WORTHINGTON ENTERPRISES, INC. WOR → Worthington Steel, Inc. WS
| Parent | WORTHINGTON ENTERPRISES, INC. WOR |
|---|---|
| Spinco | Worthington Steel, Inc. WS |
| Status | Completed |
| Structure | Spin-off A filing states a pro-rata distribution: holders receive shares automatically. |
| Focus | Not focus-increasing Parent and spinco remain in the same industry; the separation divides scale rather than business. |
| Ratio | 1 Worthington Steel share for every 1 Worthington Industries share |
| Ratio note | Holders of record held Worthington Industries stock, which renamed itself Worthington Enterprises but kept the ticker WOR. |
| Checked against EDGAR | 2026-08-22 |
Data trap
Two share counts a fortnight apart differ by 1.5 percent: a November 27 filing states 50,025,115 shares outstanding after the pre-distribution split, while the first quarterly report shows 49,286,517 at November 30 and attributes 49.3 million shares to the distribution. The earlier figure was an over-issuance later trued up, so publishing it overstates the company. Note also that the final Form 10 amendment carries no information statement — the definitive one is in the amendment filed the day before.
The restated filings have landed; this is kept as history.
Catalyst clock
- 2022-09-29Separation announced
- 2023-10-04Form 10 filed
- 2023-11-14Form 10 last amended
- 2023-11-16Form 10 effective
- 2023-11-21Record date
- 2023-11-28When-issued trading opens
- 2023-12-01Distribution
- 2023-12-21First standalone earnings
- —Index inclusion announced
Performance since separation
| Worthington Steel, Inc. since separation | +57.34% |
|---|---|
| WORTHINGTON ENTERPRISES, INC. over the same window | +24.80% |
| S&P 500 (SPY) over the same window | +66.79% |
| Russell 2000 (IWM) over the same window | +62.22% |
| Excess over the S&P 500 | -9.45% |
| Excess over the Russell 2000 | -4.88% |
Measured from the first regular-way close on or after the distribution — 2023-12-01 at 22.20 — to 2026-08-21 at 34.93. Window: 2.7 years. Two benchmarks, because one is misleading: spin-offs are usually small companies, and across this period small caps lagged the S&P by several points a year on their own. Measured against the S&P alone, roughly a third of any shortfall is company size rather than the separation. Returns are arithmetic over end-of-day closing prices. Unlike every other figure on this page, they do not come from a filing.
Pre-distribution investor return
| Parent, announcement to separation | +66.79% |
|---|---|
| Combined (WORTHINGTON ENTERPRISES, INC. + Worthington Steel, Inc.), pre-distribution to now | +107.67% |
| Combined excess over the S&P 500 | +39.90% |
| Combined excess over the Russell 2000 | +40.71% |
Combined treats a pre-spin holding as 1 Worthington Steel share for every 1 Worthington Industries share valued at the parent's last close before regular post-spin trading resumed — 2023-11-30 at 44.20 — against that same basket today. That baseline is a practical proxy, not an attempt to isolate exactly how much value the separation transferred: for a large parent and a small spinco, ordinary day-to-day price noise can be bigger than the transfer itself. Run-up measures only the parent's own price, from the announcement date to that same baseline — how far the market had already moved before the separation's mechanics ever happened.
Filings
Every fact on this page comes from one of these.
- 10-12Bfiled 2023-10-04 · 0001193125-23-250772Initial Form 10 registration statement
- 10-12B/Afiled 2023-11-13 · 0001193125-23-274723Amendment 2, which carries the definitive information statement
- 10-12B/Afiled 2023-11-14 · 0001193125-23-276785Final amendment — body and one exhibit only, no information statement
- 8-Kfiled 2023-11-27 · 0001193125-23-283382Charter amendment effecting the pre-distribution stock split
- 8-Kfiled 2023-12-05 · 0001193125-23-289193Completion: separation completed December 1, 2023 at 12:01 a.m. Eastern
- 10-Qfiled 2024-01-16 · 0000950170-24-004719First periodic report; 49,286,517 shares issued and outstanding at November 30, 2023
Notes
Worthington Industries' separation of its steel processing business, with the parent renaming itself Worthington Enterprises while keeping the ticker WOR — unusually, a rename that does not break a price series. The distribution took effect at 12:01 a.m., before the open, so December 1 is itself the first regular-way session. Classified non-focus-increasing: both companies carry the same steel-works SIC code.