Steel Mills

Done Deal: Worthington Finalizes Tempel Acquisition

Written by David Schollaert

December 3, 2021

Worthington Industries Inc. completed its acquisition of Tempel Steel Company, a manufacturer of precision motor and transformer laminations for the electrical steel market.

The deal, originally valued around $255 million, expands the Columbus, Ohio-based manufacturer’s steel processing segment in the growing electric vehicle (EV) market.

WorthingtonTempel Steel, headquartered in Chicago and founded 1945, specializes in electrical steel – highly engineered steel used for the core of electric motors, transformers and generators.

“The addition of Tempel makes us a world leader in the rapidly growing electrical steel market that includes transformers, machine motors and electric vehicle motors,” Worthington President and CEO Andy Rose said. “Tempel expands our sustainable mobility offerings beyond lightweighting and hydrogen to more widely serve the global market for hybrids, EVs and the electricity infrastructure needed to support them. Tempel has a rich history and dedicated workforce and we’re excited to officially welcome them to Worthington.”

Tempel reported sales of $377 million and earnings of $35 million for the 12 months ending Sept. 30. For its most recent fiscal year, Worthington Industries reported sales of $3.2 billion. The transaction, backed largely with existing cash, includes Tempel’s headquarters and five manufacturing facilities located in Chicago, Canada, China, India and Mexico.

By David Schollaert, David@SteelMarketUpdate.com

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

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