Investment in Unconsolidated Affiliate

3 Months Ended

Aug. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investment in Unconsolidated Affiliate

Note 3 – Investment in Unconsolidated Affiliate

Investments in affiliated companies that the Company does not control, either through majority ownership or otherwise, are accounted for using the equity method. The Company owns a noncontrolling interest (50% interest) in one unconsolidated joint venture, Serviacero Worthington. Serviacero Worthington provides steel processing services, such as pickling, blanking, slitting, multi-blanking and cutting-to-length, to customers in a variety of industries including automotive, appliance and heavy equipment.

The Company did not receive any distributions from Serviacero Worthington during the three months ended August 31, 2025 or August 31, 2024.

The following tables summarize certain financial information of Serviacero Worthington as of the dates, and for the periods, presented:

	August 31,		May 31,
(In millions)	2025		2025
Cash and cash equivalents	$	29.3	$	16.0
Other current assets		225.3		219.4
Noncurrent assets		61.2		62.2
Total assets	$	315.8	$	297.6
Current liabilities		46.1		40.5
Other noncurrent liabilities		4.9		5.0
Equity		264.8		252.1
Total liabilities and equity	$	315.8	$	297.6

	Three Months Ended
	August 31,		August 31,
(In millions)	2025		2024
Net sales	$	134.2	$	148.5
Gross margin		18.6		15.6
Operating income		14.5		11.7
Depreciation and amortization		1.0		1.1
Interest expense		-		-
Income tax expense		2.0		6.8
Net earnings		12.8		2.6

The following table presents the net earnings of Serviacero Worthington attributable to the Company for the periods presented:

	Three Months Ended
	August 31,		August 31,
(In millions)	2025		2024
Equity in net income of unconsolidated affiliate	$	6.4	$	1.3