Klöckner & Co Shares Surge as Takeover Nears, Backed by Strong Final Results

Klöckner & Co reports 26% EBITDA growth to €171M in 2025. Shareholders face March 26 deadline for Worthington Steel's €11/share takeover bid, which is nearing acceptance threshold.

As the deadline for a pivotal acquisition offer approaches, Klöckner & Co SE has released annual figures that position the steel and metal distributor from a point of notable strength. The company is poised to exit its independent status following a year that delivered its most robust operational performance in recent memory.

A Strategic Pivot Yields Robust Financials

The group’s strategic shift toward higher-margin activities bore clear fruit in 2025. Adjusted EBITDA rose to €171 million, marking a 26 percent increase from the previous year's €136 million. A key highlight was the generation of a positive operating cash flow for the fourth consecutive year, which reached €110 million. This financial resilience was achieved despite ongoing volatility in global commodity markets.

This performance stems from a deliberate transformation. By 2025, 44 percent of total sales were derived from Higher Value-Added Products—services that are more processing-intensive and command better margins. The divestment of basic distribution sites in the United States and the Brazilian operation freed capital, which was reinvested into higher-value service center activities. Although group revenue declined to €6.4 billion due to price and currency effects, the quality of earnings improved significantly.

The Takeover Countdown: Decision by March 26

Running parallel to these results is the critical timeline for the takeover bid by Worthington Steel. The U.S.-based group is offering €11.00 per share, representing an approximate 81 percent premium over Klöckner's share price prior to the announcement of takeover discussions in early December 2025.

The acceptance period was extended to March 26, 2026, after Worthington lowered the minimum acceptance threshold from 65 percent to 57.5 percent. By March 9, Worthington had already secured around 56.9 percent of Klöckner's share capital, leaving only a minimal gap to cross the new threshold. Klöckner’s management and supervisory boards have recommended shareholders accept the offer, noting the reduced threshold increases the likelihood of a successful transaction.

For the first quarter of 2026, management anticipates EBITDA will land between €20 million and €60 million—a wide range reflecting the current transitional phase. Should the acquisition proceed, the existing executive board is expected to continue leading the company, with no site closures or layoffs currently planned.

North American Expansion Projects Underway

Looking beyond the takeover, Klöckner’s growth strategy is heavily focused on the American continent. Three major projects are in development: an aluminum flat-rolling mill in Columbus, Mississippi, slated for commissioning in the second quarter of 2027; a heavy fabrication plant in Paton, Iowa; and an aluminum laser blanking line in Querétaro, Mexico, scheduled to begin operations in Q2 2026. John Ganem, CEO for the Americas, further forecasts renewed growth exceeding 15 percent in the energy transmission sector.

The strong final set of independent results provides a powerful send-off for Klöckner & Co, showcasing a streamlined company performing at its peak as it stands on the verge of a new corporate chapter.