[WS] Worthington Steel: Klöckner Integration Tests Q1 Fiscal 2027 Earnings

Worthington Steel (WS), a carbon steel processor based in Columbus, Ohio, took control of German metals distributor Klöckner & Co on June 3, 2026[1], turning itself into a metals distribution and processing group spanning North America and the DACH region[2]. The frozen daily earnings calendar originally placed the call for the first quarter of fiscal 2027, ending August 31, 2026 on 2026-09-30[3]; a company release on September 8 moved the results to after the close on October 6, with the call at 8:30 a.m. Eastern on October 7[4]. The latest complete disclosure covers fiscal 2026, which ended May 31, 2026: net sales rose 11% to $3,443.8 million while diluted earnings were only $0.17 per share[5], adjusted EBIT was $161.1 million[6], and electrical steel impairments plus acquisition costs cut net earnings attributable to the company to $8.5 million[7]. On its June 25 call, management guided first-quarter pre-tax inventory holding gains of $10 million to $15 million, and targeted $150 million of annual EBITDA synergies plus $150 million of working capital release within two years of closing, split evenly between year one and year two[8]; on August 5, Klöckner narrowed its 2026 EBITDA guidance, before material special effects, to €170 million to €250 million[9]. The Drillr calendar lists consensus of $0.917 in EPS and $1,959.4 million in revenue for the quarter, against prior-year actuals of $872.9 million in revenue and $0.77 in EPS[3]; that revenue figure sits below a simple sum of the prior-year legacy quarter and Klöckner's roughly €1.7 billion of quarterly sales[10], so it may not fully reflect consolidation and is a poor yardstick for calling a beat or a miss.

Three things matter most in this report. First, can Klöckner hold its second-quarter improvement once consolidated? Its EBITDA before material special effects rose to €63 million in the second quarter from €46 million in the first[10], and subtracting the €109 million first-half result from the low end of full-year guidance implies roughly €30.5 million per quarter in the second half[9]; because Klöckner supplies about 65% of pro forma combined sales[11], its first consolidated quarter will shape how investors judge coverage of the new debt. Second, how much of the legacy steel processing margin improvement comes from spreads and direct volume? Guided first-quarter inventory holding gains already approach the $15.2 million recorded for all of fiscal 2026[12], so only gross margin that still improves after stripping out those gains would show the underlying business getting better. Third, can working capital be released faster than interest accrues on $1.4 billion of new debt? Pro forma nine-month interest was $121.0 million, or about $40 million a quarter[11], while Klöckner's operating cash flow was −€270 million in the first quarter[13] and only returned to €10 million in the second[10]; first-quarter consolidated operating cash flow and period-end debt will directly test the goal of halving combined debt within two years[8].

Company Background and Business Structure

Worthington Steel's legacy business turns mill-produced steel coils into customer-specified intermediate products, and before the acquisition its scale was concentrated in the North American automotive supply chain. The company grew out of the steel processing business of Worthington Industries and was spun off as a separate listed company in December 2023; in fiscal 2026 it ran 34 plants in the U.S. (19), Canada, Mexico (4), Italy, Germany, China, India and elsewhere, serving about 1,500 customers[14]. It also owns 50% of the Mexican joint venture Serviacero Worthington, which it accounts for under the equity method[6], and in June 2025 it bought 52% of Italian electrical steel lamination maker Sitem Group, which added $165.7 million of fiscal 2026 sales[5].

The legacy business earns revenue in two ways that carry very different risks. In direct sales the company buys steel, processes it and sells it, bearing the steel price risk; in toll processing the customer keeps title to the steel and the company earns a fee without carrying inventory[14]. The direct-to-toll tonnage mix was 64:36 in fiscal 2026[5]. Costs are dominated by material: fiscal 2026 material cost was $2,331.1 million, and direct labor, manufacturing and other expenses were $709.4 million[7]. Steel is mostly bought against specific customer orders, and some supply contracts are indexed monthly or quarterly[15], so steel price moves create inventory holding gains or losses. Several plants are majority-owned joint ventures (for example Spartan at 52%, TWB at 55%, WSCP at 63% and Sitem at 52%), so part of their profit belongs to minority holders.

