Worthington Steel : Kloeckner Term Loan B Lender Presentation Presentation

Published: 2026-05-18 08:27:09 ET WS

Published on 05/18/2026 at 08:27 am EDT

May 18, 2026

Special Notice Regarding Publicly Available Information

THE COMPANY HAS REPRESENTED THAT THE INFORMATION CONTAINED IN THIS LENDER PRESENTATION IS EITHER PUBLICLY AVAILABLE OR DOES NOT CONSTITUTE MATERIAL NON-PUBLIC INFORMATION WITH RESPECT TO THE COMPANY OR ITS SECURITIES. THE RECIPIENT OF THIS LENDER PRESENTATION HAS STATED THAT IT DOES NOT WISH TO RECEIVE MATERIAL NON-PUBLIC INFORMATION WITH RESPECT TO THE COMPANY OR ITS SECURITIES AND ACKNOWLEDGES THAT OTHER LENDERS HAVE RECEIVED A LENDER PRESENTATION THAT CONTAINS ADDITIONAL INFORMATION WITH RESPECT TO THE COMPANY OR ITS SECURITIES THAT MAY BE MATERIAL. NEITHER THE COMPANY NOR THE ARRANGER TAKES ANY RESPONSIBILITY FOR THE RECIPIENT'S DECISION TO LIMIT THE SCOPE OF THE INFORMATION IT HAS OBTAINED IN CONNECTION WITH ITS EVALUATION OF THE COMPANY AND THE FACILITY.

This Lender Presentation (the "Lender Presentation") has been prepared solely for informational purposes from information supplied by or on behalf of Worthington Steel, Inc. (the "Company"), and is being furnished by Wells Fargo Securities, LLC (the "Arranger") to you in your capacity as a prospective lender (the "Recipient") in considering the proposed Credit Facility described in the Lender Presentation (the "Facility").

ACCEPTANCE OF THIS LENDER PRESENTATION CONSTITUTES AN AGREEMENT TO BE BOUND BY THE TERMS OF THIS NOTICE AND UNDERTAKING AND THE SPECIAL NOTICE SET FORTH HEREIN (THE "SPECIAL NOTICE"). IF THE RECIPIENT IS NOT WILLING TO ACCEPT THE LENDER PRESENTATION AND OTHER EVALUATION MATERIAL (AS DEFINED HEREIN) ON THE TERMS SET FORTH IN THIS NOTICE AND UNDERTAKING AND THE SPECIAL NOTICE, IT MUST RETURN THE LENDER PRESENTATION AND ANY OTHER EVALUATION MATERIAL TO THE ARRANGER IMMEDIATELY WITHOUT MAKING ANY COPIES THEREOF, EXTRACTS THEREFROM OR USE THEREOF.

Confidentiality

As used herein: (a) "Evaluation Material" refers to the Lender Presentation and any other information regarding the Company or the Facility furnished or communicated to the Recipient by or on behalf of the Company in connection with the Facility (whether prepared or communicated by the Arranger or the Company, their respective advisors or otherwise) and (b) "Internal Evaluation Material" refers to all memoranda, notes, and other documents and analyses developed by the Recipient using any of the information specified under the definition of Evaluation Material.

The Recipient acknowledges that the Company considers the Evaluation Material to include confidential, sensitive and proprietary information and agrees that it shall use reasonable precautions in accordance with its established procedures to keep the Evaluation Material confidential; provided however that (i) it may make any disclosure of such information to which the Company gives its prior written consent and (ii) any of such information may be disclosed to it, its affiliates and their respective partners, directors, officers, employees, agents, advisors and other representatives (collectively, "Representatives") (it being understood that such Representatives shall be informed by it of the confidential nature of such information and shall be directed by the Recipient to treat such information in accordance with the terms of the Notice and Undertaking and the Special Notice). The Recipient agrees to be responsible for any breach of the Notice and Undertaking or the Special Notice that results from the actions or omissions of its Representatives.

