Worthington Steel (WS) 10-Q 13 Jan 25 2025 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Nov. 30, 2024	Jan. 06, 2025
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2024
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Trading Symbol	WS
Entity Registrant Name	WORTHINGTON STEEL, INC.
Entity Central Index Key	0001968487
Current Fiscal Year End Date	--05-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Incorporation, State or Country Code	OH
Entity Shell Company	false
Entity File Number	001-41830
Entity Tax Identification Number	92-2632000
Entity Address, Address Line One	100 W. Old Wilson Bridge Road
Entity Address, City or Town	Columbus
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	43085
City Area Code	614
Local Phone Number	840-3462
Entity Common Stock, Shares Outstanding		50,753,704
Title of 12(b) Security	Common Shares, Without Par Value
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Millions	Nov. 30, 2024	May 31, 2024
Current assets:
Cash and cash equivalents	$ 52	$ 40.2
Receivables, less allowances of $4.9 and $3.2, respectively	372.9	472.6
Inventories:
Raw materials	135.9	150.2
Work in process	127.5	176.8
Finished products	79.6	78.3
Total inventories	343	405.3
Income taxes receivable	9.2	4.2
Assets held for sale	1.8	2.9
Prepaid expenses and other current assets	78.5	76.6
Total current assets	857.4	1,001.8
Investment in unconsolidated affiliate	130.4	135
Operating lease assets	68.8	72.9
Goodwill	79.5	79.6
Other intangible assets, net of accumulated amortization of $48.4 and $45.3, respectively	73.9	77
Deferred income taxes	8.5	8.5
Other assets	15.6	16.8
Property, plant and equipment:
Land	37.7	37.9
Buildings and improvements	178.3	177.1
Machinery and equipment	924	893.8
Construction in progress	110	83.6
Total property, plant and equipment	1,250	1,192.4
Less: accumulated depreciation	744.8	717.6
Total property, plant and equipment, net	505.2	474.8
Total assets	1,739.3	1,866.4
Current liabilities:
Accounts payable	285.5	380.4
Short-term borrowings	115	148
Accrued compensation, contributions to employee benefit plans and related taxes	34.1	52.8
Dividends payable	9	8.7
Other accrued items	15.5	15.7
Current operating lease liabilities	7.4	7.6
Income taxes payable	1.2	5.2
Total current liabilities	467.7	618.4
Other liabilities	35.3	34.3
Noncurrent operating lease liabilities	64.6	68.3
Deferred income taxes, net	26.6	27.9
Total liabilities	594.2	748.9
Preferred shares, without par value; authorized - 1,000,000 shares; issued or outstanding - 0 shares
Common shares, without par value; authorized - 150,000,000 shares; issued and outstanding 49,482,982 shares and 49,331,514 shares, respectively	0	0
Additional Paid-in Capital	909.6	905.3
Retained Earnings	111	86.1
Accumulated other comprehensive income (loss), net of taxes of $(1.5) and $(1.7), respectively	(9.8)	(6.1)
Total Shareholders' equity - controlling interest	1,010.8	985.3
Noncontrolling interests	134.3	132.2
Total equity	1,145.1	1,117.5
Total liabilities and equity	$ 1,739.3	$ 1,866.4

Consolidated and Combined Balan

Consolidated and Combined Balance Sheets (Parenthetical) - USD ($) $ in Millions	Nov. 30, 2024		May 31, 2024
Statement of Financial Position [Abstract]
Receivables, allowances	$ 4.9		$ 3.2
Other intangible assets, accumulated amortization	$ 48.4		$ 45.3
Preferred shares, without par value
Preferred shares, shares authorized	1,000,000		1,000,000
Preferred shares, shares issued	0		0
Preferred shares, shares outstanding	0		0
Common stock, without par value
Common shares, authorized	150,000,000		150,000,000
Common shares, shares issued	49,482,982		49,331,514
Common shares, shares outstanding	49,482,982	[1]	49,331,514
Accumulated other comprehensive income (loss), taxes	$ (1.5)		$ (1.7)
[1] Prior to the third quarter of fiscal 2024, reported Weighted average common shares outstanding (Basic) and Common shares outstanding at end of period reflect the basic common shares at the Separation. This share amount is being utilized for the calculation of basic earnings per common share for periods presented prior to the Separation.

Consolidated and Combined State

Consolidated and Combined Statements of Earnings - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Income Statement [Abstract]
Net sales		$ 739	$ 808	$ 1,573	$ 1,713.8
Cost of goods sold		659	747.8	1,392.6	1,525.1
Gross margin		80	60.2	180.4	188.7
Selling, general and administrative expense		61.1	54.1	118.1	107.9
Impairment of long-lived assets		0	0	0	1.4
Separation costs		0	14.9	0	18.5
Operating income (loss)		18.9	(8.8)	62.3	60.9
Other income (expense):
Miscellaneous income (expense), net		3.8	0.6	(2.1)	1.5
Interest expense, net		(2.1)	(0.2)	(4.7)	(0.7)
Equity in net income (loss) of unconsolidated affiliate		(0.9)	3.8	0.4	12.8
Earnings (loss) before income taxes		19.7	(4.6)	55.9	74.5
Income tax expense (benefit)		3.6	(2.5)	7.6	14.5
Net earnings (loss)		16.1	(2.1)	48.3	60
Net earnings attributable to noncontrolling interests		3.3	3.9	7.1	7.5
Net earnings (loss) attributable to controlling interest		$ 12.8	$ (6)	$ 41.2	$ 52.5
Basic
Weighted average common shares outstanding	[1]	49,500,000	49,300,000	49,400,000	49,300,000
Earnings (loss) per common share attributable to controlling interest		$ 0.26	$ (0.12)	$ 0.83	$ 1.07
Diluted
Weighted average common shares outstanding	[2]	50,600,000	49,300,000	50,500,000	49,300,000
Earnings (loss) per common share attributable to controlling interest		$ 0.25	$ (0.12)	$ 0.82	$ 1.07
Common shares outstanding at end of period	[1]	49,482,982	49,300,000	49,482,982	49,300,000
Cash dividends declared per common share		$ 0.16		$ 0.32
[1] Prior to the third quarter of fiscal 2024, reported Weighted average common shares outstanding (Basic) and Common shares outstanding at end of period reflect the basic common shares at the Separation. This share amount is being utilized for the calculation of basic earnings per common share for periods presented prior to the Separation. Prior to the third quarter of fiscal 2024, reported Weighted average common shares outstanding (Diluted) reflects the basic common shares at the Separation. This share amount is being utilized for the calculation of diluted earnings per common share for periods presented prior to the Separation.