Klöckner is a different business, and consolidating it shifts WS's revenue mix away from autos toward construction, machinery and industrial distribution. Klöckner distributes and processes steel, aluminum, stainless steel, long products and plate through about 110 locations in North America and the DACH region, supplies more than 60,000 customers and had sales of about €6.4 billion in 2025[2], whereas autos accounted for 55% of WS's legacy fiscal 2026 net sales[16]. Klöckner's margins are thin: its 2025 EBITDA before material special effects was €171.3 million[17]. WS now owns about 61.87% of the company[1]. Klöckner was delisted from Frankfurt on August 12, and the two sides signed a domination and profit and loss transfer agreement (DPLTA) on September 8; it needs approval from at least 75% of the share capital represented at an extraordinary general meeting expected around October 23 and can take effect no earlier than January 1, 2027[2].

Financial History and Current Position

The annual record shows revenue moving with steel prices and auto demand while gross margin stayed near $400 million. Net sales were $3,430.6 million, $3,093.3 million and $3,443.8 million in fiscal 2024, 2025 and 2026, and gross margin was $439.8 million, $388.6 million and $403.3 million[7]. Fiscal 2026 volume fell to 3.59 million tons from 3.79 million, but higher direct tonnage and prices lifted net sales by 11%[5]; adjusted EBIT reached $161.1 million, up $12.0 million[6].

One-time items sharply depressed fiscal 2026 reported earnings, moving opposite to the operating trend in adjusted EBIT. The Electrical Steel reporting unit booked a $53.8 million goodwill impairment and a $58.4 million long-lived asset impairment in the fourth quarter[18], total long-lived and other asset impairments reached $60.5 million, and the company posted an operating loss of $1.4 million[7]; professional fees tied to the Klöckner deal were $35.8 million[6], and bridge commitment and other temporary financing costs added $17.8 million to interest expense[19]. Net earnings attributable to the company fell to $8.5 million from $110.7 million in fiscal 2025[7], and diluted EPS dropped from $2.19 to $0.17[5].

At the end of May 2026, WS was still a lightly indebted processor. Fiscal 2026 operating cash flow was $201.2 million, capital spending was $121.2 million, purchases of Klöckner shares took $106.2 million, dividends were $32.6 million, and year-end cash including restricted cash was $84.6 million[20]; total debt was $256.8 million, up from $151.5 million a year earlier[21].

The acquisition has since transformed the capital structure, and the latest official interim information comes mainly from pro forma statements and Klöckner's own quarterly report. On June 1 the company issued $700 million of 7.75% senior secured notes due 2033 and took a $700 million term loan priced at SOFR plus 4.00%, and the tender consideration was €576.3 million (about $668.3 million)[1]. For the nine months ended February 28, 2026, pro forma combined net sales were $7,221.7 million, operating income $153.6 million and net interest expense $121.0 million, leaving net earnings attributable to the company of only $28.3 million, or $0.56 per share[11]; pro forma long-term debt was $2,264.8 million[22]. Klöckner's second-quarter 2026 sales were about €1.7 billion with EBITDA before material special effects of €63 million[10], and its full-year guidance is €170 million to €250 million[9].

Operating Model

Revenue is driven by tons and price per ton, and steel price changes pass into selling prices through contracts indexed monthly or quarterly. Before the deal, net sales roughly equaled direct tons times direct price, plus toll tons times the toll fee, plus electrical steel laminations and laser-welded products; in fiscal 2026 direct selling prices excluding Sitem rose 3%, direct tons rose 6% and toll sales fell 20%[5], with autos at 55% of net sales[16]. After the deal, Klöckner's shipments times price per ton are added on top; it shipped 1.12 million tons and sold about €1.7 billion in the second quarter of 2026[10], and on the nine-month pro forma basis it contributed $4,707.1 million of $7,221.7 million in combined sales[11].

