Columbus Ohio headquartered US’s leading steel processor Worthington Industries has reported net sales of USD 1.2 billion and net earnings of USD 16.2 million for its fiscal 2023 second quarter ended 30 November as compared to USD 1.2 billion & 110.3 million in FY2022. Worthington Industries President & CEO Mr Andy Rose said “We faced significant headwinds in the quarter from the dramatic decline in steel prices, a slowing economy and customers reducing inventory levels. Our teams navigated those challenges admirably focusing on execution and continuing to enhance our value proposition for customers.” Steel Processing’s net sales totaled USD 841.9 million, down USD 95.9 million, from the prior year quarter. The decrease was driven primarily by lower average selling prices and to a lesser extent lower volumes, partially offset by the impact of acquisitions. Adjusted EBIT was down USD 89.1 million from the prior year quarter to a loss of USD 17.2 million on lower contributions from both operating income and equity income. Headquartered in Columbus Ohio, Worthington operates 52 facilities in 15 states and nine countries, sells into over 90 countries and employs approximately 9,500 people. Founded in 1955, Worthington is North America’s premier value-added steel processor and producer of laser welded solutions and electrical steel laminations that provide light weighting, safety critical and emission reducing components to the mobility market.
Columbus Ohio headquartered US’s leading steel processor Worthington Industries has reported net sales of USD 1.2 billion and net earnings of USD 16.2 million for its fiscal 2023 second quarter ended 30 November as compared to USD 1.2 billion & 110.3 million in FY2022. Worthington Industries President & CEO Mr Andy Rose said “We faced significant headwinds in the quarter from the dramatic decline in steel prices, a slowing economy and customers reducing inventory levels. Our teams navigated those challenges admirably focusing on execution and continuing to enhance our value proposition for customers.” Steel Processing’s net sales totaled USD 841.9 million, down USD 95.9 million, from the prior year quarter. The decrease was driven primarily by lower average selling prices and to a lesser extent lower volumes, partially offset by the impact of acquisitions. Adjusted EBIT was down USD 89.1 million from the prior year quarter to a loss of USD 17.2 million on lower contributions from both operating income and equity income. Headquartered in Columbus Ohio, Worthington operates 52 facilities in 15 states and nine countries, sells into over 90 countries and employs approximately 9,500 people. Founded in 1955, Worthington is North America’s premier value-added steel processor and producer of laser welded solutions and electrical steel laminations that provide light weighting, safety critical and emission reducing components to the mobility market.