Consolidated and Combined Sta_2

Consolidated and Combined Statements of Comprehensive Income - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Statement of Comprehensive Income [Abstract]
Net earnings (loss)	$ 16.1	$ (2.1)	$ 48.3	$ 60
Other comprehensive income (loss), net of tax
Foreign currency translation	(4.8)	0.5	(2.7)	(0.3)
Pension liability adjustment	(1)	0	(1)	0
Cash flow hedges	(0.1)	10.6	0	3.2
Other comprehensive income (loss)	(5.9)	11.1	(3.7)	2.9
Comprehensive income	10.2	9	44.6	62.9
Comprehensive income attributable to noncontrolling interests	3.3	3.9	7.1	7.5
Comprehensive income attributable to controlling interest	$ 6.9	$ 5.1	$ 37.5	$ 55.4

Consolidated and Combined Sta_3

Consolidated and Combined Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Operating activities:
Net earnings	$ 48.3	$ 60
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization	32.5	33.3
Impairment of long-lived assets	0	1.4
Benefit from deferred income taxes	(2.3)	(0.2)
Bad debt expense (income)	2.1	(0.4)
Equity in net (income) loss of unconsolidated affiliate, net of distributions	4.6	(12.8)
Net gain on sale of assets	(1.2)	(0.4)
Stock-based compensation	5.3	6.1
Changes in assets and liabilities, net of impact of acquisitions:
Receivables	94.7	56.5
Inventories	62.4	48.3
Accounts payable	(99.6)	(49.9)
Accrued compensation and employee benefits	(18.7)	(2.7)
Other operating items, net	(5.5)	(20)
Net cash provided by operating activities	122.6	119.2
Investing activities:
Investment in property, plant and equipment	(56.3)	(36.2)
Proceeds from sale of assets, net of selling costs	1.1	0.8
Acquisitions, net of cash acquired	0	(21)
Net cash used in investing activities	(55.2)	(56.4)
Financing activities:
Transfers to the Former Parent, net	0	(51.4)
Proceeds from (repayment of) short-term borrowings	(25)	172.2
Proceeds from revolving credit facility borrowings - swing loans	223.8	0
Repayment of revolving credit facility borrowings - swing loans	(231.8)	0
Payments for issuance of common shares, net of tax withholdings	(1.7)	0
Payments to noncontrolling interests	(5)	(1.9)
Dividends paid	(15.9)	0
Net cash provided by (used in) financing activities	(55.6)	118.9
Increase in cash and cash equivalents	11.8	181.7
Cash and cash equivalents at beginning of period	40.2	32.7
Cash and cash equivalents at end of period	$ 52	$ 214.4

Consolidated and Combined Sta_4

Consolidated and Combined Statements of Equity - USD ($) $ in Millions	Total	Common Shares	Additional Paid-in Capital	Net Investment by the Former Parent	Accumulated Other Comprehensive Income (Loss), Net of Tax	Retained Earnings	Total	Noncontrolling Interests
Balance at May. 31, 2023	$ 1,154.6	$ 0	$ 0	$ 1,031.1	$ (2.1)	$ 0	$ 1,029	$ 125.6
Balance (in shares) at May. 31, 2023		0
Net earnings	62.1			58.5			58.5	3.6
Other comprehensive income (loss)	(8.2)				(8.2)		(8.2)
Transfers from the Former Parent, net	40.8			40.8			40.8
Dividends to noncontrolling interests	(1.9)							(1.9)
Balance at Aug. 31, 2023	1,247.4	$ 0	0	1,130.4	(10.3)	0	1,120.1	127.3
Balance (in shares) at Aug. 31, 2023		0
Balance at May. 31, 2023	1,154.6	$ 0	0	1,031.1	(2.1)	0	1,029	125.6
Balance (in shares) at May. 31, 2023		0
Net earnings	60
Other comprehensive income (loss)	2.9
Balance at Nov. 30, 2023	1,171.5	$ 0	0	1,039.5	0.8	0	1,040.3	131.2
Balance (in shares) at Nov. 30, 2023		0
Balance at Aug. 31, 2023	1,247.4	$ 0	0	1,130.4	(10.3)	0	1,120.1	127.3
Balance (in shares) at Aug. 31, 2023		0
Net earnings	(2.1)			(6)			(6)	3.9
Other comprehensive income (loss)	11.1				11.1		11.1
Transfers from the Former Parent, net	(84.9)			(84.9)			(84.9)
Balance at Nov. 30, 2023	1,171.5	$ 0	0	1,039.5	0.8	0	1,040.3	131.2
Balance (in shares) at Nov. 30, 2023		0
Balance at May. 31, 2024	1,117.5	$ 0	905.3	0	(6.1)	86.1	985.3	132.2
Balance (in shares) at May. 31, 2024		49,331,514
Net earnings	32.2					28.4	28.4	3.8
Other comprehensive income (loss)	2.2				2.2		2.2
Common shares issued, net of withholding tax	(1.6)		(1.6)				(1.6)
Common shares issued, net of withholding tax (in shares)		93,217
Stock-based compensation	3		3				3
Dividends to noncontrolling interests	(1.9)							(1.9)
Cash dividends declared ($0.16) per common share	(8.2)					(8.2)	(8.2)
Balance at Aug. 31, 2024	1,143.2	$ 0	906.7	0	(3.9)	106.3	1,009.1	134.1
Balance (in shares) at Aug. 31, 2024		49,424,731
Balance at May. 31, 2024	1,117.5	$ 0	905.3	0	(6.1)	86.1	985.3	132.2
Balance (in shares) at May. 31, 2024		49,331,514
Net earnings	48.3
Other comprehensive income (loss)	(3.7)
Balance at Nov. 30, 2024	1,145.1	$ 0	909.6	0	(9.8)	111	1,010.8	134.3
Balance (in shares) at Nov. 30, 2024		49,482,982
Balance at Aug. 31, 2024	1,143.2	$ 0	906.7	0	(3.9)	106.3	1,009.1	134.1
Balance (in shares) at Aug. 31, 2024		49,424,731
Net earnings	16.1					12.8	12.8	3.3
Other comprehensive income (loss)	(5.9)				(5.9)		(5.9)
Common shares issued, net of withholding tax	(0.1)		(0.1)				(0.1)
Common shares issued, net of withholding tax (in shares)		58,251
Theoretical Common Shares in Non-Qualified Deferred Compensation Plans	0.1		0.1				0.1
Stock-based compensation	2.9		2.9				2.9
Dividends to noncontrolling interests	(3.1)							(3.1)
Cash dividends declared ($0.16) per common share	(8.1)					(8.1)	(8.1)
Balance at Nov. 30, 2024	$ 1,145.1	$ 0	$ 909.6	$ 0	$ (9.8)	$ 111	$ 1,010.8	$ 134.3
Balance (in shares) at Nov. 30, 2024		49,482,982