Profit depends on spreads rather than revenue scale, and that holds for both the legacy business and Klöckner. Legacy gross margin moves with direct spreads (including value-added processing spreads and inventory holding gains or losses from steel price swings), direct tonnage, and toll tonnage and fees: in fiscal 2026 direct spreads added $49.0 million, of which higher direct volume contributed $32.2 million and the swing from inventory holding losses to gains contributed $25.6 million, while value-added spread compression cost $8.8 million and toll margin fell $30.6 million[12]. Adjusted EBIT takes gross margin, subtracts SG&A excluding one-time items, adds equity income from Serviacero and deducts the minority share[6]. On the adjusted U.S. GAAP pro forma basis, Klöckner's gross margin is only about 7%[11], while its own IFRS disclosure showed a 19.0% gross margin in the first quarter[13], a large definitional gap; its profit relies on shipment volume, gross profit per ton and cost control. WS's $150 million synergy target[8] cannot be fully pursued until the DPLTA takes effect, no earlier than January 1, 2027[2], and profit attributable to WS must still absorb a roughly 38% minority share of Klöckner and the new interest.

The key cash variable is working capital, which ties up more cash the higher steel prices go. Operating cash flow roughly equals net income plus depreciation and amortization minus working capital build; rising steel prices lift inventory and receivables and tie up cash, and falling prices release it[23]. Higher average steel prices in fiscal 2026 cut the working capital release by $19.7 million versus the prior year[20]. After the deal, cash goes first to roughly $40 million a quarter of pro forma interest[11], then to about $60 million of legacy maintenance capital spending in fiscal 2027[8], a quarterly dividend of $0.16 per share[1] and DPLTA compensation to minority holders, with the remainder available for debt reduction. Klöckner's net working capital stood at €1,479 million at the end of March 2026, and its operating cash flow was −€270 million in the first quarter[13] and €10 million in the second[10]; Klöckner itself has said higher prices will leave full-year operating cash flow below the prior year[9].

Industry and Competitive Position

Steel processing is fragmented and highly competitive; WS's strengths lie in automotive-grade precision work, while its toll business depends on choices made by upstream mills. The 10-K describes the industry as fragmented and highly competitive[14], with competition centered on price, quality and delivery; WS differentiates itself through precision specifications, automotive qualifications and plants located near auto factories, and it describes itself as one of the largest independent intermediate carbon steel processors in the U.S. and one of the world's largest electrical steel lamination producers. Its suppliers are concentrated (Cleveland-Cliffs, Nucor, Steel Dynamics, U.S. Steel, NLMK, North Star BlueScope and others), and in fiscal 2026 it bought about 2.57 million tons of steel, 69% of it hot-rolled[15]; when mills have enough in-house processing capacity, demand for outside toll processing falls, which was one reason toll volumes declined in fiscal 2026[5].

With Klöckner, WS has entered a larger, thinner-margin distribution market where comparisons are harder. The combined company now competes directly with North American service centers such as Ryerson, Reliance and Olympic Steel and has entered DACH distribution[2]; the deal logic is to pair WS's processing capacity with Klöckner's distribution network and extend into aluminum, stainless, long products and plate. Klöckner's roughly €6.4 billion of 2025 sales produced only €171.3 million of EBITDA before material special effects[17], showing that unit profit in distribution is far below WS's precision processing; because the available material provides no line-by-line peer financials, and Klöckner reports under a different accounting standard, currency and calendar year, a rigorous profit comparison between the combined WS and its North American peers is not yet possible.

Core Debates

In its first consolidated quarter, can Klöckner hold on to its second-quarter improvement, keeping quarterly EBITDA above the roughly €30.5 million implied by the low end of its full-year guidance while synergies begin to show?

This question sets the first impression of the whole acquisition, because Klöckner is now the bulk of the combined company. On a pro forma basis Klöckner supplies about 65% of combined sales, roughly tripling WS's sales base[11], and the deal brought $1.4 billion of new debt[1]. Klöckner itself is thin-margin: 2025 EBITDA before material special effects was €171.3 million and the year ended in a net loss of €53.4 million[17]. Whether the first consolidated quarter delivers will shape how the market judges coverage of the 7.75% coupon and the floating-rate term loan.

