Worthington Steel Surpasses Acceptance Threshold for Kloeckner & Co Offer

On March 31, 2026, Worthington Steel announced that it had exceeded the minimum acceptance threshold of 57.5% for its public tender offer for Kloeckner & Co SE. By the end of the initial acceptance period on March 26, 2026, Worthington Steel secured 58.8% of Kloeckner & Co’s share capital.

Shareholders still have an opportunity to participate in the offer during an additional acceptance period starting April 1, 2026, and ending April 14, 2026. Worthington Steel's President and CEO, Geoff Gilmore, expressed appreciation for shareholder support and optimism toward completing the transaction.

The offer completion awaits certain regulatory approvals and is anticipated in the latter half of 2026. Worthington Steel aims to implement structural changes post-transaction, including potential delisting of Kloeckner or a squeeze-out of minority shareholders, depending on market conditions.