On Jan. 15, Worthington Steel announced plans to acquire Kloeckner & Co. (Klöckner & Co.) — the Düsseldorf, Germany-headquartered metals processing and distribution company — in an all-cash transaction valued at approximately $12 per share, or roughly $2.4 billion enterprise value.

The agreement provides for a voluntary public tender offer in Germany and is expected to close in the second half of 2026, subject to regulatory approvals and acceptance thresholds. The offer has the support of Kloeckner’s largest shareholder, SWOCTEM GmbH.

Worthington said the acquisition will create a transatlantic metals leader with combined annual revenue exceeding $9.5 billion and expected run-rate synergies of about $150 million by 2028, while being accretive to earnings in the first full year post-closing.

Also on Jan. 15, Kloeckner announced that it plans to divest Becker Group — one of the largest multi-metal platforms in the flat steel sector in Europe.

Worthington Steel
Worthington Steel is a Columbus, OH-based specialty steel processor and distributor with operations across 37 facilities in seven U.S. states and 10 countries. Its processing capabilities span carbon flat-roll steel, electrical steel laminations, tailor-welded blanks and other value-added services for automotive, industrial and other end markets. The company employs roughly 6,000 people globally.

“This is a strategic and transformative step in Worthington Steel’s growth journey,” Worthington President and CEO Geoff Gilmore said in a news release. “Through the acquisition of Kloeckner & Co, we will enhance our offerings in high-value metals processing and create meaningful value for our shareholders, deeper relationships with our customers and suppliers and growth opportunities for our employees.”

Kloeckner & Co SE
Founded in 1906 and headquartered in Düsseldorf, Kloeckner & Co SE is a producer-independent metals processor and distributor with a network of approximately 110 warehouse and processing locations across North America and Europe, serving more than 60,000 customers. The company distributes and processes carbon steel, stainless steel, aluminum and other metals. In fiscal 2024, Kloeckner reported approximately $7.2 billion in sales and employed about 6,500 people worldwide.

“This transaction is the right step for Kloeckner & Co as we continue to build on our strengths and position our business for the future,” said Guido Kerkhoff, Kloeckner CEO. “Worthington Steel brings complementary capabilities, a highly respected reputation and an experienced leadership team that shares our focus on operational excellence and strategic growth.”

Recent Kloeckner Distribution Assets Sale
Two weeks prior to the Worthington announcement, Mississauga, Ontario-based Russel Metals closed the acquisition of seven U.S. service center locations from Kloeckner Metals for $102 million. The facilities are located in Dubuque, IA; Charlotte, NC; Suwanee, GA; Houston and Austin, TX; Jacksonville, FL; and Pompano Beach, FL. The acquired operations generated approximately $500 million in annual revenue and about $20 million in adjusted EBITDA, and added roughly 350 employees to Russel Metals’ workforce.

One other Kloeckner distribution facility in Amarillo, TX was sold to Service Steel Warehouse in December.

Transaction Details
Worthington expects to retain much of Kloeckner’s management team following closing and will proceed through customary regulatory reviews in the U.S. and Europe.