Worthington Steel Announces Its Proposed Domination And Profit And Loss Transfer Agreement With Kloeckner & Co Failed To Receive Shareholders' Approval At Kloeckner & Co; Domination And Profit And Loss Transfer Agreement To Not Become Effective

Worthington Steel, Inc. (NYSE:WS) today announced that the proposed domination and profit and loss transfer agreement ("DPLTA") between Kloeckner & Co SE ("Kloeckner") and Worthington Steel GmbH, a wholly owned indirect subsidiary of Worthington Steel, did not receive the required shareholder approval at Kloeckner’s extraordinary general meeting in Düsseldorf, Germany. As a result, the DPLTA will not become effective. Worthington Steel remains committed to delivering on the long-term strategic and economic rationale of the transaction. For now, the company will operate within the existing ownership and governance structure and will pursue commercial, procurement, operational and strategic opportunities that can be advanced within that framework and in accordance with applicable law.