Worthington Steel Raises $1.4 Billion to Finalize Strategic…

Sarah J · 2026-05-29T17:08:54.000Z

U.S.-based Worthington Steel has successfully raised $1.4 billion in leveraged financing to support its planned acquisition of German steel and metals distributor Klöckner & Co, marking one of the major cross-border industrial deals in the global steel sector this year. According to reports, the financing package includes $700 million in high-yield bonds and $700 million in leveraged loans arranged by Wells Fargo. The acquisition deal, originally announced in January 2026, is valued at approximately $2.4 billion and is expected to officially close on June 3, 2026. Following the acquisition, Worthington Steel is set to become the second-largest steel service center operator in North America, with combined annual revenues expected to exceed $9.5 billion. The deal is expected to significantly strengthen Worthington’s position in high-value metals processing and advanced steel solutions across North America and Europe. The company also confirmed that all regulatory approvals required for the transaction have already been secured, clearing the final path toward completion. Founded in Germany, Klöckner & Co is one of Europe’s leading steel and metal distributors with a growing focus on digitalized supply chains and green steel solutions. The acquisition highlights ongoing consolidation trends within the global metals and industrial manufacturing sector as companies seek greater scale, supply chain resilience, and expanded value-added processing capabilities.

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Worthington Steel Raises $1.4 Billion to Finalize Strategic… | SEINET