Marubeni-Itochu Steel Inc. Acquires Worthington Specialty Processing’s Jackson Plant

Rhea-AI Summary

Marubeni-Itochu Steel Inc. (MISI) has successfully acquired Worthington Specialty Processing's remaining facility in Jackson, Michigan, which will be rebranded as MISA Specialty Processing, Inc. This acquisition is aligned with MISI's strategy to enhance its steel processing capabilities for the North American automotive market. Worthington Specialty Processing is a joint venture between Worthington Industries (NYSE: WOR) and United States Steel Corporation. The details of this all-cash deal remain undisclosed.

Positive

• Acquisition enhances MISI's steel processing capacity for North American automotive sector.
• Strengthens existing partnership between MISI and Worthington Industries.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- Marubeni-Itochu Steel Inc. “MISI” today announced that through its North American subsidiary, Marubeni-Itochu Steel America Inc. “MISA”, it has completed its acquisition of Worthington Specialty Processing’s remaining facility, located in Jackson, Michigan. The Jackson facility will be renamed MISA Specialty Processing, Inc.

Worthington Specialty Processing is a 51%/49% joint venture between Worthington Industries and United States Steel Corporation, respectively.

The acquisition is part of MISI’s strategy to expand its steel processing capacity to service customers in the North American automotive industry.

MISI is already a partner with Worthington Industries in the U.S. through the company’s ClarkDietrich building products joint venture.

The terms of this all-cash transaction have not been disclosed.

About Marubeni-Itochu Steel America Inc.

Marubeni-Itochu Steel America Inc. (“MISA”) is a leading metal solutions provider not only to companies worldwide, but also right next door. Founded in 2001, through the merger of ITOCHU and Marubeni steel divisions, MISA provides value-added steel and aluminum solutions to customers in the automotive, construction, appliance, food, medical, and aerospace industries. For more information, please visit www.misa.com.

About Worthington Industries

Worthington Industries (NYSE: WOR) is a leading industrial manufacturing company in steel processing, consumer and building products and sustainable energy solutions. Headquartered in Columbus, Ohio, the Company delivers innovative solutions to customers spanning industries such as automotive, energy, retail and construction. Worthington Industries operates 57 locations in 15 states and nine countries and employs approximately 9,500 people. For more information, please visit www.worthingtonindustries.com.

About United States Steel Corporation

Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the company’s customer-centric Best for All^® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. The company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221101005075/en/

MISA:

DANIEL COMBS

CHAIRMAN, MISA SPECIALTY PROCESSING, INC.

517.719.0017 | CombsD@MMPI-US.com

Worthington Industries:

SONYA L. HIGGINBOTHAM

VP, CORPORATE COMMUNICATIONS AND BRAND MANAGEMENT

614.438.7391 | sonya.higginbotham@worthingtonindustries.com

Contact United States Steel Corporation:

KEVIN LEWIS

VP, INVESTOR RELATIONS

412.433.6935 | KLewis@uss.com

ARISTA JOYNER

MANAGER, CORPORATE COMMUNICATIONS

412.433.3994 | AEjoyner@uss.com.

Source: Marubeni-Itochu Steel America Inc.

FAQ

What is the recent acquisition by Marubeni-Itochu Steel Inc. (MISI)?

MISI acquired Worthington Specialty Processing's remaining facility in Jackson, Michigan.

How does the acquisition impact Worthington Industries (NYSE: WOR)?

The acquisition strengthens the partnership between MISI and Worthington Industries.

What is the strategic importance of the acquisition for MISI?

It allows MISI to expand its steel processing capacity for the North American automotive industry.

Are the financial details of the acquisition disclosed?

No, the terms of the all-cash transaction have not been disclosed.