Worthington Steel, Inc.
For the period ended May 31, 2025. Filed Jul 29, 2025.
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FY2025 · Filed Jul 29, 2025
WS$39.37+1.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated and Combined Statements of Cash Flows
(In millions)
| Fiscal Years Ended May 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities: | |||
| Net earnings | $119.3 | $170.1 | $99.7 |
| Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
| Depreciation and amortization | 66.0 | 65.3 | 69.6 |
| Impairment of assets | 7.4 | 1.4 | 2.1 |
| Provision for (benefit from) deferred income taxes | (3.1) | 1.1 | (9.7) |
| Bad debt expense | 1.8 | 1.1 | 1.6 |
| Equity in net income of unconsolidated affiliate, net of distributions | 8.4 | (20.4) | 4.8 |
| Net (gain) loss on sale of assets | (0.7) | 1.0 | (3.3) |
| Stock-based compensation | 11.0 | 10.3 | 10.4 |
| Changes in assets and liabilities, net of impact of acquisitions: | |||
| Receivables | 34.1 | (1.4) | 113.0 |
| Inventories | (16.7) | 16.4 | 154.5 |
| Accounts payable | 15.8 | (26.7) | (124.3) |
| Accrued compensation and employee benefits | (9.8) | 7.9 | (5.8) |
| Other operating items, net | (3.2) | (26.6) | 2.4 |
| Net cash provided by operating activities | 230.3 | 199.5 | 315.0 |
| Investing activities: | |||
| Investment in property, plant and equipment | (130.4) | (103.4) | (45.5) |
| Acquisitions, net of cash acquired | - | (21.0) | - |
| Proceeds from sale of assets, net of selling costs | 1.3 | 1.2 | 23.3 |
| Net cash used in investing activities | (129.1) | (123.2) | (22.2) |
| Financing activities: | |||
| Distribution to the Former Parent in connection with the Separation | - | (150.0) | - |
| Transfers to the Former Parent, net | - | (47.6) | (199.8) |
| Proceeds from (repayments of) short-term borrowings, net | 15.0 | 127.2 | (45.2) |
| Proceeds from revolving credit facility borrowings - swing loans | 508.7 | 266.1 | - |
| Repayment of revolving credit facility borrowings - swing loans | (522.5) | (248.1) | - |
| Proceeds from long-term debt, net of issuance costs | 2.3 | - | - |
| Proceeds from issuance of common shares, net of tax withholdings | (3.1) | 0.3 | - |
| Principal payments on long-term debt to the Former Parent | - | - | (15.0) |
| Payments to noncontrolling interests | (17.0) | (8.8) | (20.2) |
| Dividends paid | (31.9) | (7.9) | - |
| Net cash used in financing activities | (48.5) | (68.8) | (280.2) |
| Increase in cash, cash equivalents and restricted cash | 52.7 | 7.5 | 12.6 |
| Cash, cash equivalents, and restricted cash at beginning of year | 40.2 | 32.7 | 20.1 |
| Cash, cash equivalents, and restricted cash at end of year | $92.9 | $40.2 | $32.7 |
WORTHINGTON STEEL, INC.
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