Worthington expects boost from auto demand
Jun 28, 2013 | 12:37 PM
| Corinna Petry
CHICAGO Worthington Industries Inc. has seen its steel business profits squeezed over the past 12 months, due in part to lower selling prices and a temporary loss of some coating volume.
But the company anticipates an upturn as automotive build rates increase over the next few years, and the company is preparing by expanding its cold-rolled strip rolling mill and strip annealing capacity (amm.com, May 30), executives say.
Worthingtons joint-venture Spartan Steel Coating LLC saw a reduction in steel tonnage during its fiscal year ended May 31 because Dearborn, Mich.-based partner Severstal North America Inc. "moved business to their in-house galvanizing facility in Dearborn," Worthington vice president and chief financial officer Andy Rose said during a conference call.....
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