Worthington Steel signs profit transfer deal with Kloeckner

Worthington Steel, Inc. (NYSE: WS) has signed a domination and profit and loss transfer agreement (DPLTA) with Kloeckner & Co SE, according to a press release from the Columbus, Ohio-based metals processor.

The agreement was executed through Worthington Steel's wholly owned subsidiary, Worthington Steel GmbH, under Sections 291 et seq. of the German Stock Corporation Act. The signing follows Worthington Steel's completion of a voluntary public takeover offer for Kloeckner on June 3, 2026, and the subsequent delisting of Kloeckner shares from the regulated market of the Frankfurt Stock Exchange on August 12, 2026.

The DPLTA requires approval from Kloeckner shareholders, with at least 75% of the share capital represented voting in favor at an extraordinary general meeting expected to take place on October 23, 2026.

If approved and upon completion of further required steps, the DPLTA would become effective following registration with the commercial register at Kloeckner's registered seat, at the earliest on January 1, 2027.

"We are pleased to have reached another important milestone in bringing Worthington Steel and Kloeckner together," said Geoff Gilmore, president and CEO of Worthington Steel. "Subject to the required shareholder approval and completion of the remaining steps, we look forward to moving into the next phase in our combination."

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