The Recipient shall be permitted to disclose the Evaluation Material in the event that it is required by law or regulation or requested by any governmental agency or other regulatory authority (including any self-regulatory organization) or in connection with any legal proceedings. The Recipient agrees that it will notify the Arranger as soon as practical in the event of any such disclosure (other than at the request of a regulatory authority), unless such notification shall be prohibited by applicable law or legal process. For avoidance of doubt, nothing herein prohibits any individual from communicating or disclosing information regarding suspected violations of laws, rules, or regulations to a governmental, regulatory, or self-regulatory authority without any notification to any person.

The Recipient shall have no obligation hereunder with respect to any Evaluation Material to the extent that such information (i) is or becomes publicly available other than as a result of a disclosure by the Recipient in violation of this agreement, (ii) was within the Recipient's possession prior to its being furnished pursuant hereto or becomes available to the Recipient on a non-confidential basis from a source other than the Company or its agents, provided that the source of such information was not known by the Recipient to be bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the Company or any other party with respect to such information, or (iii) any information that is independently developed by the Recipient without use of or reliance on the Evaluation Material.

In the event that the Recipient of the Evaluation Material decides not to participate in the transaction described herein, upon request of the Arranger, such Recipient shall as soon as practicable return all Evaluation Material (other than Internal Evaluation Material) to the Arranger or represent in writing to the Arranger that the Recipient has destroyed all copies of the Evaluation Material (other than Internal Evaluation Material) unless prohibited from doing so by the Recipient's internal policies and procedures.

Information

The Recipient acknowledges and agrees that (i) the Arranger received the Evaluation Material from third party sources (including the Company) and it is provided to the Recipient for informational purposes, (ii) the Arranger and its affiliates bear no responsibility (and shall not be liable) for the accuracy or completeness (or lack thereof) of the Evaluation Material or any information contained therein, (iii) no representation regarding the Evaluation Material is made by the Arranger or any of its affiliates, (iv) neither the Arranger nor any of its affiliates has made any independent verification as to the accuracy or completeness of the Evaluation Material, (v) the Arranger and its affiliates shall have no obligation to update or supplement any Evaluation Material or otherwise provide additional information, and (vi) neither the Arranger or its affiliates shall have any liability with respect to the unauthorized use or misuse of Lender Presentation or any related marketing material by any Recipient.

The Evaluation Material has been prepared to assist interested parties in making their own evaluation of the Company and the Facility and does not purport to be all-inclusive or to contain all of the information that a prospective participant may consider material or desirable in making its decision to become a lender. Each Recipient of the information and data contained herein should take such steps as it deems necessary to assure that it has the information it considers material or desirable in making its decision to become a lender and should perform its own independent investigation and analysis of the Facility or the transactions contemplated thereby and the creditworthiness of the Company. The Recipient represents that it is sophisticated and experienced in extending credit to entities similar to the Company and that it is engaged in making, acquiring or holding commercial loans in the ordinary course. The Recipient understands that the Facility sets forth the terms of a commercial lending facility, and not any other type of financial instrument, and agrees not to assert a claim in contravention of the foregoing. The information and data contained herein are not a substitute for the Recipient's independent evaluation and analysis and should not be considered as a recommendation by the Arranger or any of its affiliates that any Recipient enter into the Facility.

Information (Cont'd)

The Evaluation Material may include certain forward looking statements and projections provided by the Company. Any such statements and projections reflect various estimates and assumptions by the Company concerning anticipated results. No representations or warranties are made by the Company or any of its affiliates as to the accuracy of any such statements or projections. Whether or not any such forward looking statements or projections are in fact achieved will depend upon future events some of which are not within the control of the Company. Accordingly, actual results may vary from the projected results and such variations may be material. Statements contained herein describing documents and agreements are summaries only and such summaries are qualified in their entirety by reference to such documents and agreements.

The Arranger

The Arranger (together with its affiliates) is a full service financial institution engaged in various activities, which may include loan and securities trading, commercial and investment banking, financial advisory, investment management, investment research, principal investment, hedging, financing and brokerage activities. The Arranger and/or one of its affiliates may have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for the Company and/or its affiliates.

