Worthington Steel (NYSE: WS) reduced the minimum acceptance threshold for its takeover offer of Kloeckner & Co SE to 57.5% from a higher level, according to a company statement. The steel processor will not increase the €11.00 per share offer price or make additional changes to the terms.

The acceptance period has been extended to March 26, 2026, from the original March 12, 2026 deadline due to the threshold reduction. As of March 9, 2026, Worthington Steel secured approximately 56.9% of Kloeckner's issued share capital.

Worthington Steel announced its intention to launch the all-cash offer on January 15, 2026, through its subsidiary Worthington Steel GmbH. The €11.00 per share price represents a 98% premium to Kloeckner's three-month volume-weighted average share price as of December 5, 2025. The offer phase began February 5, 2026.

Kloeckner's management board and supervisory board have recommended shareholders accept the offer, describing it as attractive, fair and appropriate. The German steel and metal processor operates around 110 warehouse and processing locations, primarily in North America and the DACH region, serving more than 60,000 customers with approximately 6,000 employees. Kloeckner reported sales of €6.6 billion in fiscal year 2024.

The offer remains subject to fulfilling the minimum acceptance threshold at the end of the acceptance period. Kloeckner shares trade on the Frankfurt Stock Exchange under the ticker KC0100.