Worthington Steel Announces Dividend Reinvestment Plan

Rhea-AI Summary

Worthington Steel (NYSE: WS) has implemented a Dividend Reinvestment Plan (DRIP), effective Sept. 13, 2024. The optional DRIP allows eligible shareholders to automatically reinvest all or part of their cash dividends into additional common shares. Key benefits include:

• Convenience of automatic dividend reinvestment
• Flexibility to reinvest all or a portion of dividends

Reinvestment Shares will be acquired through the open market. Registered shareholders can enroll online or by contacting Broadridge Shareholder Services at 844-917-0956. Beneficial shareholders should contact their financial intermediaries for enrollment details. Participants may incur fees for termination, withdrawal, or disposition of Reinvestment Shares. The DRIP does not affect tax obligations on reinvested dividends.

Positive

• Implementation of a Dividend Reinvestment Plan (DRIP) offering shareholders flexibility in dividend management
• Potential for increased shareholder loyalty and long-term investment in the company

Negative

• Possible fees associated with DRIP participation, termination, or share disposition
• Potential tax implications for shareholders participating in the DRIP

COLUMBUS, Ohio--(BUSINESS WIRE)-- Worthington Steel, Inc. (NYSE: WS) announced today that it has implemented a Dividend Reinvestment Plan (the “DRIP”), which went into effect Sept. 13, 2024. Participation in the DRIP is optional and will not affect shareholders’ cash dividends, unless they elect to participate in the DRIP.

The DRIP will provide Worthington Steel’s eligible shareholders with the opportunity to have all or a portion of the cash dividends declared on their Worthington Steel common shares (“common shares”) automatically reinvested into additional common shares on an ongoing basis until DRIP participation has been modified or terminated (the “Reinvestment Shares”). The benefits of enrolling in the DRIP include the:

• convenience of automatic reinvestment of dividends in Reinvestment Shares; and
• flexibility to enroll some or all common shares in the DRIP, providing the opportunity to reinvest all or a portion of dividends in Reinvestment Shares, while continuing to receive the remainder in cash.

Participants in the DRIP will receive Reinvestment Shares acquired through the open market. Only future dividends declared by Worthington Steel will be eligible for reinvestment in the DRIP. To participate in the DRIP, registered shareholders may enroll by accessing their shareholder account online or by contacting Broadridge Shareholder Services (the “Agent”) at 844-917-0956.

Beneficial shareholders who wish to participate in the DRIP should contact their financial advisor, broker, investment dealer, bank, financial institution or other intermediary through which they hold common shares to inquire about the applicable enrollment deadline and to request enrollment in the DRIP and confirm what fees, if any, the nominee may charge to enroll in the DRIP on their behalf or whether the nominee’s policies might result in any costs otherwise becoming payable by the beneficial shareholder. Commissions, service charges, brokerage fees and other administrative fees may be payable in connection with the termination of participation in the DRIP or the withdrawal or disposition of Reinvestment Shares.

Participation in the DRIP does not relieve shareholders of any liability for taxes that may be payable in respect of dividends that are reinvested in Reinvestment Shares. Shareholders should consult their tax advisors concerning the tax implications of their participation in the DRIP.

This news release does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction nor will there be any sale of these securities in any territory, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such territory, state or jurisdiction.

The aforementioned is a summary of the key attributes of the DRIP. A complete copy of the DRIP and the enrollment form will be available on the Agent’s website at https://shareholder.broadridge.com/ws. Shareholders should carefully read the complete text of the DRIP before making any decisions regarding their participation. For more information on how to enroll for registered shareholders or any other inquiries, contact the Agent at 844-917-0956.

About Worthington Steel

Worthington Steel (NYSE:WS) is a metals processor that partners with customers to deliver highly technical and customized solutions. Worthington Steel’s expertise in carbon flat-roll steel processing, electrical steel laminations and tailor welded solutions are driving steel toward a more sustainable future.

As one of the most trusted metals processors in North America, Worthington Steel and its approximately 5,000 employees harness the power of steel to advance our customers’ visions through value-added processing capabilities including galvanizing, pickling, configured blanking, specialty cold reduction, lightweighting and electrical lamination. Headquartered in Columbus, Ohio, Worthington Steel operates 32 facilities in seven states and six countries. Following a people-first Philosophy, commitment to sustainability and proven business system, Worthington Steel’s purpose is to generate positive returns by providing trusted and innovative solutions for customers, creating opportunities for employees and strengthening its communities.

Safe Harbor Statement

Worthington Steel wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the “Act"). Statements by Worthington Steel which are not historical information constitute "forward looking statements" within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks, uncertainties and impacts described from time to time in Worthington Steel’s filings with the SEC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240927378193/en/

Melissa Dykstra

Vice President

Corporate Communications and Investor Relations

Phone: 614-840-4144

Melissa.Dykstra@worthingtonsteel.com

Source: Worthington Steel, Inc.

FAQ

When does Worthington Steel's (WS) Dividend Reinvestment Plan take effect?

Worthington Steel's Dividend Reinvestment Plan (DRIP) went into effect on September 13, 2024.

How can shareholders enroll in Worthington Steel's (WS) DRIP?

Registered shareholders can enroll online through their shareholder account or by contacting Broadridge Shareholder Services at 844-917-0956. Beneficial shareholders should contact their financial advisor or broker to enroll.

Does participating in Worthington Steel's (WS) DRIP affect shareholder tax obligations?

Participation in the DRIP does not relieve shareholders of tax obligations on reinvested dividends. Shareholders should consult their tax advisors for specific implications.

Are there any fees associated with Worthington Steel's (WS) Dividend Reinvestment Plan?

Fees may apply for termination of participation, withdrawal, or disposition of Reinvestment Shares. Beneficial shareholders may incur additional fees from their financial intermediaries.