By Mary de Wet
Worthington Industries’ steel-processing unit saw lower selling prices and a decline in volume in the fourth quarter.
On steel:
Sales at the steel-processing business fell about 23% in the three months ended May 31, driven by lower average direct selling prices and a slight decline in overall volume.
“Demand for most of our key end markets remained healthy with all business segments delivering solid cash flows and earnings despite some pockets of market softness,” President and Chief Executive Andy Rose said.
The Columbus, Ohio-based industrial manufacturing company plans to separate the steel-processing business in early 2024. The plan is to create two independent, publicly traded companies that are more specialized, with better prospects for growth, Worthington said.
Write to Mary de Wet at mary.dewet@dowjones.com
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