing Specialty Processing Specialty cold rolling, temper pass, annealing, heavy gauge and configured blanking Electrical steel lamination manufacturing Tailor welded solutions Dimensional Processing Slitting to Width Cutting to Length Warehouse/ Distribute Customized, Value-added Solutions ~90% of shipments run through at least two value-added processes Make-to-Order, Contract-Based End-to-End Supply Chain Management WHY WE WIN What Differentiates Worthington Steel from Competitors Across the Steel Supply Chain Customized value-added services

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Building on Market Leadership Position Blue-Chip Customer Recognition and Accolades Note: Rankings based on management estimates. Global Manufacturer of Electrical Steel Laminations and Cores #3 #1 Producer of Tailor Welded Blanks in North America #1 Trader of Steel Futures by Volume Among North American Service Centers #1 Network of Independent Picklers in North America #1 Independent Producer of Hot Dipped Galvanized Steel in North America #2 Independent Flat Rolled Service Center in Mexico Supplier of the Year 2020, 2021, 2023 & 2024 2021 Schaeffler Supplier Excellence Award 2021-2024 Partner Level Supplier and inducted into 10-year Hall of Fame 2020 Raw Material Supplier of the Year 2022 Global Supplier Award in "Lead Electric Propulsion" Zero PPM Award for Manufacturing Excellence 2023 Supplier of the Year 2022, 2024 Tata AutoComp Systems 2024 Supplier Award for Synergy Note to Tim: For next quarter - Will this number change next quarter with Sitem?

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Joint Ventures Wholly Owned Network and Services to Deliver Added Value to Customers 1 Includes Worthington Steel's consolidated and unconsolidated joint ventures. 32 Manufacturing Facilities Primarily Located in North America1 Key Operations Strategically Located Proximate to Suppliers and Customers Expertise in Optimizing SupplyChains and Minimizing Total Landed Cost 90% of Sales in North America; 10% of Sales in Asia and Europe

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Joint Ventures Expand Our Processing Capabilities and Reach Note: Volumes shown are total tons shipped from the fiscal year ended May 31, 2025, presented on a 100% basis. 1 Worthington Samuel Coil Processing. TWB (55%) Partner: BaoSteel Tailor welded products for the automotive industry Operates 11 facilities in US, Canada, Mexico Growth Initiative - Adding ablation equipment to pursue new market in hot formed tailored blanks 250k Direct Tons 125k Toll Tons Partner: Serviacero Pickling, heavy gauge blanking, and slitting Operates 3 steel processing facilities in Mexico Growth Initiative - New slitter available January 2025 to process recent program wins Serviacero Worthington (50%) 400k Direct Tons 100k Toll Tons Partner: Cleveland-Cliffs A cold-rolled, hot-dipped coating line producing galvanized, galvannealed and aluminized products Single facility in Michigan Growth Initiative – Added Type 1 aluminized capability Spartan Steel Coating (52%) 425k Toll Tons Partner: Samuel, Son & Co. Pickling and slitting for the automotive, fabrication and appliance markets Operates 1 pickling facility in Ohio WSCP1 (63%) 450k Toll Tons

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Agriculture Combines Grain bins Center pivot irrigation Hay bailers Auger, chain, blades and plow components Construction Metal buildings Garage doors & rail systems Corrugated steel pipe Metal framing Strut and conduit Fencing Energy Transformer cores for power distribution Generators, including large scale & home power generation Racking and mounts for solar applications Truck / Trailer Wheel rims Frames Suspensions Trailer components Drivetrain Automotive Traction motors for BEVs /hybrids including trucks Automatic transmissions for hybrids / ICE Frames and chassis Seat rails Body structure Near term outlook for key markets served by Worthington Steel Note: BEVs = battery electric vehicles; Hybrids = full and mild hybrids and contain both traction motors and internal combustion engines; ICE = internal combustion engine vehicles. Note: Market trend data sources include: Agriculture (TBD); Construction - AIA, Dodge and Government Sources; Heavy Truck - S&P Platts, FTR, ACT Research; Agriculture - Purde-CME Ag Barometer, AEM, Ag Commodity Markets, Government Sources.