The evidence supports a profit improvement but also contains clear counterexamples. On the supportive side, Klöckner's second-quarter EBITDA before material special effects rose to €63 million from €46 million in the first quarter, and excluding the eight U.S. sites sold at the end of 2025, shipments grew 3.2% and sales grew 12.1%[10], while full-year guidance was narrowed to €170 million to €250 million[9]. On the other side, second-quarter profit was still below the €65 million of the prior-year quarter[10], and the €109 million first-half result was only about €2 million above the prior-year period[9][13]; the planned sale of the Becker Group is expected to trigger an impairment of about €218 million[24], and the 10-K warns that until the DPLTA takes effect WS's control over day-to-day operations is limited and cost savings may take several years[25]. An alternative reading is that the second-quarter gain came mainly from price increases and seasonality, and WS's first quarter (June to August) includes Europe's summer lull, so first-quarter profit could also be depressed by the inventory fair-value step-up unwinding and integration costs.

The numeric baseline for this debate is Klöckner's second-quarter shipments of 1.12 million tons and EBITDA before material special effects of €63 million[10]. The transmission runs from construction, machinery and auto demand in North America and Europe to Klöckner's shipped tons; steel and aluminum prices set price and gross profit per ton; purchasing, operating and overhead synergies (limited until the DPLTA) determine Klöckner's EBITDA, which feeds WS's consolidated net sales and adjusted EBITDA; and because WS owns 61.87%[1], about 38% of the profit belongs to minority holders.

What remains unresolved is how WS will present this business and when synergies start to count. Three things to watch: whether WS breaks out Klöckner's sales, shipments and EBITDA or reports only combined figures; whether Klöckner's quarterly EBITDA before material special effects stays at or above €30.5 million, ideally back above €46 million; and whether the company quantifies realized synergies and confirms the October 23 DPLTA vote and the January 2027 effective date[2]. If Klöckner's quarterly EBITDA falls below €30.5 million and the company blames demand, the profit-improvement view is refuted; if the DPLTA vote is delayed or fails, the synergy timetable no longer holds.

With first-quarter inventory holding gains guided close to last year's full-year total, how much of the legacy steel processing margin improvement comes from spreads and direct volume rather than rising steel prices?

Legacy carbon steel processing is WS's profit floor, so it matters whether its margin improvement comes from operations or from steel prices. Legacy adjusted EBIT was $161.1 million in fiscal 2026[6]; its gross margin responds to both steel prices and operating factors, and guided first-quarter inventory holding gains of $10 million to $15 million[8] are already close to the $15.2 million recorded for all of fiscal 2026[12]. Without separating the two, there is no way to tell whether the improvement can survive a steel price pullback.

The evidence of operating improvement is real but partly offset by the toll decline. On the supportive side, direct tons rose 6% in fiscal 2026 (5% in the legacy business), the direct-to-toll mix moved from 57:43 to 64:36[5], higher direct volume added $32.2 million of gross margin[12], autos rose from 52% to 55% of net sales[16], and the company said value-added spreads for galvanized and cold-rolled strip have recovered to about $200 per ton from $95[8]. On the other side, value-added spread compression cut fiscal 2026 gross margin by $8.8 million, and toll margin fell $30.6 million, $24.9 million of it from lower toll volume[12], while total volume fell 5.5%[5]. An alternative reading is that the spread recovery reflects only a temporary supply squeeze from mill outages and the September 1 expiry of some mill labor contracts[15], and that inventory gains would turn into losses once steel prices fall.

This debate has three numeric baselines: fiscal 2026 inventory holding gains of $15.2 million, full-year legacy gross margin of $403.3 million (about $100.8 million a quarter on average)[12], and the 64:36 direct-to-toll tonnage mix[5]. The transmission runs from mill outages and tight supply to higher hot-rolled coil prices, which let low-cost inventory sell at higher prices and create holding gains; recovering value-added spreads lift direct gross profit per ton; new auto programs and share determine direct tons; and restored mill capacity reduces toll demand, lowering toll tons and toll margin, all of which roll up into legacy gross margin and adjusted EBIT.

What remains unresolved is how much of the first-quarter margin improvement would remain once steel prices stabilize. Three things to watch: whether inventory holding gains land within the $10 million to $15 million guidance[8]; whether direct tons grow year over year and the company names new auto programs; and whether the company discloses legacy gross margin separately or provides a gross margin bridge. If legacy gross margin excluding inventory gains falls year over year, the spread-improvement view is refuted; if falling steel prices cause inventory holding losses while direct tons fail to grow, the operating-improvement case also fails.

