COLUMBUS, Ohio - Worthington Steel, Inc. (NYSE:WS), a leading metals processor with a market capitalization of $2 billion, has expanded its board of directors with the appointment of Scott Kelly, effective as of today. The announcement comes as the company's stock has experienced a 10% decline over the past week, though it maintains a strong 30% gain over the last six months. InvestingPro subscribers have access to 8 additional key insights about Worthington Steel's market position and growth potential. Kelly joins as a member of the Nominating and Governance Committee, bringing the total number of directors to 11, with eight serving as independent members.
With a seasoned background in operations management across energy infrastructure and utility services, as well as experience in the heavy-duty automotive manufacturing industry, Kelly is expected to contribute significantly to Worthington Steel's growth and sustainability initiatives. Executive Chairman John Blystone expressed confidence in Kelly's ability to help guide the company into a more sustainable future within the metals industry.
Kelly, 59, currently holds the position of senior vice president of operations at NPL Construction Company, part of Centuri Group, Inc. His role, which he assumed in November 2024, involves overseeing strategic infrastructure services across North America. His prior experience includes senior leadership roles at NiSource (NYSE:NI), AES (NYSE:AES) Ohio, and Dayton Power & Light Energy Resources. Kelly's six-year tenure with Rockwell International, a manufacturer of truck axles, further solidifies his expertise in the manufacturing sector.
Beyond his professional endeavors, Kelly is actively engaged in community service, having contributed to several nonprofit boards such as Big Brothers Big Sisters of Miami Valley and the Children's Hospital of Dayton. His academic credentials include a bachelor's degree from Carnegie Mellon University and an MBA from Xavier University.
Worthington Steel is recognized for its advanced processing capabilities and customized steel solutions, with approximately 5,000 employees operating across 32 facilities in seven states and six countries. The company emphasizes a people-first philosophy, a commitment to sustainability, and a focus on generating positive returns for customers, employees, and communities. According to InvestingPro analysis, the company maintains a healthy financial position with moderate debt levels and strong interest coverage ratios. With annual revenues exceeding $3.3 billion and a solid current ratio of 1.71, Worthington Steel demonstrates robust operational efficiency despite operating in a challenging industry environment with modest gross margins of 12%.
This board appointment reflects the company's strategic emphasis on leadership with a broad range of expertise. The information provided is based on a press release statement from Worthington Steel.
In other recent news, Worthington Steel, a leading metals processor, announced plans to acquire a controlling equity stake in Sitem S.p.A., a producer of electric motor laminations. The deal, expected to close in 2025, will give Worthington Steel approximately a 52% interest in Sitem Group. This strategic move aligns with Worthington Steel's goal to expand its electrical steel lamination business and customer base, particularly in the electric vehicle market.
In other developments, Worthington Steel has been under the investor's spotlight following its first-quarter 2025 results. KeyBanc maintained its Overweight rating on the company with a steady price target of $40, citing effective operational execution and an upward trend in normalized profit metrics. The firm's analysis suggests that the company's strategic efforts align with its financial goals.
KeyBanc also raised its stock price target from $39 to $40, reflecting improved value-added spreads and an increased potential for accretive mergers and acquisitions. These recent developments reflect KeyBanc's confidence in Worthington Steel's strategic direction and its capability to achieve the set objectives.
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