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Diversified Customer Base, Many With Decades-Long Relationships Critical Supplier to Blue-Chip Companies Across End Markets Note: Sales based on TTM ended May 31, 2025.

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Our Strategy and Operating Model

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Proven Worthington Business System embedded in growth plans Executing on our investments in the rapidly growing electrical steel market Strategically expanding our capacity for highly technical electrical steel products to meet demand for infrastructure improvements and electric vehicles (including hybrid and battery electric vehicles) Growing through strategic initiatives/capex, new products and acquisitions Filling our existing capacity, meeting customer needs and capitalizing on attractive growth opportunities Optimizing our business utilizing proven transformation processes Improving our base business to increase margin, reduce working capital and maximize capacity

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TRANSFORMATION Leveraging Lean Practices and Technology Systematic approach to business improvement Optimizing working capital Maximizing capacity and reducing waste Predictive analytics and automation enhance efficiency, reduce downtime and improve safety INNOVATION Tailored Customer Solutions Cross-functional teams Sophisticated supply chain management Price risk management Metallurgical expertise for customized solutions ACQUISITION Adding Capabilities for Above-Market Growth Energy transition: Tempel provides direct exposure to global decarbonization efforts and power grid modernization and expansion Automotive lightweighting: Acquisition of Shiloh BlankLight® expanded offerings for fuel-efficiency, cost reduction and part consolidation Worthington Business System is the Foundation for Driving Improved Profitability Our people-first Philosophy is rooted in the Golden Rule: We treat our employees, customers, suppliers and shareholders as we would like to be treated

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Customized End-to-End Supply Chain Solutions Strategic Operating Footprint Price Risk Management Experienced Technical Team Unique Mix of Processing Capabilities Entrenched Customer Relationships Beginning with Material from our Mill Partners Worthington Steel Offers a Wide Range of Value-Added Processing Capabilities and Services Serving Customers Across Attractive End Markets Our Differentiated Business Model Drives Worthington Steel Forward

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Results Innovation: Product Improvements That Meet Changing Customer Needs for Lightweighting Since 2000, we have successfully launched more than 500 lightweighting production parts "Voice of Customer" Approach to New Product Development Driving Market Share Gains and Improved Customer Intimacy Continued Enhancements to Core Offerings At the Forefront of EV Battery Box Design Hot Stamped Door Ring Advanced, High-strength Tailor Welded Frame Rails Capitalizes on lightweighting and part consolidation trends Adopted by most North American light duty truck manufacturers Upper / LowerBattery Covers Deep Drawn Battery Tray A leading supplier to North Americanautomotive producers Innovative product solution in development

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Goal: Reduce Excess Working Capital While Maintaining Inventory for High-Growth Products Case Study: Our Transformation Strengthens Customer Relationships Our customer faced high capital costs and limited floor space tied up in slow-turn inventory Growth was constrained by lack of space for higher-demand products We hosted a joint kaizen event to identify ways to optimize inventory across both organizations Collaborated to implement a more transparent, responsive ordering system Our customer reduced working capital by 61% in one month and ensured supply for critical products We improved visibility, strengthened demand planning and deepened a strategic relationship

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Well Positioned to Capitalize on Key End Market Trends Worthington Steel Product Offering Key Trends Worldwide transition to electric vehicles and OEM push for lightweighting innovation supporting automotive steel demand Electrification, AI and data center growth creates demand for our products Upgrading aging infrastructure and electrical grid in the U.S. will require a significant amount of steel Market Growth Drivers >70% of passenger vehicles sold globally in 2030 expected to be battery or hybrid 7.7% Projected CAGR through 2034 $1 Trillion infrastructure bill signed in 2021 Decarbonization of Transportation Energy Growth Infrastructure Tailored Blanks Electrical Steel Laminations EV Traction Motors Automotive Frames Electrical Steel Laminations Transformer Cores Galvanized Steel Electrical Steel Laminations Transformer Cores Drainage Culvert / Renewables Sources: 1 S&P Global Mobility, E-Motor Production Forecast, June 2025, includes mid- and full-hybrids; 2 Global Market Insights. (February 2025). Transformer Market Size, Industry Share Report 2025–2034; 3 White House (Inflation Reduction Act Guidelines, January 2023). 1 3