In the ordinary course of their various business activities, the Arranger and/or its affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers, and such investment and securities activities may involve assets, securities and/or instruments of the Company and/or its affiliates. The Arranger and/or its affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or instruments and may at any time hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

The Arranger and/or one of its affiliates may provide loans under the Facility for their own account and such loans may comprise, individually or in the aggregate, a substantial portion of the Facility. Certain of such affiliates may commit, subject to certain terms and conditions, to provide such loans prior to or immediately after commencement of the syndication of the Facility, at a price and on terms agreed between such affiliates and the Company. In connection with the Facility, the Company will pay certain fees, including commitment fees, to the Arranger and/or one of its affiliates, as well as fees or discounts payable or given to the Arranger and/or one of its affiliates in consideration for their respective commitments to provide loans, which commitments were made to the Company in advance of the commencement of the general syndication of the Facility.

General

It is understood that unless and until a definitive agreement regarding the Facility between the parties thereto has been executed, the Recipient will be under no legal obligation of any kind whatsoever with respect to the Facility by virtue of this

Notice and Undertaking except for the matters specifically agreed to herein and in the Special Notice.

The Recipient agrees that money damages would not be a sufficient remedy for breach of this Notice and Undertaking or of the Special Notice, and that in addition to all other remedies available at law or in equity, the Company and the Arranger shall be entitled to equitable relief, including injunction and specific performance, without proof of actual damages.

This Notice and Undertaking and the Special Notice together embody the entire understanding and agreement between the Recipient and the Arranger with respect to the Evaluation Material and the Internal Evaluation Material and supersedes all prior understandings and agreements relating thereto. The terms and conditions of this Notice and Undertaking and the Special Notice shall apply until such time, if any, that the Recipient becomes a party to the definitive agreements regarding the Facility, and thereafter the provisions of such definitive agreements relating to confidentiality shall govern. If you do not enter into the Facility, the application of this Notice and Undertaking and the Special Notice shall terminate with respect to all Evaluation Material on the date falling one year after the date of the Lender Presentation.

This Notice and Undertaking and the Special Notice shall be governed by and construed in accordance with the law of the State of New York, without regard to principles of conflicts of law (except Section 5-1401 of the New York General Obligation Law to the extent that it mandates that the law of the State of New York govern).

Company Authorization Letter May 18, 2026

Wells Fargo Securities, LLC

Attention: Prospective Lenders Ladies and Gentlemen:

We refer to the proposed $500,000,000 Senior Secured Term Loan B (the "Facility") for Worthington Steel, Inc. (the "Company", "we", or "us") that you are arranging at our request, and the Lender Presentation and information materials forwarded herewith (together with other documents prepared by or on behalf of us after the date hereof and identified by us in writing (which may be via email) to you as having been reviewed and approved by us for distribution to potential lenders, the "Evaluation Materials"). We have reviewed or participated in preparing the Evaluation Materials and the information contained therein.

The Company has reviewed the information contained in the Evaluation Materials and represents and warrants to you that the Evaluation Materials together with the Company's public filings, collectively taken as a whole (other than financial projections concerning the Company, Kloeckner & Co SE (the "Target") and their subsidiaries (the "Projections") and other forward-looking information and other information of a general economic or industry specific nature) (in the case of Evaluation Materials regarding the Target or its subsidiaries, to the best of our knowledge), when taken as a whole after giving effect to all supplements and updates provided thereto, do not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they were made, not materially misleading (giving effect to supplements thereto from time to time). Any Projections included in the Evaluation Materials are based on assumptions and estimates developed by management of the Company in good faith and management believes such assumptions and estimates to be reasonable as of the time made and as of the date of the Evaluation Materials. Whether or not such Projections are in fact achieved will depend upon future events some of which are not within the control of the Company. Accordingly, actual results may vary from the Projections and such variations may be material. The Projections included in the Evaluation Materials should not be regarded as a representation by the Company or its management that the projected results will be achieved.

