Kloeckner & Co SE and Worthington Steel GmbH, a wholly owned subsidiary of Worthington Steel, Inc., have signed a business combination agreement following the completion of due diligence and negotiations. As part of the transaction, Worthington Steel plans to launch a voluntary public takeover offer for all outstanding shares of Kloeckner & Co, with an implied total enterprise value of around USD 2.4 bln.
The combination is expected to create one of the leading independent steel service center and metal processing groups across Europe and North America, leveraging the complementary strengths of both companies. Subject to completion, Kloeckner & Co will continue to operate independently, with its European headquarters remaining in Dusseldorf and its current Management Board in place. No layoffs or site closures are planned, and existing works council agreements will remain in force. Worthington Steel intends to be represented on the Supervisory Board in line with its future shareholder position.
The offer will be subject to customary conditions, including regulatory approvals, and will be submitted to BaFin, Germany’s integrated financial supervisory authority. Worthington Steel expects to complete the takeover process in the second half of 2026.
Worthington Steel specializes in carbon flat-rolled steel processing, electrical steel laminations, and tailor-welded solutions, operating 37 facilities across the US and internationally.
Kloeckner & Co runs a network of around 110 warehouse and processing sites, mainly in North America and the DACH region, serving more than 60,000 customers worldwide.