After adding $1.4 billion of new debt, can Worthington Steel release working capital faster than interest accrues, with positive operating cash flow and falling debt in its first consolidated quarter?

This question decides whether the acquisition adds to or dilutes earnings per share, because WS has gone from a nearly debt-free processor to a highly leveraged distribution and processing group. Total debt was only $256.8 million at the end of May 2026[21], while pro forma total debt at the end of February was about $2,356 million (long-term debt of $2,264.8 million, short-term borrowings of $63.8 million and current maturities of $27.1 million)[22], with pro forma interest of about $40 million a quarter. Pro forma nine-month net earnings attributable to the company were only $28.3 million, or $0.56 per share, below WS's own $66.0 million for the same period[11]; debt falling on schedule is the precondition for earnings to recover.

The deleveraging goal is clear, but Klöckner's working capital is still absorbing cash as steel prices rise. On the supportive side, management targets halving combined debt within two years and releasing $150 million of working capital[8], and Klöckner's second-quarter operating cash flow turned positive at €10 million[10]. On the other side, Klöckner's first-quarter operating cash flow was −€270 million and its net working capital at quarter end was €1,479 million, up from €1,175 million a year earlier[13], and Klöckner has said price increases will keep tying up cash[9]; the $700 million term loan carries a floating rate[1]. An alternative reading is that the positive second-quarter cash flow was just a seasonal rise in payables, and working capital will absorb cash again if steel prices keep climbing.

The numeric baselines for this debate are quarterly net interest expense of about $40.3 million (the quarterly average of $121.0 million over the pro forma nine months)[11], WS's pre-consolidation fiscal 2026 operating cash flow of $201.2 million[20], and pro forma total debt of about $2,356 million[22]. The transmission runs from higher steel prices to larger inventory and receivables, higher net working capital and lower operating cash flow[23]; lean processes and inventory reduction release working capital for debt repayment; the fixed 7.75% coupon and the floating SOFR plus 4.00% term loan set interest expense, which drives net earnings and EPS; and debt covenants limit flexibility on dividends and capital spending.

What remains unresolved is whether deleveraging can start while steel prices are rising, or only after they fall. Three things to watch: whether consolidated operating cash flow is positive and working capital is being released or absorbed; whether quarterly interest runs near $40 million and the company begins prepaying debt; and period-end total debt and net leverage, including whether the company reiterates the two-year debt-halving goal[8]. If operating cash flow is negative and the company attributes it to working capital absorbed by higher steel prices, the deleveraging pace is refuted; if period-end debt exceeds the pro forma level, the debt-reduction timetable slips.

Risks and Falsifiers

Continued pressure on electrical steel is the most direct impairment risk, and it has already consumed most of fiscal 2026 reported profit. Weaker industrial motor demand, rising foreign competition and some delayed auto program launches led the Electrical Steel reporting unit to record a $53.8 million goodwill impairment and a $58.4 million long-lived asset impairment in the fourth quarter of fiscal 2026, and the company says it will keep monitoring for further impairments[18]; together the $112.2 million of charges were the main reason for the $1.4 million operating loss and net earnings of only $8.5 million[7], while electrical steel expansions in Canada and Mexico absorbed most of the $121.2 million in capital spending[20]. If the company reports improving electrical steel orders or profit with no further impairment, this risk weakens.

Automotive customer concentration exposes both legacy direct tons and electrical steel to North American auto production schedules. Autos were 55% of fiscal 2026 net sales and the Detroit Three were 35%[16], and the top three customers, all automakers, accounted for about 34.5%[14]; on $3,443.8 million of net sales, that is roughly $1.19 billion. Consolidating Klöckner lowers the auto share of combined revenue, but legacy profit still comes mainly from autos; if legacy direct tons grow year over year and the company reports new vehicle programs launching on schedule, this risk has not materialized.

