Worthington Steel, Inc. (NYSE: WS) announced today that it has completed the acquisition of a controlling equity stake in Italy-based Sitem S.p.A. through its subsidiary, Tempel Steel Company, LLC.

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 CEO Geoff Gilmore.

"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.

WS shares kicked off Tuesday's trading session down 46 cents, or 1.8%, to $25.25.

COMTEX_466053629/2559/2025-06-03T09:57:37