We request that you distribute the Evaluation Materials to such prospective lenders as you may deem appropriate to include in the Facility. We agree that we will rely on, and that you are authorized to rely on, the undertakings, acknowledgments and agreements contained in the Notice to and Undertaking by Recipients accompanying the Evaluation Materials or otherwise acknowledged by recipients of the Evaluation Materials.

Yours sincerely,

Tim Adams

Vice President and Chief Financial Officer Worthington Steel, Inc.

Geoff joined Worthington Industries in 1998 and has led the company as President and CEO since 2023

Prior to his appointment to CEO, Geoff was the Executive Vice President and

Chief Operating Officer of Worthington Industries

Geoff earned a bachelor's degree from Valparaiso University and an MBA from

the University of Michigan

Geoff Gilmore

President and Chief Executive Officer

Tim joined Worthington Industries in 1998 and has served in his current role as Vice President and CFO since 2023

Prior to his appointment to CFO, Tim served as Vice President of Strategy and Corporate Development for Worthington Industries since 2012

Tim received his bachelor's degree in business administration, majoring in

finance and an MBA with an emphasis in finance from The Ohio State University

Tim Adams

Vice President and

Chief Financial Officer

Transaction Overview

Worthington Steel Overview

III

Klöckner & Co SE Overview

Acquisition Rationale and Go Forward Strategy

Key Credit Highlights

Financial Summary

VII

Appendix

TRANSACTION OVERVIEW

On January 15th, 2026, Worthington Steel, Inc. (NYSE: WS, "Worthington Steel" or the "Company") entered into a definitive agreement to

acquire publicly traded, German-domiciled, Klöckner & Co SE (ETR: KCO, "Klöckner", or the "Target") via a public tender offer by

Worthington Steel Gmbh, a German subsidiary of the Company ("BidCo") for €11.00 / share, representing implied enterprise value of

$2.4B¹ (the "Transaction")

Worthington Steel is a value-added metals processing company with expertise in carbon flat-rolled steel processing, electrical steel laminations and tailor welded solutions

Klöckner is a leading service center and metal processing company with approximately 110 locations across North America and Europe, with broad product capabilities including carbon flat-rolled steel (sheet and plate), electrical steel, aluminum, stainless steel and

long products

Combined, Worthington Steel and Klöckner will form a larger, more diversified, value-added service center with significant synergy opportunities

Worthington Steel expects to finance the Transaction via the issuance of a New $500 million Term Loan B as well as $900 million of Other

Secured Debt

Pro Forma net secured and net total leverage are expected to be 2.7x and 3.3x, respectively, based on Pro Forma LTM Further Adj. EBITDA of $605MM² (inclusive of $150MM of targeted synergy opportunities³)

Lender commitments are requested by 12:00PM ET on Thursday, May 28, 2026

1 As of time of announcement on January 15, 2026, based on Klöckner acquisition share price of €11, shares outstanding of 99.75M and Adj. Net Debt of $1.1B as of Sept. 30, 2025 (including ~$0.1B of proceeds from previously announced asset sales) | ² Further Adjusted EBITDA is a non-GAAP measure. Please see the Appendix for a reconciliation to the most directly

comparable GAAP measure | Note: EV calculation assumes EUR/USD exchange rate of 1.173 | ³ Includes $17 million of potential revenue synergy opportunities 9

Tender Process and Regulatory Overview

Under German Takeover Code (the "Code") acquisitions of German domiciled companies is done via a Voluntary Tender Offer ("VTO")

At conclusion of the VTO Acceptance Period on April 14th, the Company had secured approximately 61.87% of shares via tenders, open-market purchases, and a bilateral share purchase agreement exceeding the minimum threshold for a successful VTO

Worthington Steel will need to meet all other conditions (primarily foreign regulatory approvals) prior to closing the Transaction

On March 27, 2026 Worthington Steel notified Klöckner of its intent to enter into a Domination and Profit and Loss Transfer Agreement

("DPLTA") which is a requisite step to solidify full legal control of the Target

- Prior to completion of the DPLTA, Worthington Steel will have influence over Klöckner via the ability to name members of the Supervisory Board which oversees and appoints the Management Board of the Target, but will not legally control the Target

