Spin-offs/Worthington Enterprises (formerly Worthington Industries) → Worthington Steel, Inc.

Worthington Steel, Inc.WS

Spin-off from Worthington Enterprises (formerly Worthington Industries) (WOR) · Dec 1, 2023 · NYSE

Announced

Sep 29, 2022

Form 10 filed

Oct 4, 2023

Record date

Nov 21, 2023

Distributed

Dec 1, 2023

Ratio

1 : 1

Debt loaded

$150M

Cash to parent

—

Latest filing

Nov 14, 2023

one Worthington Steel common share for every Worthington common share

Documents

Form 10 Information statement Announcement 8-K New company filings Parent filings

Both companies today

The new company

Worthington Steel, Inc.WS

Market cap

$1.80B

Moat

None

Quality

Price

$36.17

Fair value

$4.87

Price / FV

6.99×

The parent

Worthington Enterprises (formerly Worthington Industries)WOR

Market cap

$3.07B

Moat

Narrow

Quality

Price

$62.49

Fair value

$80.94

Price / FV

0.71×

Moat ratings, quality scores and fair value estimates are MoatScope research opinions and refresh with the data pipeline. Price / FV below 1.00× means the shares trade under our base-case estimate.

What is being separated

Worthington Steel is Worthington Industries' former steel processing business, a value-added processor of carbon flat-rolled steel serving automotive, construction and other end markets.

Stated rationaleWorthington said the separation would create a market-leading building and consumer products company and a focused steel processor, each with its own strategy.

The four questions

The four-question write-up for Worthington Steel, Inc. is pending. Terms, documents and both companies’ numbers above are live; the checklist is added once the information statement has been worked through.

Not investment advice. Terms are as stated in the latest filing; spin-off shares are often thinly covered and volatile in their first months.