Consolidated and Combined Sta_5

Consolidated and Combined Statements of Equity (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Aug. 31, 2024	Nov. 30, 2024
Statement of Stockholders' Equity [Abstract]
Cash dividend declared, per share	$ 0.16	$ 0.16	$ 0.32

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 12.8	$ (6)	$ 41.2	$ 52.5

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Nov. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Description of the Business, Th

Description of the Business, The Separation, Agreements with Former Parent and Separation Costs, and Basis of Presentation	6 Months Ended
	Nov. 30, 2024
Accounting Policies [Abstract]
Description of the Business, The Separation, Agreements with Former Parent and Separation Costs, and Basis of Presentation	Note 1 – Description of the Business, The Separation, Agreements with the Former Parent and Separation Costs, and Basis of Presentation The Separation On December 1, 2023 (the “Distribution Date”) at 12:01 a.m., Eastern Time, Worthington Enterprises, Inc., then known as Worthington Industries, Inc. (the “Former Parent”), completed the spin-off of its existing steel processing business, Worthington Steel, into a stand-alone publicly traded company. This was completed through the Separation, a tax-free pro rata distribution of 100 % of the common shares of Worthington Steel to holders of record of Former Parent common shares as of the close of business on November 21, 2023, (the “Record Date”). Each holder of record of Former Parent common shares received one common share of Worthington Steel for every one Former Parent common share held at the close of business on the Record Date (the “Distribution”). In connection with the Separation, Worthington Steel made a cash distribution to the Former Parent of $ 150.0 million from the issuances of certain debt (see Note 7 – Debt). Additionally, as part of the Separation, the Former Parent made a contribution of certain assets and liabilities, including $ 3.8 million of cash and cash equivalents, to Worthington Steel. The Former Parent retained no ownership interest in Worthington Steel following the Separation. Agreements with the Former Parent and Separation Costs On November 30, 2023, in connection with the Separation, the Company entered into several agreements with the Former Parent that govern the relationship between the Former Parent and the Company following the Distribution, including a Separation and Distribution Agreement, Tax Matters Agreement, Employee Matters Agreement, Steel Supply and Services Agreement, and Transition Services Agreement. Direct and incremental costs incurred in connection with the Separation, including (a) fees paid to third parties for audit, advisory, and legal services to effect the Separation, (b) non-recurring employee-related costs, such as retention bonuses, and (c) non-recurring functional costs associated with shared corporate functions (collectively, the “Separation costs”) are presented separately in the Company’s consolidated and combined statements of earnings. Separation costs totaled $ 14.9 million during the second quarter of fiscal 2024 and $ 18.5 million during the six months ended November 30, 2023 . No Separation costs were incurred during the second quarter of fiscal 2025 or during the six months ended November 30, 2024. Basis of Presentation – Unaudited Consolidated and Combined Financial Statements The Company’s financial statements for the periods until the Separation on December 1, 2023, are combined financial statements prepared on a carve-out basis as discussed below. The Company’s financial statements for the periods beginning on and after December 1, 2023, are consolidated financial statements based on the reported results of Worthington Steel as a stand-alone company. Accordingly, the third quarter of fiscal 2024, and thereafter, included consolidated and combined financial statements, whereas all prior periods included combined financial statements. The accompanying consolidated and combined financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). The consolidated and combined financial statements may not be indicative of the Company’s future performance and do not necessarily reflect what the financial position, results of operations, and cash flows would have been had it operated as an independent company during all of the periods presented. Basis of Presentation – Prior to Separation Prior to the Separation on December 1, 2023, the Company operated as a business of the Former Parent. Accordingly, the combined historical financial statements for the periods presented prior to and as of November 30, 2023, are prepared on a “carve-out” basis. The Company’s combined financial statements are prepared on a carve-out basis using the consolidated financial statements and accounting records of the Former Parent in accordance with GAAP. The Company’s combined financial statements include the historical operations that comprise its business and reflect significant assumptions and allocations as well as certain assets and liabilities that have historically been held at the Former Parent’s corporate level but are specifically identifiable or otherwise attributable to the Company. The carve-out combined financial statements may not include all expenses that would have been incurred had the Company existed as a separate, stand-alone entity during the periods presented. The income tax provision in the combined statements of earnings has been calculated as if the Company was operating on a stand-alone basis and filed separate tax returns in the jurisdictions in which it operates. Therefore, cash tax payments and items of current and deferred taxes may not be reflective of the Company’s actual tax balances prior to or subsequent to the Separation. Transactions and accounts which have occurred within the Company have been eliminated, based on historical intracompany activity. The Former Parent’s net investment in the Company’s operations, including intercompany transactions between the Former Parent and the Company, are reflected as Net Investment by the Former Parent on the accompanying consolidated and combined financial statements. The Company’s consolidated and combined financial statements include certain costs of doing business incurred by the Former Parent at the corporate level. These costs are for (1) certain corporate support functions provided on a centralized basis, including information technology, human resources, finance, and corporate operations, amongst others, (2) profit sharing and bonuses, and (3) respective surpluses and shortfalls of various planned insurance expenses. These costs are included in the consolidated and combined statements of earnings, primarily within selling, general and administrative expense (“SG&A”). These expenses were allocated to the Company on the basis of direct usage when identifiable, with the remaining allocated using related drivers associated with the nature of the business, such as, headcount or profitability, considering the characteristics of each respective cost. Management believes the assumptions regarding the allocation of the Former Parent’s general corporate expenses are reasonable. All other third-party debt and related interest expense not directly attributable to the Company have been excluded from the consolidated and combined financial statements because it is not the legal obligor of the debt and the borrowings are not specifically identifiable to the Company. Additionally, as described in “Note 15 – Related Party Transactions,” debt and related interest expense between the Former Parent and TWB has been attributed to the