COLUMBUS, OHIO (June 3, 2025) – Worthington Steel, Inc. (NYSE: WS) (“Worthington Steel” or the “Company”) announced today that it has completed the acquisition of a controlling equity stake in Italy-based Sitem S.p.A. (together with its subsidiaries, Stanzwerk AG, Decoup S.A.S. and Sitem Slovakia spol. s r.o., “Sitem Group”) through its subsidiary, Tempel Steel Company, LLC (“Tempel”). Worthington Steel now holds an approximately 52% stake in Sitem Group, with the option to increase ownership in the future.
“This marks a significant step in our strategic growth plan, enhancing our position in the European electric motor lamination market and strengthening our ability to support global automotive, industrial motor and transformer customers,” said Geoff Gilmore, Worthington Steel president and CEO. “Sitem Group shares our commitment to quality, innovation and customer focus, and we are excited to build on our shared success.”
Sitem Group, one of Europe’s largest producers of electric motor laminations, operates six manufacturing facilities across Italy, Switzerland, Slovakia and France. The company will continue to be led by its existing leadership team, including Chairman Fabrizio Scarca, CEO Marco Bartoloni and Chief Purchasing Officer Gabriella Scarca, from its headquarters in Trevi, Italy.
The transaction included a combination of cash investment, the acquisition of shares from existing shareholders and the contribution of Worthington Steel’s Nagold, Germany facility. This strategic investment supports Worthington Steel’s long-term goal of expanding its presence in high-value electrical steel applications.
About Sitem S.p.A.
Founded in 1974, Sitem Group is headquartered and has one of its manufacturing facilities in Trevi, Perugia, Italy with two additional manufacturing facilities of Sitem S.p.A. in Milan, Italy, of Stanzwerk AG in Unterentfelden, Switzerland, of Sitem Slovakia spol. s r.o in Spišská Nová Ves, Slovakia and of Decoup S.A.S. in Villenaux-La-Grande, France.
About Worthington Steel
Worthington Steel (NYSE:WS) is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel’s expertise in carbon flat-roll steel processing, electrical steel laminations and tailor welded solutions are driving steel toward a more sustainable future.
As one of the most trusted metals processors in North America, Worthington Steel and its approximately 6,000 employees harness the power of steel to advance our customers’ visions through value-added processing capabilities including galvanizing, pickling, configured blanking, specialty cold reduction, lightweighting and electrical lamination. Headquartered in Columbus, Ohio, Worthington Steel operates 38 facilities in seven states and 10 countries.
Following a people-first philosophy, commitment to sustainability and proven business system, Worthington Steel’s purpose is to generate positive returns by providing trusted and innovative solutions for customers, creating opportunities for employees and strengthening its communities.