Aug 21 2007
Worthington Industries, Inc. announced today that its Worthington Steel Company has signed an agreement to form a joint venture with The Magnetto Group to operate a steel processing facility in Kosice, Slovakia. The transaction is expected to close in September with operations beginning shortly thereafter. Class 1 steel processing services such as slitting, blanking and cutting-to-length will be performed for customers throughout central Europe.
“This joint venture aligns with our stated goal of growing our steel processing business beyond its current geographic boundaries. This will be our first European steel processing operation, and we are fortunate to be partnering with the highly regarded Magnetto Group. Worthington has a long history of successful joint venture partnerships,” said John P. McConnell, Chairman and CEO of Worthington Industries.
Worthington Steel, a Worthington Industries company, is one of America’s largest independent steel processors of flat-rolled steel. Operating 12 facilities across the United States, the company offers the widest range of services in the industry, including acrylic coating, cleaning, cold-rolling, configured blanking, cutting-to-length, dry lubricating, edging, galvannealing, hot-dipped galvanizing, hydrogen annealing, pickling, slitting, stainless steel, temper rolling and tension leveling.
Worthington Industries is a leading diversified metal processing company with annual sales of approximately $3 billion. The Columbus, Ohio, based company is North America’s premier value-added steel processor and a leader in manufactured metal products such as metal framing, metal ceiling grid systems, pressure cylinders, automotive past model service stamping and laser welded blanks. Worthington Industries and its subsidiaries employ more than 8,000 people and operate 64 facilities in 10 countries.