Company, as the Company was both the legal obligor and directly benefited from the borrowings. Additionally, the Former Parent incurred Separation costs that have been directly attributed to the Company to the extent incurred to its direct benefit and are presented separately in the Company’s consolidated and combined statements of earnings. The Company’s consolidated and combined financial statements may not include all of the actual expenses that would have been incurred and may not reflect its consolidated and combined results of earnings, balance sheet, and cash flows had it operated as a stand-alone company during the periods presented. Management considers these cost allocations to be reasonably reflective of the Company’s utilization of the Former Parent’s corporate support services. Actual costs that would have been incurred if the Company had been a stand-alone company may have been different than these estimates during the periods presented. The Former Parent utilized a centralized cash management program to manage cash for the majority of its entities. For entities that were enrolled in the program, all cash was swept into a cash pool. Accordingly, the cash and cash equivalents held by the Former Parent at the corporate level were not attributed to the Company for any of the periods presented. The Company’s foreign operations did not participate in the centralized cash management program. These cash amounts are specifically attributable to Worthington Steel and therefore are reflected in the accompanying consolidated balance sheets. Transfers of cash, both to and from the Former Parent’s centralized cash management program, are reflected as a financing activity on the accompanying consolidated and combined statements of cash flows. Net Investment by the Former Parent Net Investment by the Former Parent in the consolidated and combined statements of equity represents the Former Parent’s historical investment in the Company, the net effect of transactions with and allocations from the Former Parent, and the Company’s retained earnings. All transactions reflected in Net Investment by the Former Parent have been considered as financing activities for purposes of the consolidated and combined statements of cash flows. For additional information, see “Basis of Presentation – Prior to Separation” above and “Note 15 – Related Party Transactions.” Consolidated Subsidiaries and Investment in Unconsolidated Affiliate The consolidated and combined financial statements include the accounts of Worthington Steel and its consolidated subsidiaries. Investments in unconsolidated affiliates are accounted for using the equity method. Material intercompany accounts and transactions are eliminated. The Company owns controlling interests in the following three operating joint ventures: Spartan Steel Coating, L.L.C. (“Spartan”) ( 52 %); TWB Company, L.L.C. (“TWB”) ( 55 %); and Worthington Samuel Coil Processing, L.L.C. (“WSCP”) ( 63 %). The Company also owns a controlling interest ( 51 %) in Worthington Specialty Processing (“WSP”), which became a nonoperating joint venture on October 31, 2022, when its remaining net assets were sold. These joint ventures are consolidated with the equity owned by the other joint venture members shown as noncontrolling interests in the Company’s consolidated balance sheets, and their portions of net earnings and other comprehensive income (loss) (“OCI”) shown as net earnings or comprehensive income attributable to noncontrolling interests in the Company’s consolidated and combined statements of earnings and comprehensive income, respectively. The Company owns a noncontrolling interest ( 50 %) in one unconsolidated joint venture: Serviacero Planos, S. de R.L. de C.V. (“Serviacero Worthington”). The Company’s investment in the unconsolidated affiliate is accounted for using the equity method with the Company’s proportionate share of income or loss recognized within equity in net income (loss) of unconsolidated affiliate (“equity income”) in its consolidated and combined statements of earnings. See further discussion of the Company’s unconsolidated affiliate in “ Note 3 – Investment in Unconsolidated Affiliate.” Organizational Structure and Operating Segment The Company’s operations are managed principally on a products and services basis under a single group organizational structure. Following the Separation, the financial information reviewed by the Company’s Chief Operating Decision Maker (“CODM”) for the purpose of assessing performance and allocating resources has been presented as a single component, or operating segment, and comprises all of the Company’s operations. The Company’s CODM is Worthington Steel’s Chief Executive Officer (“CEO”). Concentration of Net Sales The Company sells its products and services to a diverse customer base and a broad range of end markets. The automotive industry is the largest end market for the Company. The following table summarizes the concentration percentage of consolidated or combined net sales for the periods presented: Three Months Ended Six Months Ended November 30, November 30, November 30, November 30, (Percentage of Net Sales) 2024 2023 2024 2023 End Market – Automotive 52 % 52 % 51 % 53 % Largest Automotive Customer 15.2 % 14.9 % 14.2 % 15.8 % Preparation of Financial Statements Including the Use of Estimates These unaudited consolidated and combined financial statements have been prepared in accordance with GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments, which are of a normal and recurring nature, necessary for a fair presentation of the consolidated and combined financial statements for these interim periods, have been included. Operating results for the second quarter of fiscal 2025 are not necessarily indicative of the results that may be expected for the entirety of fiscal 2025 or any other quarter. Refer to the consolidated and combined financial statements and notes thereto included in the 2024 Form 10-K for further information on the preparation of financial statements including the use of estimates. The preparation of consolidated and combined financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated and combined financial statements and accompanying notes. Actual results could differ materially from those estimates.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Nov. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Note 2 – Revenue Recognition The Company recognizes revenue upon transfer of control of promised goods or services to customers in an amount that reflects the consideration it expects to receive for those goods or services, including any variable consideration. The Company generates revenue by processing steel to the precise type, thickness, length, width, shape, and surface quality required by customer specification. The Company can also toll process steel for steel mills, large end-users and service centers. Toll processing revenue is recognized over time. All other revenue is recognized at a point in time, generally upon shipment to the customer. The following table summarizes net sales by product class for the periods presented: Three Months Ended Six Months Ended November 30, November 30, November 30, November 30, (In millions) 2024 2023 2024 2023 Product class Direct $ 700.9 $ 769.8 $ 1,490.8 $ 1,639.3 Toll 38.1 38.2 82.2 74.5 Total $ 739.0 $ 808.0 $ 1,573.0 $ 1,713.8 The following table summarizes the unbilled receivables at the dates indicated: November 30, May 31, (In millions) Balance Sheet Classification 2024 (1) 2024 (1) Unbilled receivables Receivables $ 5.2 $ 5.6 (1) There were no contract assets at either of the dates indicated above.

