Stable Adjusted EBITDA and Earnings Per Share Growth
Adjusted EBITDA for the fourth quarter was $87 million, a slight increase from $86.5 million in the prior year. Earnings per share increased to $1.10 from $1.06 in the same period last year.
Automotive Market Share Gains
Worthington Steel saw a 5% increase in shipments to the automotive market, attributed to market share gains and new program shipments.
Acquisition of Sitem
Closed on the acquisition of a 52% ownership stake in Sitem, enhancing Worthington's position in the European electric motor lamination market.
Awards and Recognitions
Worthington Steel was named 2024 Supplier of the Year by General Motors and recognized as a Partner-level Supplier in the John Deere Achieving Excellence Program for the 13th consecutive year.
Strategic Capital Investments
Continued progress on electrical steel expansions in Mexico and Canada, with initial production in Mexico expected later this year.