The DPLTA requires approval of 75% of shareholders attending the general shareholder meeting called for this matter. The Company believes that having ~60% of shares through the VTO will be sufficient to achieve the 75% vote required

When the DPLTA is put in place (i) minority investors may remain and would be entitled to a pre-agreed fixed annual dividend and a put right at a fixed share price (both the dividend and the put price will not change even if the Target grows its profits) and (ii) Worthington Steel will have full control including the ability to consolidate entities, direct cash flows and pledge Klöckner assets as collateral

Based on other similar transactions, Worthington Steel anticipates the DPLTA process to be completed by the end of 2026

The Company believes there is a low risk of DPLTA vote failing even based on conservative assumptions

Potential Klöckner Shareholding as at DPLTA Vote

Tendered / Owned Shares at the end of Offer Period

Addl. Shares Acquired by DPLTA Vote

61.9%

Per results as of 4/16

Conservative assumption

WS Ownership at DPTLA Vote

61.9%

Other Estimated Ownership

38.1%

DPLTA Vote - Sensitivity to Other Ownership Turnout and % Voting Yes

% Other Ownership Voting Yes

25% 50% 75%

Other

25%

90%

93%

97%

Ownership

50%

82%

88%

94%

% Turnout

75%

76%

84%

92%

75% of votes cast at EGM required to implement DPLTA

Pro Forma Capitalization

Sources & Uses

($ in MM)

Sources $

($ in MM) Worthington Steel Klöckner Trans. Pro Forma x Further

2/28/26 x Adj. EBITDA*¹ 3/31/26 x EBITDA**² Adj.³ $ Adj. EBITDA*⁴

Uses $

Other Secured Debt

900

Rolled Klöckner Debt

970

Total Sources

$2,370

New Term Loan B due 2033 $500

Cash & Cash Equivalents

$90 $62

$281

$433

Equity Purchase Price

$702

Rolled Klöckner Debt

970

Refinance $550MM ABL Revolver due 20281

193

Partial Repayment of Klöckner Credit Facilities2

Klöckner Intercompany Loan

143

Estimated Fees & Expenses

136

Cash to the Balance Sheet

138

Total Uses $2,370

1 ABL refinancing will close after the TLB and Other Secured Debt

2 In connection with the facility size reductions of German ABS

$550MM ABL Revolver due 2028

$193

($193)

New $550MM / $1.2B ABL Revolver due 2031

New Term Loan B due 2033

500

Other Secured Debt

900

Canadian Expansion Loans (Secured)

Sitem Group Term Loans (Secured)

Sitem Group Standstill Agreement

€60MM German ABS due 2028 ⁵

105

(36)

$650MM U.S. ABL due 2027

354

$115MM Mexican ABL due 2027

112

Other Bilateral Debt

Operating Leases (excluded under GAAP) ⁶

265

(265)

Total Secured Debt

$242

0.9x

$891

4.4x

$2,039

3.4x

Net Secured Debt

$152

0.6x

$829

4.1x

$1,606

2.7x

Canadian Expansion Loans (Unsecured)

Sitem Group Term Loans (Unsecured)

€150MM Revolver due 2028 ⁵

225

(52)

173

CHF 200MM Revolver due 2029

207

Total Debt

$251

1.0x

$1,323

6.5x

$2,429

4.0x

Net Total Debt

$161

0.6x

$1,261

6.2x

$1,996

3.3x

Market Capitalization ⁷

Total Capitalization

Net Capitalization

Liquidity ⁸

$2,047 $1,441

$2,299 8.9x $2,763 13.5x

$2,209 8.6x $2,702 13.2x

$297

$2,047

$4,477 7.4x

$4,044 6.7x

$1,059

due 2028 and Unsecured Euro Revolver due 2028

¹ Based on Worthington Steel LTM 2/28/26 Adj. EBITDA*: $257

² Based on Klöckner 3/31/2026 EBITDA before material special effects** of: $204

³ Pro Forma for Transaction Adjustments, Becker Sale, GAAP conversion and $150MM of estimated synergies: $144

