Worthington Steel, Inc.
For the period ended May 31, 2025. Filed Jul 29, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Jul 29, 2025
WS$39.37+1.2%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Balance Sheets
CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts)
| May 31, | ||
|---|---|---|
| 2025 | 2024 | |
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $38.0 | $40.2 |
| Restricted cash | 54.9 | - |
| Receivables, less allowances of $3.8 and $3.2, respectively | 438.7 | 472.6 |
| Inventories: | ||
| Raw materials | 179.4 | 150.2 |
| Work in process | 165.6 | 176.8 |
| Finished products | 77.0 | 78.3 |
| Total inventories | 422.0 | 405.3 |
| Income taxes receivable | 0.1 | 4.2 |
| Assets held for sale | 11.5 | 2.9 |
| Prepaid expenses and other current assets | 83.3 | 76.6 |
| Total current assets | 1,048.5 | 1,001.8 |
| Investment in unconsolidated affiliate | 126.6 | 135.0 |
| Operating lease right-of-use assets | 72.6 | 72.9 |
| Goodwill | 79.6 | 79.6 |
| Other intangible assets, net of accumulated amortization of $50.3 and $45.3, respectively | 67.9 | 77.0 |
| Deferred income taxes | 11.4 | 8.5 |
| Other assets | 7.0 | 16.8 |
| Property, plant and equipment: | ||
| Land | 38.6 | 37.9 |
| Buildings and improvements | 190.4 | 177.1 |
| Machinery and equipment | 942.6 | 893.8 |
| Construction in progress | 132.7 | 83.6 |
| Total property, plant and equipment | 1,304.3 | 1,192.4 |
| Less: accumulated depreciation | 756.1 | 717.6 |
| Total property, plant and equipment, net | 548.2 | 474.8 |
| Total assets | $1,961.8 | $1,866.4 |
CONSOLIDATED BALANCE SHEETS
(In millions, except share amounts)
| May 31, | ||
|---|---|---|
| 2025 | 2024 | |
| LIABILITIES AND EQUITY | ||
| Current liabilities: | ||
| Accounts payable | $402.5 | $380.4 |
| Short-term borrowings | 149.2 | 148.0 |
| Accrued compensation, contributions to employee benefit plans and related taxes | 43.0 | 52.8 |
| Dividends payable | 9.3 | 8.7 |
| Other accrued items | 15.3 | 15.7 |
| Current operating lease liabilities | 7.7 | 7.6 |
| Income taxes payable | 4.5 | 5.2 |
| Total current liabilities | 631.5 | 618.4 |
| Other liabilities | 32.8 | 34.3 |
| Long-term debt | 2.3 | - |
| Noncurrent operating lease liabilities | 68.7 | 68.3 |
| Deferred income taxes | 28.6 | 27.9 |
| Total liabilities | 763.9 | 748.9 |
| Shareholders’ equity - controlling interest: | ||
| Preferred shares, without par value; authorized – 1,000,000 shares; no shares issued or outstanding | - | - |
| Common shares, without par value; authorized – 150,000,000 shares; issued and outstanding 49,548,895 shares and 49,331,514 shares, respectively | - | - |
| Additional paid-in capital | 913.9 | 905.3 |
| Retained earnings | 164.2 | 86.1 |
| Accumulated other comprehensive loss, net of taxes of $(2.0) and $(1.7), respectively | (4.0) | (6.1) |
| Total shareholders’ equity - controlling interest | 1,074.1 | 985.3 |
| Noncontrolling interests | 123.8 | 132.2 |
| Total equity | 1,197.9 | 1,117.5 |
| Total liabilities and equity | $1,961.8 | $1,866.4 |
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