Worthington Steel, Inc. - WS STOCK NEWS

Worthington Steel's subsidiary, Tempel Steel, has been awarded Mahle's 2024 Best Supplier of the Year award, marking its third consecutive recognition from Mahle Electric Drives India. The award acknowledges excellence in multiple categories including Parts per Million (PPM), Quality, Delivery, Supplier Response, Continuous Improvement and Support of New Product Development.

Previously, the company received the Best Supplier of the Year award in 2022 and the Zero PPM award in 2023. Tempel Steel serves Mahle primarily from its facility in Chennai, India, providing specialized solutions for Mahle, a global automotive parts manufacturer focused on engine components, filtration systems, thermal management solutions, and electrical components for both conventional and electric vehicles.

Southland Holdings (NYSE: SLND) has announced the conversion of $20 million in promissory notes held by management into common stock. The company issued 5,830,899 shares at $3.43 per share to three key executives: Frank Renda (President and CEO), Rudy Renda (Co-COO and EVP), and Tim Winn (Co-COO and EVP). The transaction, completed on December 27, 2024, was conducted as a private placement under Section 4(a)(2) of the Securities Act and Regulation D. The conversion aims to strengthen the company's balance sheet and reflects management's confidence in Southland's long-term value potential.

Sky Harbour Group (NYSE American: SKYH), an aviation infrastructure company, announced the completion of the second closing of its equity raise.

The company issued an additional 3,955,790 PIPE shares of its Class A Common Stock, generating net proceeds of approximately $37.6 million at a sale price of $9.50 per share. Aggregate proceeds from both closings totaled around $75.2 million. The company plans to issue approximately $150 million in new private activity debt financing in the first half of 2025. Combined proceeds from both financings and existing cash on hand, approximately $240 million, will support phase-1 development projects at 6-7 new airport campuses, adding about 800,000 rentable square feet.

Sky Harbour expects to secure seven new ground leases by the end of 2025, expanding its portfolio to 23 airports. Notable participants in the equity raise included affiliates of Altai Capital and Raga Partners, Boulderado, and new long-term investors. The company expressed gratitude for the strategic investors and emphasized its commitment to conservative liquidity and capital management.

Sky Harbour Group (NYSE: SKYH) has signed a lease agreement with Mercer County to develop a new Sky Harbour Home Base campus at Trenton-Mercer Airport (TTN). The development, planned on approximately 10 acres, is expected to generate hundreds of local jobs and economic benefits for Mercer County. The facility will include state-of-the-art hangars for business jets, dedicated line services, office space, operational infrastructure, and parking facilities.

TTN becomes Sky Harbour's fourth airport serving the New York Metro area, joining a network of operational campuses in Houston, Nashville, Miami, San Jose, and Camarillo, along with multiple locations under development. The strategic location will serve Southern New Jersey and the New York and Philadelphia metro markets.

Worthington Steel (NYSE: WS) reported Q2 fiscal 2025 results with net sales of $739.0 million, down 9% from $808.0 million in Q2 2024. The company posted operating income of $18.9 million compared to an $8.8 million loss last year, and net earnings of $12.8 million ($0.25 per share) versus a $6.0 million loss ($0.12 per share) in Q2 2024.

Key highlights include executing an agreement to acquire a controlling stake in Italy-based Sitem Group, which produces electric motor laminations for automotive applications. The company declared a quarterly dividend of $0.16 per share. Volume decreased 5% for direct tons and 1% for toll tons, while direct selling prices dropped 4% compared to the previous year.

Worthington Steel (NYSE: WS) has appointed Scott Kelly to its Board of Directors, expanding the board to 11 members, with eight being independent. Kelly will serve on the Board's Nominating and Governance Committee. Currently serving as senior vice president of operations at NPL Construction Company, a Centuri Group subsidiary, Kelly brings extensive experience in energy infrastructure, utility services, and heavy-duty automotive manufacturing.

Kelly, 59, has held leadership positions at various companies including NiSource, AES Ohio, and Dayton Power & Light Energy Resources. His background includes three decades in infrastructure and utility industries, plus six years in manufacturing leadership at Rockwell International. Kelly holds a bachelor's degree from Carnegie Mellon University and an MBA from Xavier University.

Worthington Steel (NYSE: WS) has announced a quarterly dividend of $0.16 per common share, payable on March 28, 2025, to shareholders of record as of March 14, 2025. The company also scheduled a conference call to discuss its fiscal 2025 second quarter results for December 19, 2024, at 8:30 a.m. ET. The call will be accessible through a live webcast on the company's Investor Relations website and will remain archived for one year.

Sky Harbour Group (SKYH) announced its approval for uplisting from NYSE American to the New York Stock Exchange (NYSE). Trading of the company's common stock and warrants will cease on NYSE American after market close on January 24, 2025, and begin on NYSE on January 27, 2025, maintaining the symbols 'SKYH' and 'SKYH WS'.

The aviation infrastructure company, which builds nationwide home-basing campuses for business aircraft, has been listed on NYSE American since early 2022. The uplisting is expected to enhance visibility, expand investor base, and increase liquidity for public stockholders.

Athena Technology Acquisition Corp. II has received a delisting notice from NYSE American due to failing to complete a business combination within the required 36-month timeframe following its IPO. Trading of the company's securities has been suspended, including class A common stock, units, and redeemable warrants. The company has until December 17, 2024, to request a review of the delisting determination. While working to complete its announced business combination with Ace Green Recycling, the company plans to seek listing on The Nasdaq Stock Market if delisted from NYSE American.