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HYBRID Clutch plate and electrical steel laminations 80% of Steel Sold by Worthington to Automotive Market Supports Powertrain-Agnostic Parts \*In North America, the average vehicle contains approximately 2,000 lbs of flat roll Steel (excluding the engine). ACCESSORY MOTORS CHASSIS/ UNDERBODY INNER CLOSURES BODY STRUCTURE INTERNAL COMBUSTION ENGINE Clutch plate EV Electrical steel laminations We are also a critical supplier for powertrain components across all types of propulsion systems:

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Focused Strategic Investments in Electrical Steel Expanding existing xEV production capacity Total expected capex = $85M (~50% spent through 5/31/25) Building expansion complete Initial five presses installed; five more expected (exact timing tied to commercial milestones) Targeting start of production for fall 2025 Adding capacity to existing core-making operation to help customers close 2-year backlog on transformer orders Total expected capex = $85M (~80% spent through 5/31/25) Awarded enough new business to fill 50% of the additional capacity Targeting start of production for early CY 2026 Expect Steady State EBITDA Margins to Be Accretive Mexico: Increase Motor Lamination Capacity to Meet Growing xEV Demand Canada: Increase Transformer Core Making Capacity to Meet Demand

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M&A Is a Key Part of Our Strategy BlankLight® Assets Strip Steel Assets Automotive Components Nagold, GER Select Acquisitions Investment Criteria Well-run, successful companies with strong management teams Culture aligns with Our Philosophy Accretive to earnings per share in a short period of time and increases overall EBITDA margin Opportunities to increase value through Transformation and synergy capture Strengthen our business in current markets or provide access to new, attractive and more niche markets

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Sitem acquisition strengthens our electrical steel business globally A European Leader in Electrical Steel Laminations Established in 1974, headquartered in Trevi, Italy 700 employees in 6 facilities across Italy, Switzerland, France and Slovakia Acquired Capabilities and Synergy Opportunities Accelerates entry into European xEV traction motor market Access to advanced capabilities: Tooling, automation, adhesives and die-casting Additional potential synergies from enhanced commercial and supply chain cooperation Deal Snapshot Acquired 52% ownership through share purchase, capital injection, and contribution our Nagold, Germany facility with immediate operational control Clear path to increased long-term ownership

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Key Financial Metrics

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Resilient Financial Performance Despite Commodity Volatility Net Sales ($M) & Volumes (M Tons) Adjusted EBITDA ($M) & Margin (%) Estimated Holding G/(L)1 $22 ($49) ($3) ($10) Strategic Acquisitions: Note: FY is fiscal year ended May 31. 1 Estimated Inventory Holding Gains or Losses in respective period.

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How Worthington Steel Mitigates Volatility in Steel Pricing Worthington Business System to manage inventory Deployed to drive inventory lower within carbon flat-rolled locations; opportunities remain Inventory down 16% on a tons basis Use firm-priced contracts where possible to lock in margin Customers choose contract mechanisms that best fit their business Mirror customer and supplier contract mechanisms (e.g., buy/sell on quarterly CRU) ~100% of contracts are mirrored Utilize steel futures when fixed pricing is not offered by a mill We Minimize Steel Holding Gains and Losses Note: Fiscal year ended May 31. Worthington Business System Helps Drive Down Inventory Transformation Launch Advanced Analytics Lean Flow Baseline Historical Hot-Rolled Steel Price ($/ton)

