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Worthington Steel has plan B should Kloeckner acquisition fall through
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Worthington Steel has plan B should Kloeckner acquisition fall through
Mar 11, 2026 5:58 AM

FRANKFURT/DUESSELDORF, March 2 (Reuters) - U.S.-based

Worthington Steel ( WS ) would have a decent number of

acquisition targets to pick from if a planned $2.4 billion deal

to buy German metals trader Kloeckner & Co fell

through, the group's chief executive told Reuters.

The comments by Geoff Gilmore come less than two weeks

before the offer's deadline expires on March 12, with

Worthington obliged to secure at least 65% of Kloeckner's shares

to clinch the deal.

While Gilmore said he was "highly confident" to hit that

goal, having already secured 53% from Kloeckner's major

shareholder Swoctem and other tenders, the German firm has been

one of around 10 targets Worthington looked at.

"We felt like Kloeckner made the most sense and brought the

most synergies along with positioning us best strategically in

the current situation," Gilmore said.

"But that doesn't mean that options two, three, four, and

five aren't good options. So we would have good alternatives to

pursue in a situation where this does not come to reality," he

added.

The North American metals trading sector is currently

subject to substantial consolidation, with Ryerson

recently merging with Olympic Steel and Thyssenkrupp

looking to divest its materials trading division.

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