Worthington Steel (NYSE: WS) Completes Acquisition of Controlling Equity Stake in Sitem Group

Worthington Steel, Inc. (WS) (“Worthington Steel” or the “Company”) announced today that it has completed the acquisition of 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”) through its subsidiary, Tempel Steel Company, LLC (“Tempel”). Worthington Steel now holds an approximately 52% stake in Sitem Group, with the option to increase ownership in the future.

“This marks a significant step in our strategic growth plan, enhancing our position in the European electric motor lamination market and strengthening our ability to support global automotive, industrial motor and transformer customers,” said Geoff Gilmore, Worthington Steel president and CEO. “Sitem Group shares our commitment to quality, innovation and customer focus, and we are excited to build on our shared success.”

Sitem Group, one of Europe’s largest producers of electric motor laminations, operates six manufacturing facilities across Italy, Switzerland, Slovakia and France. The company will continue to be led by its existing leadership team, including Chairman Fabrizio Scarca, CEO Marco Bartoloni and Chief Purchasing Officer Gabriella Scarca, from its headquarters in Trevi, Italy.