Worthington Steel is one of the largest independent intermediate processors of carbon flat-rolled steel in the U.S., sitting between steel mills and end-use manufacturers. Worthington buys steel coils from primary producers, then processes and transforms that steel to customer specifications through pickling, galvanizing, slitting, blanking, and specialty re-rolling. Automotive is the largest end market at roughly half of net sales, with the Detroit Three automakers (GM, Ford, Stellantis) representing about 30% of sales. Beyond its core carbon steel processing business, Worthington operates two higher-margin, more technically differentiated businesses: electrical steel laminations (through its Tempel Steel subsidiary), which stamps precision magnetic steel used in motors and transformers; and tailor welded blanks (through its 55%-owned TWB joint venture), which laser-welds custom steel blanks for automotive structural components. Worthington also toll processes steel for mills and large manufacturers, earning processing fees without inventory risk. The company's profitability is driven by the spread between raw steel input costs and processed steel selling prices, volume leverage against fixed costs, and inventory holding gains or losses from steel price movements. Worthington's growth strategy centers on expanding its electrical steel business, which management views as a secular growth opportunity driven by EV traction motors and surging transformer demand from data centers and grid modernization. Worthington is investing in new capacity in Mexico and Canada, and acquired Sitem Group in June 2025 to extend electrical steel lamination capabilities into Europe.