Worthington Industries Board of Directors Approves Separation of Worthington Steel
Record date for distribution of Worthington Steel common shares will be November 21, 2023
- Record date for distribution of Worthington Steel common shares will be November 21, 2023
“When-issued” trading of Worthington Steel and Worthington Industries ex-distribution common shares expected to begin on November 28, 2023
Distribution date expected to be December 1, 2023
COLUMBUS, Ohio, Nov. 09, 2023 (GLOBE NEWSWIRE) -- Worthington Industries, Inc. (“Worthington Industries” or the “Company”) (NYSE: WOR), a leading industrial manufacturer, today announced that its Board of Directors (the “Board”) approved the previously announced separation of its Steel Processing business, Worthington Steel, Inc. (“Worthington Steel”) via a spin-off that is generally intended to be tax-free to shareholders for U.S. federal income tax purposes. - As a result of the distribution, Worthington Industries shareholders will receive one common share of Worthington Steel for every one common share of Worthington Industries they hold on the Record Date.
- No action is required by Worthington Industries shareholders to receive the distributed common shares of Worthington Steel.
- Worthington Industries expects that beginning November 28, 2023, there will be two markets in Worthington Industries common shares on the NYSE: “regular-way” under the symbol “WOR” and “ex-distribution” under the symbol “WOR WI.” Prior to the Distribution Date, Worthington Industries common shares that trade in the “regular-way” market will trade with the right to receive common shares of Worthington Steel on the Distribution Date.