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Subsequent Events
6 Months Ended
Nov. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 16 – Subsequent Events

On December 3, 2024, Tempel, entered into a Sale and Purchase Agreement and an Investment and Shareholders Agreement (collectively the “Purchase Agreements”) with certain shareholders of S.I.T.E.M. S.p.A. (together with its subsidiaries, Stanzwerk AG, Decoup S.A.S. and Sitem Slovakia spol. s r.o., “Sitem Group”), a joint stock company incorporated under the laws of Italy, and the Sitem Group. The Purchase Agreements provide, among other things, that, upon the terms and subject to the conditions set forth therein, Tempel will purchase from the Sitem Group and certain shareholders of S.I.T.E.M. S.p.A approximately 52% of the issued and outstanding capital stock of Sitem Group (the “Sitem Group Transaction”). Sitem Group produces electric motor laminations and accessory products primarily for automotive and industrial applications in Europe.

The purchase price to be paid by Tempel in the Sitem Group Transaction is approximately €51 million ($53.9 million) plus the contribution of its electrical steel facility in Nagold, Germany, and is subject to adjustment based on the closing consolidated net financial position of Sitem Group. The Purchase Agreements contain customary representations, warranties and covenants, including a covenant that each of the parties will use commercially reasonable efforts to cause the Sitem Group Transaction contemplated by the Purchase Agreements to be consummated. The Purchase Agreements also require Sitem Group to conduct its business and operations during the period between the execution of the Purchase Agreements and the closing of the Sitem Group Transaction according to the ordinary course of business consistent with past practice. The closing is expected to occur in early calendar 2025, subject to the receipt of applicable regulatory approvals and customary closing conditions.

On December 18, 2024, Worthington Steel's Board of Directors (the “Board”) declared a quarterly cash dividend of $0.16 per common share payable on March 28, 2025, to shareholders of record at the close of business on March 14, 2025.