⁴ Based on Pro Forma LTM Further Adj. EBITDA* of: $605

⁵ €100MM German ABS and €350MM Revolver to be reduced to €60MM and €150MM per Change of Control Waivers executed May 2026; outstanding balances to be reduced accordingly through intercompany loan

⁶ Substantially all existing Klöckner leases are operating leases and will be treated as such under GAAP reporting for Worthington Steel pro forma for the Transaction

⁷ Worthington Steel based on a share price of $40.30 as of 5/13/26 and 50.8MM shares outstanding; Klöckner based on a share price of €12.50 as of 5/13/26 and 99.8MM shares outstanding

Source: Public Filings, Factset | Note: Assumes EUR/USD exchange rate of 1.159 for EBITDA and 1.155 everywhere else applicable; Current metrics include Klöckner's leases in debt and add back the expense from EBITDA (as required by IFRS accounting), pro forma metrics assume GAAP accounting by excluding operating leases (€229MM) from debt and removing the lease expense from EBITDA; Equity purchase price includes the acquisition of 54.06% of outstanding

Borrower:

Worthington Steel, Inc. (the "Borrower")

Guarantors:

(i) All direct and indirect, wholly-owned material U.S. subsidiaries of the Borrower, (ii) Worthington Steel Holding GmbH, an indirect, wholly-owned German subsidiary of the Borrower ("BidCo Holdco"), and BidCo,1 in each case formed in connection with the Transaction, and (iii) from and after 90 days following the Control Date, each direct and indirect, wholly-owned material U.S. subsidiary of the Target, in each case, subject to customary exceptions (collectively, the "Loan Parties")

Security:

Secured by 1st lien on substantially all non-ABL assets and 2nd lien on ABL assets (inventory and receivables) of the Loan Parties, subject to customary exceptions

As BidCo acquires additional shares in Klöckner, the percentage of equity interests of BidCo Holdco, BidCo and Klöckner included as collateral will be automatically reduced, such that in no event will more than 65% of the total equity interests of BidCo Holdco, BidCo and Klöckner, be required to be pledged at any time

Facility:

$500 million Senior Secured Term Loan B

Maturity:

7 years from closing (2033)

Amortization:

1.00% per annum

Call Protection:

101 soft call for 6 months

Financial Covenants:

None (covenant-lite)

Negative Covenants:

Usual and customary for facilities of this type, including limitations on indebtedness, liens, asset sales, restricted payments, prepayments of junior debt, and investments

May 2026 Sun Mon Tue Wed Thu Fri Sat

Market Holiday Key Date

Date

Event

5/18

Launch TLB Offering

5/28

TLB Commitments Due (12:00PM ET)

Thereafter

Expected Transaction Close 1

WORTHINGTON STEEL OVERVIEW

John H. McConnell was a US military veteran, Michigan State football player, and Weirton Steel salesperson

Mr. Mac left Weirton and set out on his own as a steel broker

His first order was 140,000 lbs of excess steel purchased using the $1,200 he had in the bank and $600 he borrowed against his 1952 Oldsmobile

Mr. Mac built Worthington around a philosophy based on the Golden Rule

He took the company public in 1968 and led Worthington until 1996

John P. McConnell took over as CEO & Chairman and oversaw the next stage of significant growth until 2020

John H. McConnell II now serves as a board member, continuing the founding family connection

Founding family owns ~34% of outstanding stock

EARNINGS

The first corporate goal for Worthington Steel is to earn money for its

shareholders and increase the value of their investment

We believe that the best measurement of the accomplishment of our goal is consistent growth in earnings per share

OUR GOLDEN RULE

We treat our customers, employees, investors and suppliers, as we would like to be treated

PEOPLE

We are dedicated to the belief that people are our most important asset

We believe people respond to recognition, opportunity to grow and fair compensation

We believe that compensation should be directly related to job performance and therefore use incentives, profit sharing or otherwise, in every possible situation

