August 30, 2008

Worthington ink JV with Magnetto Group for Kosice facility

Worthington Industries Inc has announced that its Worthington Steel Company has signed an agreement to form a JV with The Magnetto Group to operate a steel processing facility at Kosice in Slovakia. The transaction is expected to close in September 2007 with operations beginning shortly thereafter.

Mr John P McConnell chairman & CEO of Worthington Industries said that "This JV aligns with our stated goal of growing our steel processing business beyond its current geographic boundaries. This will be our first European steel processing operation and we are fortunate to be partnering with the highly regarded Magnetto Group. Worthington has a long history of successful joint venture partnerships."

The Magnetto Group is a leading European manufacturer with sales of EUR 1.5 billion. The Turin, Italy, based company is a leader in the distribution of flat rolled steel products and steel services, wheel production, automotive stampings and assembly. The company recently entered the construction industry with the design, fabrication and assembly of bodywork components for construction equipment, industrial vehicles, trucks and buses. Founded in 1948, Magnetto has more than 30 production sites in three continents and more than 7,000 employees.

Worthington Steel, a Worthington Industries company is one of America's largest independent steel processors of flat rolled steel. Operating 12 facilities across the United States.