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RECENT EXAMPLES Pathway to Margin Expansion Strategy to Achieve 10%+ Adj. EBITDA Margin Target Levers to Improve Profitability Focus onhigh margin products Drive out waste and reduce costs Introduce higher margin new products and processes Acquire margin accretive businesses 10%+ Note: Sitem Acquisition Closed June 3, 2025; just after the close of FY25. Applying Transformation to corporate functions Expanding electrical steel capabilities in Canada and Mexico Licensed ablation technology to open new opportunities for TWB Sitem acquisition strengthens global presence for electrical steel

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Strong Cash Flow Supports Growth Initiatives Note: FY is fiscal year ended May 31. 1 Operating Working Capital defined as accounts receivable plus inventory minus accounts payable. Operating Cash Flow ($M) Operating Working Capital1 ($M) Capex ($M) $36 $45 $103 $130 Steel Price ($/ton) $1,600 $890 $870 $750

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Capital Investments to Strengthen and Grow Market Position Capital Expenditures ($M) Capex (% of Sales) 0.9% 1.3% 3.0% 4.2% Strategic Capital Investments Increasing Lightweighting Capabilities/Capacity Laser Welding: support lightweighting targets for new Battery EV models Ablation: produce Hot Formed Tailored Blanks for automotive lightweighting applications Investing in Electrical Steel Capacity/Capability Transformer Core Lamination Expansion: adding capacity and capability in Canada xEV Focus Factory: expanding electrical steel lamination offering in Mexico Maintenance Capital Category includes equipment, information technology, new headquarters, and environmental, health & safety Philosophy toward maintenance spending is to maintain key assets in market ready condition

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Capital Structure Supports Growth Initiatives Note: Fiscal 2025 Fourth Quarter ended May 31, 2025; 1 Trailing Twelve Month Net Leverage defined as Net Debt at period end divided by Trailing Twelve Month Adjusted EBITDA; 2 Total Liquidity defined as total capacity of ABL facility less net debt. Balance Sheet Summary ($M) Total Debt $152 (-) Cash $38 Net Debt $114 Trailing Twelve Month Adjusted EBITDA $215 Trailing Twelve Month Net Leverage1 0.53x Total Liquidity2 $436 Accomplished initial goal for a strong balance sheet at Spin Date Expect to maintain a flexible capital structure with modest leverage and ample liquidity Current credit facility consists of: $550M ABL facility, maturing in 2028 Goal is to maintain sufficient liquidity and flexibility to execute on our business strategy Pursue high-return organic growth opportunities Target strategic accretive acquisitions Return capital to shareholders

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How We Drive Shareholder Value

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Disciplined Framework Designed to Drive Shareholder Value Organic Growth Strategic M&A Shareholder Return Maintain operations in market ready condition Grow capacity to meet electrical steel and lightweighting demand Pursue high IRR capacity additions Target acquisition opportunities that are expected to be immediately accretive to earnings Leverage track record and skill set to integrate bolt-on opportunities and realize synergies Focus on maximizing shareholder return Expect to pay a modest dividend Long-term intention to pursue opportunistic share buybacks …and Maintain Ample Liquidity and Financial Flexibility to Support Strategic Initiatives and Resiliency Through the Cycle

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More than 200 Combined Years of Experience Managing Through Steel Price Cycles and Shifting Macroeconomic Climates with Proven Ability to Execute M&A Experienced Management Team to Drive Strategy CLIFF LARIVEY President, Flat-Rolled Steel Processing BILL WERTZ VP & Chief Information Officer GEOFF GILMORE President & Chief Executive Officer JEFF KLINGLER Executive VP & Chief Operating Officer TIM ADAMS VP & Chief Financial Officer JOE HEUER VP & General Counsel MELISSA DYKSTRA VP of Corporate Communications & Investor Relations BRAD KERN VP of Operations NIKKI BALLINGER VP of Human Resources STEVE WITT Corporate Controller

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Investment Highlights 2. Long-standing customer relationships focused on value creation and best-in-class service delivery 1. Well-positioned to capitalize on opportunities from expected growth in electricity usage to support data center growth and vehicle electrification combined with the modernization and expansion of the electric grid 3. Strong balance sheet and ample liquidity to pursue attractive growth opportunities via strategic capital investments and/or value-enhancing acquisitions Experienced management team with a track record of delivering value and driving success through the Worthington Business System 4.

