Worthington Steel Wins Backing as Klöckner & Co Takeover Moves Forward

A multi-billion-dollar deal taking Kl?ckner & Co into the fold of Worthington Steel has taken a decisive step forward. The company?s executive leadership and its supervisory board have formally recommended accepting the cash offer, bringing the merger closer to conclusion and potentially reshaping the global metal-processing landscape.

• Takeover offer: 11.00 euros per share (cash)
• Transaction value: around $2.4 billion
• Expected closing: second half of 2026
• Worthington Steel?s next quarterly results: March 18, 2026

Is the offer fair for shareholders?
The boards? recommendation rests on a thorough review of the proposal. They regard the 11.00 euros-per-share price as financially adequate, noting it provides a clear premium over the pre-announcement average level. The official acceptance window has been open since February 5, during which shareholders can tender their stock. Whether this premium suffices to secure broad shareholder acceptance remains a point of discussion among market participants.

Strategic rationale and growth outlook
For Worthington Steel, acquiring Klöckner & Co is a cornerstone of its global growth plan. The group operates 37 sites across ten countries. Integrating the German metal distributor would elevate Worthington to the rank of the second-largest steel processor in North America and would simultaneously bolster its presence in Europe.

Focus on synergies and expansion
The U.S. firm has been operating from a solid base. In the second quarter of its fiscal year 2026, Worthington reported an 18% year-over-year increase in revenue to about $872 million, while operating income stood at $21.7 million. CEO Geoff Gilmore has emphasized pursuing high-margin solutions and more efficient inventory management as key pillars of the strategy.

Management highlights potential gains in automotive and sustainable energy sectors, where procurement advantages and strengthened supply-chain logistics are expected to support profitability going forward. Industry observers view the deal as a measured response to rising consolidation pressures within the sector.

Path to completion and near-term milestones
The final approval of the transaction hinges on regulatory clearances across multiple jurisdictions, with closure anticipated in the latter half of 2026 if authorities grant their consent. Worthington Steel is scheduled to release quarterly results on March 18, followed by a dividend payment of $0.16 per share on March 27.