Worthington Steel, Inc. (NYSE: WS) announced on October 23, 2026, that a proposed domination and profit and loss transfer agreement (DPLTA) between Kloeckner & Co SE and Worthington Steel GmbH did not receive the required shareholder approval at Kloeckner’s extraordinary general meeting in Düsseldorf, Germany. Consequently, the DPLTA will not become effective.
Despite the rejection of the agreement, Worthington Steel stated that it remains committed to the long-term strategic and economic rationale of the transaction. The company will continue to operate within its existing ownership and governance structure. Worthington Steel will pursue commercial, procurement, operational, and strategic opportunities that can be advanced within this framework and in accordance with applicable law.
Worthington Steel completed a voluntary public takeover offer for Kloeckner on June 3, 2026. Following a subsequent public delisting tender offer, the company currently holds approximately 62% of Kloeckner’s share capital and voting rights. The outcome of the vote does not affect the company’s financial consolidation of Kloeckner’s results or its existing financing arrangements.
During the extraordinary general meeting, Kloeckner shareholders approved the election of five Supervisory Board members and amendments to Kloeckner’s Articles of Association intended to simplify corporate governance. Worthington Steel’s existing majority stake in Kloeckner and its strategic commitment to the combination remain unaffected by the vote.
Worthington Steel is one of North America’s leading value-added metals processing and manufacturing companies. The company employs approximately 12,000 people and operates approximately 150 facilities, primarily in North America, with additional operations in Europe and Asia.