Investment in Unconsolidated Af

Investment in Unconsolidated Affiliate	6 Months Ended
	Nov. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Affiliate	Note 3 – Investment in Unconsolidated Affiliate The Company owns a noncontrolling interest ( 50 %) in one unconsolidated joint venture, Serviacero Worthington. The Company accounts for its investment in Serviacero Worthington using the equity method of accounting. 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 received distributions from Serviacero Worthington totaling $ 5.0 million and $ 0 during the six months ended November 30, 2024 and November 30, 2023, respectively. The following tables summarize certain financial information of Serviacero Worthington as of the dates, and for the periods, presented: November 30, May 31, (In millions) 2024 2024 Cash and cash equivalents $ 20.8 $ 5.7 Other current assets 249.3 274.7 Noncurrent assets 58.4 58.3 Total assets $ 328.5 $ 338.7 Current liabilities 53.7 64.7 Other noncurrent liabilities 5.1 5.2 Equity 269.7 268.8 Total liabilities and equity $ 328.5 $ 338.7 Three Months Ended Six Months Ended November 30, November 30, November 30, November 30, (In millions) 2024 2023 2024 2023 Net sales $ 138.7 $ 163.4 $ 287.2 $ 315.3 Gross margin 9.6 18.6 25.2 39.9 Operating income 5.5 15.2 17.2 33.1 Depreciation and amortization 1.2 1.1 2.3 2.1 Interest expense — — — — Income tax expense 5.8 6.3 12.6 7.0 Net earnings (loss) ( 1.7 ) 7.6 0.9 25.5 The following table presents the net earnings of Serviacero Worthington attributable to the Company for the periods presented: Three Months Ended Six Months Ended November 30, November 30, November 30, November 30, (In millions) 2024 2023 2024 2023 Equity in net income (loss) of unconsolidated affiliate $ ( 0.9 ) $ 3.8 $ 0.4 $ 12.8

Impairment of Long-Lived Assets

Impairment of Long-Lived Assets	6 Months Ended
	Nov. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment of Long-Lived Assets	Note 4 – Impairment of Long-Lived Assets Fiscal 2024 During the first quarter of fiscal 2023, the Company committed to plans to liquidate certain fixed assets at WSCP’s toll processing facility in Cleveland, Ohio. During the first quarter of fiscal 2024, in accordance with the applicable accounting guidance, the Company lowered the estimate of fair value less costs to sell to reflect the expected scrap value of the WSCP toll processing equipment to $ 0.2 million, resulting in a pre-tax impairment charge of $ 1.4 million.

Contingent Liabilities and Comm

Contingent Liabilities and Commitments	6 Months Ended
	Nov. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Contingent Liabilities and Commitments	Note 5 – Contingent Liabilities and Commitments Legal Proceedings The Company is a defendant in certain legal proceedings that are incidental to its business. In the opinion of management, the outcome of these legal proceedings, which is not clearly determinable at the present time, individually and in the aggregate, would not have a material adverse effect on the Company, its consolidated financial position, future results of operations or cash flows. The Company has recorded a liability to provide for the anticipated costs, including legal defense costs, associated with the resolution of these legal proceedings. However, the possibility exists that the costs to resolve these legal proceedings could differ materially from the recorded estimates and, therefore, have a material effect on the Company, its consolidated financial position, future results of operation or cash flows for the periods in which they are resolved.

Guarantees

Guarantees	6 Months Ended
	Nov. 30, 2024
Guarantees and Product Warranties [Abstract]
Guarantees	Note 6 – Guarantees The Company does not have guarantees that it believes are reasonably likely to have a material current or future effect on its consolidated financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. At November 30, 2024, the Company had in place an outstand ing stand-by letter of credit in the amount of $ 2.1 million issued to third-party service providers. The fair value of this guarantee instrument, based on premiums paid, was not material and no amounts were drawn against it at November 30, 2024 .