Weak European demand and asset disposals could leave first-quarter consolidated profit below the level implied by guidance. Klöckner's European business has only just turned profitable, with first-quarter European segment EBITDA before material special effects of €10 million versus −€4 million a year earlier[13]; the planned sale of the Becker Group is expected to bring an impairment of about €218 million[24], which drove a second-quarter net loss of €268 million[10]. The full-year EBITDA guidance range spans €80 million from low to high end[9], and WS keeps only about 61.87% of the attributable profit; if Klöckner's quarterly EBITDA before material special effects is at least €46 million and the European segment stays positive, this risk is refuted.

Steel price and supply shocks cut both ways for WS. Certain labor agreements between steel mills and the United Steelworkers expired on September 1, 2026, and a strike or shutdown could raise raw material costs or disrupt deliveries[15]; conversely, falling steel prices would turn inventory gains into losses. Fiscal 2025 carried $10.4 million of inventory holding losses and fiscal 2026 had $15.2 million of gains, a $25.6 million swing[12], equal to about 16% of fiscal 2026 adjusted EBIT of $161.1 million[6]. If first-quarter inventory holding gains land within guidance, the company reports no raw material disruption and gross margin excluding inventory gains improves year over year, this risk view is overturned.

High leverage combined with floating-rate debt means rising steel prices can push up debt and interest at the same time. Half of the $1.4 billion of new debt floats at SOFR plus 4.00%[1], and rising steel prices increase working capital needs and revolver usage; pro forma nine-month interest was $121.0 million against pro forma operating income of $153.6 million[11], and each 1 percentage point rise in SOFR adds about $7 million to annual term loan interest. If first-quarter operating cash flow is positive and period-end total debt is below the pro forma level of about $2,356 million[22], this risk has not materialized.

What to Watch Next

• Klöckner's first consolidated quarter: watch Klöckner's quarterly EBITDA before material special effects and shipments against the second-quarter baseline of €63 million and 1.12 million tons, whether WS breaks them out, realized synergies and the October 23 DPLTA vote. At or above €30.5 million, ideally above €46 million, confirms; below €30.5 million blamed on demand refutes.
• Legacy spreads versus inventory gains: watch inventory holding gains, direct tons and legacy gross margin against fiscal 2026 gains of $15.2 million, a 64:36 direct-to-toll mix and average quarterly gross margin of about $100.8 million. Gross margin excluding inventory gains rising year over year confirms; a decline refutes.
• Deleveraging pace: watch consolidated operating cash flow, quarterly interest and period-end debt against pro forma interest of about $40.3 million a quarter and pro forma total debt of about $2,356 million. Positive operating cash flow with debt below pro forma confirms; negative cash flow blamed on steel prices, or debt above pro forma, refutes.

Conclusion

Worthington Steel's earnings rest on two engines: legacy carbon steel processing depends on direct spreads, direct tonnage and auto demand, while Klöckner depends on shipment volume and cost control in thin-margin distribution. Before consolidation, WS posted fiscal 2026 net sales of $3,443.8 million and adjusted EBIT of $161.1 million with only $256.8 million of debt[7][6][21]; after consolidation, pro forma nine-month combined sales were $7,221.7 million, but $121.0 million of interest nearly consumed operating income, leaving EPS attributable to the company at $0.56[11]. The central open relationship is whether Klöckner's profit and working capital release can outrun roughly $40 million a quarter of interest, and whether legacy margin gains can survive once inventory gains fade.

Since the latest annual results, independent outside commentary with a verifiable author, date and wording has been missing: the one commentary found on the deal's processing density and integration risk sits behind a login, and sell-side research could not be read, so no outside interpretation is cited here and scattered market opinions are not treated as a shared view. For now, readers can rely only on the disclosures of the company and Klöckner and on the three verifiable numeric baselines above.

The current understanding would be materially strengthened by a combination of observations arriving together: Klöckner's quarterly EBITDA before material special effects back above €46 million, legacy gross margin excluding inventory gains improving year over year, and positive consolidated operating cash flow with period-end debt below the pro forma level of about $2,356 million[22]. It would be materially weakened by the opposite combination: Klöckner's profit falling below €30.5 million on weak demand, falling steel prices turning inventory gains into losses while direct tons stall, and working capital continuing to absorb cash while the DPLTA vote is delayed.