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Appendix

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Reconciliation of Non-GAAP Financial Measures These materials present certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles, or GAAP. Management believes these non-GAAP measures provide useful supplemental information on the performance of the Company's ongoing operations and should not be considered as an alternative to the comparable GAAP measure. Additionally, management believes these non-GAAP measures allow for meaningful comparisons and analysis of trends in the Company's business and enable investors to evaluate operations and future prospects in the same manner as management. A reconciliation of each non-GAAP measure to its most directly comparable GAAP measure is outlined below. The following provides an explanation of each non-GAAP measure presented in these materials: Adjusted EBITDA is defined as Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization, and consists of EBITDA (calculated by adding or subtracting, as appropriate, interest expense, income tax expense and depreciation and amortization to/from net earnings attributable to controlling interest), which is further adjusted to exclude impairment and restructuring charges (gains) as well as other items that management believes are not reflective of, and thus should not be included when evaluating the performance of its ongoing operations. Impairment of assets - impairments of assets are excluded because they do not occur in the ordinary course of the Company's ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, so their exclusion facilitates the comparison of historical and current financial results. Restructuring activities - restructuring activities consist of items that are not part of the Company's ongoing 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). Separation costs - direct and incremental costs incurred in connection with the Separation from Worthington Enterprises, Inc. (the "Former Parent"), including audit, legal, and other fees paid to third-party advisors as well as direct and incremental costs associated with the separation of shared corporate functions which are not part of the Company's ongoing operations. Tax indemnification adjustment - tax and indemnification adjustments reported in income tax expense and miscellaneous income, net, related to an indemnification agreement with the former owners of Tempel Steel Company ("Tempel"). These adjustments are the result of a first quarter fiscal 2025 favorable tax ruling, a fourth quarter fiscal 2025 interest charge true-up, and a fourth quarter fiscal 2024 unfavorable tax ruling in one of the jurisdictions in which Tempel operates. The indemnification agreement, which was entered into with the former Tempel owners at the time the Company acquired Tempel, provides protection to the Company from rulings by tax authorities through the acquisition date. Pension settlement gain - pension lift-out transaction to transfer a portion of the total projected benefit obligation of the Tempel pension plan to a third-party insurance company, which resulted in a pre-tax non-cash gain reported in miscellaneous income, net, is excluded as it is not part of the Company's ongoing operations. Gain on land sale - sale of unused land on the campus of the Tempel subsidiary in China, which resulted in a pre-tax gain in miscellaneous income, net, is excluded as it is not part of the Company's ongoing operations. Gain on Sitem group purchase derivative - mark-to-market gain on the economic (non-designated) foreign currency exchange contract entered into related to the purchase price for Sitem Group, which resulted in a pre-tax gain in miscellaneous income, net, and is excluded as it is not part of the Company's ongoing operations. Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by net sales. Free Cash Flow is defined as operating cash flows less capital expenditures. For additional information with respect to Worthington Steel, please refer to our most recent Form 10-K.

## Exhibit 99.4

**EXHIBIT 99.4**<br>

![img241974156_0.jpg](img241974156_0.jpg)

**Worthington Steel Announces Appointment of Mark Davis to Board of Directors and Audit Committee**

**06/25/2025**

**COLUMBUS, OHIO--**(BUSINESS WIRE)-- Worthington Steel, Inc. (NYSE: WS) announced today the appointment of Mark Davis to the Worthington Steel Board of Directors, effective immediately. Davis will serve as a member of the Audit Committee of the Board.

"We are pleased to welcome Mark Davis to our board of directors," said John Blystone, executive chairman of Worthington Steel. "Mark's extensive background in finance, mergers and acquisitions and corporate governance will be a tremendous asset as we continue to grow and create value for our stakeholders."