Debt

Debt	6 Months Ended
	Nov. 30, 2024
Debt Disclosure [Abstract]
Debt	Note 7 – Debt The following table summarizes the Company’s debt outstanding at November 30, 2024, and May 31, 2024: November 30, May 31, (In millions) 2024 2024 Short-term borrowings and current maturities Revolving credit facility $ 115.0 $ 148.0 Total short-term borrowings and current maturities $ 115.0 $ 148.0 There were no long-term borrowings at either November 30, 2024 or May 31, 2024 . The following table provides the maturities of long-term debt and short-term borrowings in the next five fiscal years and the remaining years thereafter as of November 30, 2024: (In millions) Fiscal 2025 $ 115.0 Fiscal 2026 - Fiscal 2027 - Fiscal 2028 - Fiscal 2029 - Thereafter - Total $ 115.0 Revolving Credit Facility On November 30, 2023, the Company entered into a senior secured revolving credit facility scheduled to mature on November 30, 2028 , with a group of lenders (the “Credit Facility”). The Credit Facility allows for borrowings of up to $ 550.0 million , to the extent secured by eligible accounts receivable and inventory balances at period end, which consist primarily of U.S. dollar denominated account balances. At November 30, 2024 and May 31, 2024, there were $ 115.0 million and $ 148.0 million of outstanding borrowings drawn against the Credit Facility, respectively, leaving a borrowing capacity of $ 435.0 million and $ 402.0 million , respe ctively, subject to the eligible borrowing base, available for use. Individual amounts drawn under the Credit Facility accrue interest at rates equal to an applicable margin over the one-, three-, or six-month term SOFR Rate, plus a SOFR adjustment. The Company incurred approximately $ 2.7 million of issuance costs, of which $ 2.5 million will be amortized to interest expense over the expected five-year Credit Facility term and are reflected in other assets. The Credit Facility permits borrowings under two types of borrowing mechanisms: (i) Term SOFR Rate Loans (as defined in the Credit Facility) and (ii) a swing loan. The Term SOFR Rate Loans permit the Company to draw a specific principal amount for a defined maturity of up to six months with the interest rate determined at the time of the draw, which equals an applicable margin over the applicable term SOFR Rate, plus a SOFR adjustment. Each Term SOFR Rate Loan has an individual, unique identifier and is distinguishable from the other Term SOFR Rate Loans drawn by the Company. At the end of each relevant interest period, the Company has the option to continue the same interest period for such Term SOFR Rate Loan or the Company can request a conversion to a new interest period for such Term SOFR Rate Loan. If no notice is given by the Company, the Term SOFR Rate Loan is deemed to continue with the same interest period. The swing loan permits the Company to draw on the Credit Facility at any time up to a maximum of the greater of (i) $ 55 million or (ii) 10 % of the then-maximum amount of the Credit Facility. The swing loan interest rate is variable based upon the interest rate market. As of November 30, 2024 and May 31, 2024, the swing loan rate was equal to 8.25 % and 9.00 %, respectively. A ny amounts drawn on the swing loan mature on the same date as the maturity of the Credit Facility; however, it has been the practice of the Company to repay the outstanding draws on the swing loan within a short-term period. The Credit Facility is secured by a first priority lien (subject to permitted liens and certain other exceptions) on certain working capital assets of the Company and the guarantors, including accounts and inventory, but excluding intellectual property, real property and equity interests, and subject to customary exceptions. The Company currently has no material contractual or regulatory restrictions on the payment of dividends provided that no event of default exists under the Credit Facility and it meets the minimum availability threshold thereunder. As of November 30, 2024 and May 31, 2024, the weighted average interest rate on the outstanding interest-bearing debt under the Credit Facility was 6.21 % and 6.92 % , respectively. Term Loan Facility with the Former Parent On June 8, 2021, TWB entered into a $ 50.0 million term loan agreement (the “TWB Term Loan”) with a subsidiary of the Former Parent that matured in annual installments through May 31, 2024 . The proceeds were used by TWB to finance the Shiloh U.S BlankLight purchase price. This note accrued interest at a rate of 5.0 % per annum. The borrowings were the legal obligation of TWB. As such, the debt and related interest was attributed to the Company in the consolidated and combined financial statements prior to the Separation. The Former Parent’s note receivable associated with the TWB Term Loan was contributed to the Company in connection with the Separation on December 1, 2023. As a result, the TWB Term Loan balance was eliminated in consolidation following the Separation, which resulted in a zero balance as of May 31, 2024 in the consolidated balance sheet. Other – Tempel China Tempel Steel Company, LLC (“Tempel”), a wholly-owned subsidiary of Worthington Steel, controls a subsidiary in China (“Tempel China”), and Tempel China utilizes three short-term loan facilities, which are used to finance raw material purchases, and are collateralized by Tempel China property and equipment. Borrowings outstanding under the facilities had a zero balance at November 30, 2024 and May 31, 2024. One facility with capacity of CNY 10.0 million (approximately USD $ 1.4 million ) matured on March 13, 2024 . This facility was not subsequently renewed. The remaining two facilities have an aggregate facility size of CNY 90.0 million (approximately USD $ 12.4 million as of both November 30, 2024 and May 31, 2024), and were originally scheduled to mature on December 31, 2024 . The maturity of the credit facilities was subsequently extended with the first facility scheduled to mature on September 10, 2025 and the second facility scheduled to mature on December 31, 2025 . Other – Tempel India Tempel controls a subsidiary in India (“Tempel India”) which has two individual credit agreements with separate financial institutions each of which contain a line of credit and standby letters of credit/letters of guarantee secured by applicable Tempel India current assets and fixed assets. The facilities are subject to annual renewals, which are effective as of the date of the annual renewal letter. Both facilities were renewed; one credit facility is scheduled to mature on December 18, 2025 , and the other credit facility is scheduled to mature on November 14, 2025 . The aggregate, combined facility size equaled INR 1,200.0 million (approximately USD $ 14.2 million and USD $ 14.4 million , as of November 30, 2024 and May 31, 2024, respectively), subject to adjustment pursuant to the security noted above. Each of the credit facilities allows for borrowing on the lines of credit up to a sublimit of the total facility size, which was equal to an aggregate of INR 600.0 million (approximately USD $ 7.1 million and USD $ 7.2 million , as of November 30, 2024 and May 31, 2024, respectively). Interest is payable monthly and will accrue on the outstanding balance according to the lenders base lending rate plus an applicable margin as determined by the lender. As of November 30, 2024 and May 31, 2024, there were no borrowings outstanding under the line of credit facilities. Letters of credit may be drawn against the total facility limit, excluding any amounts drawn by the lines of credit. As of November 30, 2024 and May 31, 2024, no amounts under the facilities were due to the financial institutions. The purchases, made in the normal course of business that are supported by the letters of credit, are recorded in accounts payable in the consolidated balance sheets as of November 30, 2024 and May 31, 2024. Accounts Receivable Securitization On June 29, 2023, the Company terminated the revolving trade accounts receivable securitization facility (the “AR Facility”) because it was no longer needed. No early termination or other similar fees or penalties were paid in connection with the termination of the AR Facility.

Other Comprehensive Income (Los

Other Comprehensive Income (Loss)	6 Months Ended
	Nov. 30, 2024
Equity [Abstract]
Other Comprehensive Income (Loss)	Note 8 – Other Comprehensive Income (Loss) The following table summarizes the tax effects on each component of OCI for the periods presented: Three Months Ended November 30, 2024 November 30, 2023 (In millions) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax Foreign currency translation $ ( 4.8 ) $ - $ ( 4.8 ) $ 0.5 $ - $ 0.5 Pension liability adjustment ( 1.3 ) 0.3 ( 1.0 ) - - - Cash flow hedges ( 0.1 ) - ( 0.1 ) 13.8 ( 3.2 ) 10.6 Other comprehensive income (loss) $ ( 6.2 ) $ 0.3 $ ( 5.9 ) $ 14.3 $ ( 3.2 ) $ 11.1 Six Months Ended November 30, 2024 November 30, 2023 (In millions) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax Foreign currency translation $ ( 2.7 ) $ - $ ( 2.7 ) $ ( 0.3 ) $ - $ ( 0.3 ) Pension liability adjustment ( 1.3 ) 0.3 ( 1.0 ) - - - Cash flow hedges - - - 4.2 ( 1.0 ) 3.2 Other comprehensive income (loss) $ ( 4.0 ) $ 0.3 $ ( 3.7 ) $ 3.9 $ ( 1.0 ) $ 2.9

