Columbus Ohio headquartered Worthington Industries Board of Directors have approved a plan to pursue a separation of Steel Processing business into a new public company. Worthington Industries plans to effect the separation via a distribution of stock of the Steel Processing business, which is expected to be tax-free to shareholders for US federal income tax purposes. The Company expects to complete the separation by early 2024. New Worthington will be a market-leading company with premier brands in attractive end markets in Consumer Products, Building Products and Sustainable Energy Solutions. As a more focused company, New Worthington will be well-positioned to capitalize on key trends in sustainability, technology, remodeling and construction and outdoor living. New Worthington will continue to pursue a growth strategy focused on leveraging its robust new product pipeline of sustainable, tech-enabled solutions to disrupt mature markets. New Worthington will continue to leverage the Worthington Business System, which powers a winning culture and higher growth and profitability through Transformation, Innovation and Acquisitions. The new company’s high margins and asset-light focus is expected to enable strong free cash flow generation and returns for shareholders. Further, New Worthington’s value will no longer be highly correlated to the price of steel, providing the opportunity for premium sector multiples. Benefits of the Separation 1. The planned separation is expected to provide both the New Worthington and Worthington Steel with: 2. Enhanced agility and sharpened strategic focus: Each company will have a sharper focus on its distinct markets and strategic priorities 3. Tailored capital allocation strategies: Each company is expected to have modest leverage and ample liquidity combined with strong cash flows, providing flexibility to deploy capital toward its specific growth opportunities. Goldman Sachs & Co. LLC is serving as Worthington’s lead financial advisor, and Latham & Watkins LLP is serving as primary legal counsel.