Davis is a private investor and co-chair of Lank Acquisition Corp., which invests in minority and majority positions in both public and private companies. He has more than 30 years of experience in investment banking and corporate finance, including senior leadership roles at JPMorgan Chase overseeing its Mergers and Acquisitions Group, General Industry Investment Banking and Investment Banking Coverage for all corporate clients.

Earlier in his career, Davis held senior positions at Salomon Brothers and began his investment banking career at Kidder, Peabody & Co. in mergers and acquisitions and corporate finance.

He has served on the boards of Worthington Enterprises, Scott Paper Co., Valassis Industries Inc. and Manhattanville College, where he chaired the finance committee. Davis earned a Master of Business Administration from the Tuck School of Business and a bachelor's degree from Dartmouth College.

**About Worthington Steel**

Worthington Steel (NYSE:WS) is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel's expertise in carbon flat-roll steel processing, electrical steel laminations and tailor welded solutions is driving steel toward a more sustainable future.

As one of the most trusted metals processors in North America, Worthington Steel and its approximately 6,000 employees harness the power of steel to advance our customers' visions through value-added processing capabilities including galvanizing, pickling, configured blanking, specialty cold reduction, lightweighting and electrical lamination. Headquartered in Columbus, Ohio, Worthington Steel operates 37 facilities in seven states and 10 countries. Following a people-first Philosophy, commitment to sustainability and proven business system, Worthington Steel's purpose is to generate positive returns by providing trusted and innovative solutions for customers, creating opportunities for employees and strengthening its communities.

**Safe Harbor Statement**

Worthington Steel wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements by Worthington Steel which are not historical information constitute "forward-looking statements" within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks, uncertainties and impacts described from time to time in Worthington Steel's filings with the Securities and Exchange Commission.

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## Exhibit 99.5

**EXHIBIT 99.5**<br>

![img242897677_0.jpg](img242897677_0.jpg)

**Worthington Steel Declares Quarterly Dividend**

**06/25/2025**

**COLUMBUS, OHIO--**(BUSINESS WIRE)-- The board of directors of Worthington Steel, Inc. (NYSE: WS) has declared a quarterly dividend of $0.16 per common share. The dividend is payable on September 26, 2025, to shareholders of record at the close of business September 12, 2025.

Worthington Steel will host a conference call to discuss its fiscal 2025 fourth quarter results at 8:30 a.m. ET on Thursday, June 26, 2025. A live webcast of the call will be available on the Investor Relations section of the Company's website at www.WorthingtonSteel.com and will be archived for one year.

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| | |
|:---|:---|
| **Live Conference Call Schedule** | **Live Conference Call Schedule** |
| Date: | Thursday, June 26, 2025 |
| Start Time: | 8:30 a.m. ET |
| Conference ID: | 5714141 |
| Toll-Free Dial-In Number: | 888.510.2553 |

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**About Worthington Steel** 

Worthington Steel (NYSE:WS) is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel's expertise in carbon flat-roll steel processing, electrical steel laminations and tailor welded solutions is driving steel toward a more sustainable future.

As one of the most trusted metals processors in North America, Worthington Steel and its approximately 6,000 employees harness the power of steel to advance our customers' visions through value-added processing capabilities including galvanizing, pickling, configured blanking, specialty cold reduction, lightweighting and electrical lamination. Headquartered in Columbus, Ohio, Worthington Steel operates 37 facilities in seven states and 10 countries. Following a people-first Philosophy, commitment to sustainability and proven business system, Worthington Steel's purpose is to generate positive returns by providing trusted and innovative solutions for customers, creating opportunities for employees and strengthening its communities.

**Safe Harbor Statement** 

Worthington Steel wishes to take advantage of the safe harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the "Act"). Statements by Worthington Steel which are not historical information constitute "forward looking statements" within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks, uncertainties and impacts described from time to time in Worthington Steel's filings with the Securities and Exchange Commission.

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