Equity

Equity	6 Months Ended
	Nov. 30, 2024
Equity [Abstract]
Equity	Note 9 – Equity In anticipation of the Separation, during the second quarter of fiscal 2024, the Company performed a stock split that resulted in 49.3 million outstanding common shares, all of which were held by the Former Parent at November 30, 2023. Fo r additional information, see “Note 1 – Description of Business, The Separation, Agreements with the Former Parent and Separation Costs, and Basis of Presentation.” Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) (“AOCI”) for the periods presented: Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (In millions) Translation Adjustment Hedges Loss Balance at May 31, 2024 $ ( 11.9 ) $ 8.4 $ ( 2.6 ) $ ( 6.1 ) Other comprehensive loss before reclassifications ( 2.7 ) ( 4.0 ) ( 5.3 ) ( 12.0 ) Reclassification adjustments to net earnings (1) - 2.7 5.3 8.0 Income tax effect - 0.3 - 0.3 Balance at November 30, 2024 $ ( 14.6 ) $ 7.4 $ ( 2.6 ) $ ( 9.8 ) Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (In millions) Translation Adjustment Hedges Income (Loss) Balance at May 31, 2023 $ ( 10.6 ) $ 6.0 $ 2.5 $ ( 2.1 ) Other comprehensive income (loss) before reclassifications ( 0.3 ) - 11.4 11.1 Reclassification adjustments to net earnings (1) - - ( 7.2 ) ( 7.2 ) Income tax effect - - ( 1.0 ) ( 1.0 ) Balance at November 30, 2023 $ ( 10.9 ) $ 6.0 $ 5.7 $ 0.8 (1) The consolidated and combined statement of earnings classification of amounts reclassified to net income include: a. Cash flow hedges – See the disclosure in “Note 13 – Derivative Financial Instruments and Hedging Activities”; and b. Pension liability adjustment – During the second quarter of fiscal 2025, the Company, through its wholly-owned subsidiary, Tempel, purchased (using pension plan assets) an annuity contract from a third-party insurance company to transfer approximat ely 25 % of t he total projected benefit obligation of the Tempel Employees Pension Plan as of the purchase date. As a result of this transaction: 1) the Company recognized a non-cash settlement gain of $ 2.7 million within miscellaneous income (expense), net; 2) the Company was relieved of all responsibility for these pension obligations; and 3) the insurance company is now required to pay and administer the retirement benefits owed to 472 b eneficiaries.

Income Taxes

Income Taxes	6 Months Ended
	Nov. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 10 – Income Taxes The Company’s effective income tax rate was 22.2 % and 29.9 % for the second quarter of fiscal 2025 and 2024, respectively, and 15.6 % and 21.6 % for the six months ended November 30, 2024 and November 30, 2023, respectively. The effective tax rates for the second quarter of fiscal 2024 and six months ended November 30, 2023 differed from the statutory rates primarily due to discrete items related to equity compensation, non-deductible executive compensation, and non-deductible expenses in foreign jurisdictions. The effective tax rate for the second quarter of fiscal 2025 differed from the statutory rate primarily due to discrete tax items recognized in the quarter related to foreign tax credits. The effective tax rate for the six months ended November 30, 2024 differed from the statutory rate primarily due to recognizing a discrete for pre-acquisition tax matter at Tempel. The provision for income taxes is based on a current estimate of the annual effective income tax rate adjusted to reflect the impact of discrete items and excludes any impact from the inclusion of net earnings attributable to noncontrolling interests in the consolidated and combined statements of earnings. Net earnings attributable to noncontrolling interests are a result of the Company’s consolidated joint ventures. The net earnings attributable to the noncontrolling interests in the U.S. operations of the Company’s consolidated joint ventures do not generate tax expense to the Company since the investors are taxed directly based on the earnings attributable to the investors. The tax expense of TWB’s wholly owned foreign subsidiaries is reported in the consolidated and combined income tax expense. Management is required to estimate the annual effective income tax rate based upon its forecast of annual pre-tax income for domestic and foreign operations. The Company’s actual effective income tax rate for fiscal 2025 could be materially different from the forecasted rate as of November 30, 2024 .

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Nov. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Common Share	Note 11 – Earnings per Common Share The following table sets forth the computation of basic and diluted earnings per common share attributable to controlling interest for the periods presented: Three Months Ended Six Months Ended November 30, November 30, November 30, November 30, (In millions, except per common share amounts) 2024 2023 2024 2023 Numerator (basic & diluted): Net earnings (loss) attributable to controlling interest – income (loss) available to common shareholders $ 12.8 $ ( 6.0 ) $ 41.2 $ 52.5 Denominator: Basic earnings (loss) per common share attributable to controlling interest – weighted average common shares 49.5 49.3 49.4 49.3 Effect of dilutive securities 1.1 - 1.1 - Diluted earnings (loss) per common share attributable to controlling interest – adjusted weighted average common shares 50.6 49.3 50.5 49.3 Basic earnings (loss) per common share attributable to controlling interest $ 0.26 $ ( 0.12 ) $ 0.83 $ 1.07 Diluted earnings (loss) per common share attributable to controlling interest $ 0.25 $ ( 0.12 ) $ 0.82 $ 1.07 Anti-dilutive non-qualified stock options and restricted common share awards (1) 0.1 - 0.2 - (1) These non-qualified stock options and restricted common share awards were excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive. Earnings per common share was calculated based on the weighted-average number of common shares outstanding. Earnings per diluted common share included the weighted-average effect of dilutive restricted common shares and non-qualified stock options on the weighted-average shares outstanding. Prior to the third quarter of fiscal 2024, earnings per common share was based on the 49.3 million Worthington Steel common shares distributed to the Former Parent's shareholders on December 1, 2023. The same number of common shares is being utilized for the calculation of basic and diluted earnings per common share for all periods presented prior to the Separation. After the Separation, actual outstanding common shares are used to calculate both basic and diluted weighted-average number of common shares outstanding.