From employees we expect an honest day's work for an honest day's pay

We believe in the philosophy of continued employment for all Worthington Steel people

In filling job openings, every effort is expended to find candidates within

Worthington Steel, its divisions or subsidiaries

CUSTOMERS

Without the customer and their need for our products and services we have nothing

We will exert every effort to see that the customer's quality and service

requirements are met

Once a commitment is made to a customer, every effort is made to fulfill that obligation

SUPPLIERS

We cannot operate profitably without those who supply the quality materials

we need

We ask that suppliers be competitive in the marketplace with regard to quality, pricing, delivery and volume purchased

We are a loyal customer to suppliers who meet our quality and service requirements through all market conditions

ORGANIZATION

We believe in a divisionalized organizational structure with responsibility for performance resting with the head of each operation

All managers are given the operating latitude and authority to accomplish their

responsibilities within our corporate goals and objectives

In keeping with this philosophy, we do not create excessive corporate procedures. If procedures are necessary within a particular company operation, that manager creates them

We believe in a small corporate staff and support group to service the needs of our shareholders and operating units as requested

COMMUNICATION

We communicate through every possible channel with our customers,

employees, shareholders, suppliers and financial community

CITIZENSHIP

Worthington Steel practices good citizenship at all levels. We conduct our business in a professional and ethical manner

We encourage all our people to actively participate in community affairs

We support worthwhile community causes

adopted in 1961, is the foundation of our culture

Overview

LTM Key Financial Metrics1

$3.3B

Revenue

$257MM

Adj. EBITDA2

Worthington Steel is one of North America's premier value-added metals processors with a diversified range of highly-technical products and services

Separated from Worthington Industries in 2023

A leader in carbon flat-rolled steel processing

3.6MM

Volumes Delivered (short tons)

2.3MM /

1.3MM

Direct / Toll (tons)

Services and product lines include carbon flat-rolled steel processing, toll processing, electrical steel laminations, and tailor

welded products

Operates 37 manufacturing facilities located in the U.S., Mexico, Canada, Germany, Italy, France, Slovakia, Switzerland, India and China

~6,000

Employees3

Manufacturing Facilities3

Critical supplier and long-standing relationships with blue chip companies across diverse end markets, including automotive, construction, infrastructure, sustainable energy, machinery and equipment as well as service centers

Well-positioned to capitalize on opportunities from grid modernization and expansion, as well as vehicle lightweighting

Source: Company Filings, Company Presentations | ¹ LTM as of Feb. 28, 2026 | ² Adjusted EBITDA is a non-GAAP measure. Please see the Appendix for a reconciliation to the most

WORTHINGTON STEEL

OPERATIONS

Customized value-added services

Melt

Hot Roll Coil (HRC)

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

Slitting to Width Cutting to Length

Warehouse/ Distribute

WHY

WE WIN

What Differentiates Worthington Steel from Competitors Across the Steel Supply Chain

Customized, Value-added Solutions

- ~90% of direct-sale shipments run through at least two value-added processes

Make-to-Order, Contract-Based

End-to-End Supply Chain Management

End Markets and Geography

Premier processor of carbon flat-rolled steel in North America

Diversified customer base and end markets, with decades-long relationships

Wide range of processing capabilities, bolstered by JVs

Expertise in optimizing supply chains and minimizing total landed costs

FY25 Sales by End Market1

20%

57%

11%

FY25 Sales by Geography1

10%

79%

Auto & Heavy Truck Construction

North America

USA: 19 facilities

Mexico: 7 facilities

Canada: 2 facilities

Europe & Asia

Italy: 3 facilities

France: 1 facility

Germany: 1 facility

Slovakia: 1 facility

Switzerland: 1 facility

India: 1 facility

China: 1 facility

Geographic Footprint

Wholly Owned Joint Ventures

Machinery & Equipment

Service Center Other

United States Canada Mexico

Rest of world

Disclaimer

Worthington Steel Inc. published this content on May 18, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 18, 2026 at 12:26 UTC.