Worthington Announces Steel Processing Joint Venture in China

Worthington Announces Steel Processing Joint Venture in China 
COLUMBUS, OH -- (Marketwired) -- 10/01/13 --  Worthington Industries,
Inc. (NYSE: WOR) announced today it has reached an agreement in
principle to participate in a joint venture near Shanghai, China to
produce cold rolled strip steel primarily for the automotive
industry. Worthington will join Nisshin Steel Co., Ltd. (Nisshin) and
Marubeni-Itochu Steel Inc. (MISI) in the venture which will be called
Zhejiang Nisshin Worthington Precision Specialty Steel Co., Ltd.
Worthington will own a 10 percent stake in the joint venture with the
option to increase ownership and Japanese partners Nisshin and MISI
will own 55 and 35 percent respectively. The formal agreement is
expected to be signed by the end of the month. 
"This joint venture allows us to leverage our expertise in cold
rolled strip steel in China, the largest automotive production market
in the world," said Steel Processing President Geoff Gilmore. "We are
pleased to have another opportunity to partner with MISI and further
our relationship with Nisshin, Asia's leading producer of cold rolled
strip."  
The venture plans to build a facility with an annual capacity of
approximately 130,000 tons. The facility will be located in Pinghu
City, Zhejiang, China, approximately 45 miles outside of Shanghai.
Construction is expected to begin immediately following government
approval with production expected to begin in the fourth quarter of
2015. 
About Nisshin Steel Co., Ltd. (Nisshin)
 Nisshin, formed in 1959, is
a Japanese integrated steelmaker specializing in light-gauge sheet
products. The company has a long history and superior technical
expertise in the field of surface-treated products. Nisshin is a
leading manufacturer of coated steel, cold rolled special steel strip
and cold rolled stainless steel with locations in Asia and North
America. 
About Marubeni-Itochu Steel Inc. (MISI)
 MISI, formed in 2001 as a
50/50 joint venture between Japanese general trading companies ITOCHU
Corporation and Marubeni Corporation, is a leading iron and steel
company set up as a general producer geared to iron and steel
distribution in the modern era. It integrates information,
distribution, finance and human resources using a global network that
combines the capabilities of its two parent companies. MISI, and its
subsidiaries, have more than 100 offices both within and outside
Japan. MISI currently partners with Worthington Industries in the
Clarkwestern Dietrich Building Systems joint venture. 
About Worthington Industries
 Worthington Industries is a leading
diversified metals manufacturing company with 2013 fiscal year sales
of $2.6 billion. The Columbus, Ohio based company is North America's
premier value-added steel processor and a leader in manufactured
metal products, such as propane, oxygen, refrigerant and industrial
cylinders, hand torches, camping cylinders, scuba tanks, compressed
natural gas storage cylinders, helium balloon kits and exploration,
recovery and production tanks for global energy markets;
custom-engineered open and enclosed cabs and operator stations for
heavy mobile equipment; laser welded blanks; steel pallets and racks;
and through joint ventures, suspension grid systems for concealed and
lay-in panel ceilings, current and past model automotive service
stampings and light gauge steel framing for commercial and
residential construction. Worthington employs approximately 10,000
people and operates 82 facilities in 11 countries. 
Safe Harbor Statement
 The company wishes to take advantage of the
Safe Harbor provisions included in the Private Securities Litigation
Reform Act of 1995 ("the Act"). Statements by the company which are
not historical information constitute "forward looking statements"
within the meaning of the Act. All forward-looking statements are
subject to risks and uncertainties which could cause actual results
to differ from those projected. Factors that could cause actual
results to differ materially include risks described from time to
time in the company's filings with the Securities and Exchange
Commission. 
CONTACTS:
Cathy M. Lyttle
VP, Corporate Communications and Investor Relations
Phone: (614) 438-3077
E-mail: Cathy.Lyttle@WorthingtonIndustries.com  
Sonya L. Higginbotham
Director, Corporate Communications
Phone: (614) 438-7391
E-mail: Sonya.Higginbotham@WorthingtonIndustries.com 
 
 
Press spacebar to pause and continue. Press esc to stop.