Sources

[1] WS 10-K filed 2026-07-30 · Kloeckner acquisition financing and closing · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[2] WS 8-K filed 2026-09-08 · DPLTA signed with Kloeckner · 2026-09-08 · 8-K · https://www.sec.gov/Archives/edgar/data/1968487/000119312526385371/d104833dex991.htm

[3] Drillr earning_call_calendar (updated 2026-09-24) · WS Q1 FY2027 estimates · 2026-09-24 · Drillr earning_call_calendar · https://gateway.drillr.ai/mcp/private

[4] WS news release 2026-09-08 · Q1 FY2027 results and webcast date · 2026-09-08 · Worthington Steel news release

[5] WS 10-K filed 2026-07-30 · fiscal 2026 volume, net sales and direct/toll mix · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[6] WS 10-K filed 2026-07-30 · fiscal 2026 adjusted EBIT and SG&A · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[7] WS 10-K filed 2026-07-30 · FY2024-FY2026 statement of earnings · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[8] WS Q4 FY2026 earnings call (2026-06-25) · Drillr call summary · 2026-06-25 · Worthington Steel · https://gateway.drillr.ai/mcp/private

[9] Kloeckner & Co Q2 2026 interim statement (2026-08-05) · outlook 2026 · 2026-08-05 · quarterly_report · https://www.webdisclosure.com/press-release/klockner-co-se-etr-kco-klockner-co-continues-solid-operational-performance-in-the-second-quarter-of-2026-and-moves-forward-with-business-combination-with-worthington-steel-e581BguJtEB

[10] Kloeckner & Co Q2 2026 interim statement (2026-08-05) · 2026-08-05 · quarterly_report · https://www.webdisclosure.com/press-release/klockner-co-se-etr-kco-klockner-co-continues-solid-operational-performance-in-the-second-quarter-of-2026-and-moves-forward-with-business-combination-with-worthington-steel-e581BguJtEB

[11] WS 8-K/A filed 2026-08-19 · pro forma combined statement of earnings, nine months ended February 28, 2026 · 2026-08-19 · 8-K/A · https://www.sec.gov/Archives/edgar/data/1968487/000119312526356964/d417231dex992.htm

[12] WS 10-K filed 2026-07-30 · fiscal 2026 gross margin bridge · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[13] WS 8-K/A filed 2026-08-19 · Kloeckner Q1 2026 segment reporting · 2026-08-19 · 8-K/A · https://www.sec.gov/Archives/edgar/data/1968487/000119312526356964/d417231d8ka.htm

[14] WS 10-K filed 2026-07-30 · business description and customers · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[15] WS 10-K filed 2026-07-30 · raw material purchases and mill labor risk · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[16] WS 10-K filed 2026-07-30 · net sales by end market · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[17] WS 8-K/A filed 2026-08-19 · Kloeckner FY2025 EBITDA reconciliation · 2026-08-19 · 8-K/A · https://www.sec.gov/Archives/edgar/data/1968487/000119312526356964/d417231d8ka.htm

[18] WS 10-K filed 2026-07-30 · Electrical Steel impairment · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[19] WS 10-K filed 2026-07-30 · fiscal 2026 interest expense · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[20] WS 10-K filed 2026-07-30 · fiscal 2026 liquidity and cash flows · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[21] WS 10-K filed 2026-07-30 · debt outstanding at May 31, 2026 · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[22] WS 8-K/A filed 2026-08-19 · pro forma combined balance sheet · 2026-08-19 · 8-K/A · https://www.sec.gov/Archives/edgar/data/1968487/000119312526356964/d417231dex992.htm

[23] WS 10-K filed 2026-07-30 · working capital cyclicality · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm

[24] WS 8-K/A filed 2026-08-19 · Kloeckner Becker Group held for sale · 2026-08-19 · 8-K/A · https://www.sec.gov/Archives/edgar/data/1968487/000119312526356964/d417231d8ka.htm

[25] WS 10-K filed 2026-07-30 · Kloeckner integration and DPLTA risk · 2026-07-30 · 10-K · https://www.sec.gov/Archives/edgar/data/1968487/000196848726000026/ws-20260531.htm