Worthington Steel, Inc. (WS) Finalizes Purchase of Majority Stake in Italy’s Sitem Group

Worthington Steel, Inc. (NYSE:WS) announced that it has completed the acquisition of a majority stake— around 52%— in Italy-based Sitem S.p.A. and its subsidiaries (collectively known as Sitem Group), through its subsidiary Tempel Steel Company, LLC.

The deal, which also includes the option to increase ownership in the future, involved a mix of cash investment, share purchases from existing shareholders, and the contribution of Worthington’s facility in Nagold, Germany.

Worthington Steel, Inc. (WS) Finalizes Purchase of Majority Stake in Italy’s Sitem Group

An aerial view of an industrial plant manufacturing welded pipes and tubes from stainless steel and galvanized carbon.

This strategic move aligns with Worthington Steel, Inc. (NYSE:WS)’s goal to expand its footprint in high-value electrical steel applications. Geoff Gilmore, president and CEO of the company, made the following statement:

“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. Sitem Group shares our commitment to quality, innovation and customer focus, and we are excited to build on our shared success.”

Sitem Group, a leading European producer of electric motor laminations, operates six manufacturing sites across Italy, Switzerland, Slovakia, and France. The current leadership team, including Chairman Fabrizio Scarca, CEO Marco Bartoloni, and CPO Gabriella Scarca, will continue to lead operations from the company’s headquarters in Trevi, Italy.

Worthington Steel, Inc. (NYSE:WS) is a metals processing company focused on delivering customized, high-tech solutions in areas such as carbon flat-roll steel, electrical steel laminations, and tailor-welded products, supporting a more sustainable future for the steel industry.

WS closed over 2% higher on June 3.

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