Worthington Steel, Inc. (NYSE: WS) has signed a transfer agreement with Kloeckner & Co SE (KCOGn), with Worthington Steel GmbH, a wholly owned subsidiary of Worthington Steel, named in the announcement. The company completed a voluntary public takeover offer for Kloeckner on June 3, 2026. Kloeckner shares were delisted from the regulated market of the Frankfurt Stock Exchange on August 12, 2026.
The transfer agreement is expected to take effect no earlier than January 1, 2027, following registration with the commercial register at Kloeckner's registered seat, shareholder approval and other required steps. Kloeckner has scheduled an extraordinary general meeting for October 23, 2026, at which at least 75% of the share capital represented must approve the agreement.
Kloeckner reported sales of approximately €6.4 billion in fiscal year 2025. The company operates around 110 warehouse and processing locations, primarily in North America and the DACH region, and serves more than 60,000 customers. Worthington Steel, a metals processor headquartered in Columbus, Ohio, operates 37 facilities across 7 states and 10 countries and employs approximately 6,000 people.
Geoff Gilmore, president and CEO of Worthington Steel, said: 'We are pleased to have reached another important milestone in bringing Worthington Steel and Kloeckner together. We continue to make good progress through the planned steps in the process.' Documents relating to the transfer agreement will be published on www.strong-for-good.com when the invitation to Kloeckner's extraordinary general meeting is issued.
