Worthington Steel Declares $0.16 Quarterly Dividend
Worthington Steel, Inc. (NYSE: WS), a value-added metals processing company, declared a quarterly cash dividend of $0.16 per common share on March 25, 2026. The dividend is payable June 26, 2026, to shareholders of record on June 12, 2026.
Worthington Steel, Inc. (NYSE: WS), a value-added metals processing company specializing in carbon flat-roll steel processing and electrical steel laminations, declared a quarterly cash dividend of $0.16 per common share on March 25, 2026. Read more dividend announcements.
The dividend is payable June 26, 2026, to shareholders of record at the close of business on June 12, 2026.
| Dividend Details | Date |
|---|---|
| Amount per Share | $0.16 |
| Declaration Date | March 25, 2026 |
| Record Date | June 12, 2026 |
| Payment Date | June 26, 2026 |
| Frequency | Quarterly |
Third Quarter Financial Performance
The dividend announcement came alongside Worthington Steel's third quarter fiscal 2026 results for the period ended February 28, 2026. The company reported net sales of $769.8 million, up 12% from $687.4 million in the prior year quarter.
Net earnings attributable to controlling interest totaled $10.4 million, or $0.20 per diluted share, compared to $13.8 million, or $0.27 per diluted share, in the third quarter of fiscal 2025. Adjusted net earnings per diluted share came in at $0.27 versus $0.35 in the year-ago period.
Operating income fell to $3.1 million from $18.3 million in the prior year quarter. Adjusted EBIT declined to $20.0 million from $25.3 million.
Volume processed during the quarter totaled 817,524 tons, down from 881,410 tons in the third quarter of fiscal 2025.
Balance Sheet and Cash Position
As of February 28, 2026, Worthington Steel held cash and cash equivalents of $90.0 million. The company generated $63.3 million in net cash from operating activities during the third quarter, up from $53.8 million in the prior year quarter.
Free cash flow totaled $33.3 million compared to $25.2 million in the year-ago period. Capital expenditures during the quarter were $30.0 million versus $28.6 million in the prior year.
The company ended the quarter with total debt of $251.4 million, resulting in a net debt position of $161.4 million. During the quarter, Worthington Steel increased short-term borrowings and used $101.4 million to acquire equity securities in Kloeckner & Co SE as part of a proposed acquisition.
Pending Acquisition
Worthington Steel announced it entered into a Business Combination Agreement with Kloeckner & Co SE (XETR: KCO), a German-based metals processor with operations in Europe and North America. The company launched a voluntary public tender offer for all outstanding Kloeckner shares at €11 per share.
Completion of the acquisition is expected in the second half of calendar year 2026, subject to minimum acceptance thresholds, regulatory approvals, and other customary closing conditions.