Worthington Industries (WOR) Sinks Over 15% After A Goldman Sachs Note

Worthington Industries (NYSE: WOR) is sinking 16% today after a Goldman Sachs research note said Worthington may violate debt covenants by May. Additionally, Goldman Sachs thinks Worthington Industries dividend is a risk.

Real-estate developers and auto companies are among the biggest consumers of Worthington’s products and are obviously two of the industries that are suffering the most amidst this global recession. Companies are not spending money on real estate projects and people are not going out to buy new cars unless they have an absolute need for one.

Goldman Sachs echoed that thought and said it sees a continued deterioration in Worthington's primary end markets, automotive and commercial construction.

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Worthington Industries, Inc. operates as a diversified metal processing company focusing on steel processing and manufactured metal products primarily in the United States, Canada, and Europe.

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