Acquisitions

Acquisitions	6 Months Ended
	Nov. 30, 2024
Business Combinations [Abstract]
Acquisitions	Note 12 – Acquisitions Fiscal 2024 Voestalpine Automotive Components Nagold GmbH & Co. KG (Voestalpine Nagold) On November 16, 2023 , the Company acquired Voestalpine Automotive Components Nagold GmbH & Co. KG (“Voestalpine Nagold”) , including its lamination stamping facility in Nagold, Germany and related assets, for net cash consideration of $ 21.0 million and the assumption of a $ 0.9 million pension liability. Voestalpine Nagold produces automotive and electrical steel lamination stampings in Europe. The total purchase consideration was preliminarily allocated primarily to tangible assets, consisting of $ 12.3 million of property, plant and equipment and $ 9.0 million of net working capital, with $ 0.6 million recognized as goodwill. The information included in the preliminary allocation of the purchase price was derived using estimates of the fair value and useful lives of the assets acquired. As a result of final purchase accounting adjustments, the total purchase consideration was updated. The purchase consideration consisted of $ 12.6 million of property, plant and equipment and $ 8.2 million of net working capital, with $ 1.1 million recognized as goodwill. Thus, the final purchase accounting adjustments consisted of $ 0.3 million of property, plant and equipment and $( 0.8 ) million of net working capital, with $ 0.5 million to goodwill. There was no change in the valuation of the pension liability. The purchase price includes the fair values of other assets that were not identifiable, not separately recognizable under accounting rules (e.g., assembled workforce) or of immaterial value. The purchase price also includes strategic benefits specific to the Company, which resulted in a purchase price in excess of the fair value of the identifiable net assets. The goodwill resulting from the acquisition will be deductible for income tax purposes. The results of operations of Voestalpine Nagold have been included in the consolidated and combined statements of earnings since the date of acquisition. Proforma results, including the acquired business since the beginning of fiscal 2023, would not be materially different from the reported results.

Derivative Financial Instrument

Derivative Financial Instruments and Hedging Activities	6 Months Ended
	Nov. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments and Hedging Activities	Note 13 – Derivative Financial Instruments and Hedging Activities The Company utilizes derivative financial instruments to primarily manage exposure to certain risks related to its ongoing operations. The primary risks managed through the use of derivative financial instruments are commodity price risk and foreign currency exchange risk. While certain of the Company’s derivative financial instruments are designated as hedging instruments, the Company also enters into derivative financial instruments that are designed to hedge a risk, but are not designated as hedging instruments and, therefore, do not qualify for hedge accounting. These derivative financial instruments are adjusted to current fair value through earnings at the end of each period. Commodity Price Risk Management – The Company is exposed to changes in the price of certain commodities, including steel, zinc and other raw materials, and the Company’s utility requirements. The Company’s objective is to reduce earnings and cash flow volatility associated with forecasted purchases and sales of these commodities to allow management to focus its attention on business operations. Accordingly, the Company enters into derivative financial instruments to manage the associated price risk. Foreign Currency Exchange Risk Management – The Company conducts business in several major international currencies and is, therefore, subject to risks associated with changing foreign currency exchange rates. The Company uses foreign currency forward contracts to protect against exchange rate movements for forecasted cash flows, primarily operating expenses denominated in currencies other than the functional currency. Such contracts limit exposure to both favorable and unfavorable foreign currency exchange rate fluctuations. The translation of foreign currencies into U.S. dollars also subjects the Company to exposure related to fluctuating foreign currency exchange rates; however, derivative financial instruments are not used to manage this risk. The Company is exposed to counterparty credit risk on all of its derivative financial instruments. Accordingly, the Company has established and maintains strict counterparty credit guidelines. The Company has credit support agreements in place with certain counterparties to limit the Company’s credit exposure. These agreements require either party to post cash collateral if its cumulative market position exceeds a predefined liability threshold. Amounts posted to the margin accounts accrue interest at market rates and are required to be refunded in the period in which the cumulative market position falls below the required threshold. The Company does not have significant exposure to any one counterparty, and management believes the overall risk of loss is remote and, in any event, would not be material. Refer to “Note 14 – Fair Value” for additional information regarding the accounting treatment for the Company’s derivative financial instruments, as well as how fair value is determined. The following table summarizes the fair value of the derivative financial instruments and the respective lines in which they were recorded in the consolidated balance she et at November 30, 2024: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (In millions) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 0.1 Accounts payable $ 2.6 Commodity contracts Other assets - Other liabilities 0.2 Subtotal 0.1 2.8 Foreign currency exchange contracts Receivables - Accounts payable 0.1 Total $ 0.1 $ 2.9 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 0.8 Accounts payable $ 1.1 Commodity contracts Other assets 0.1 Other liabilities - Subtotal 0.9 1.1 Foreign currency exchange contracts Receivables - Accounts payable - Total $ 0.9 $ 1.1 Total derivative financial instruments $ 1.0 $ 4.0 GAAP permits an entity to present derivative financial instruments assets and liabilities on a net basis on the balance sheet, provided a right of offset exists and/or when they are subject to a master netting arrangement. The Company’s policy is to record derivative financial instruments on a net basis where the Company has an executed master netting arrangement with counterparties as well as where the right of offset exists. The amounts in the table above reflect the fair value of the derivative financial instruments on a net basis where allowable under master netting arrangement s. Had these amounts been recognized on a gross basis, the impact would have been a $ 0.6 million increase in receivables with a corresponding increase in accounts payable. The following table summarizes the fair value of the derivative financial instruments and the respective lines in which they were recorded in the consolidated balance sheet at May 31, 2024: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (In millions) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 0.2 Accounts payable $ 1.9 Commodity contracts Other assets - Other liabilities - Total $ 0.2 $ 1.9 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 3.4 Accounts payable $ 2.5 Commodity contracts Other assets - Other liabilities - Total $ 3.4 $ 2.5 Total derivative financial instruments $ 3.6 $ 4.4 The amounts in the table above reflect the fair value of the derivative financial instruments on a net basis where allowable under master netting arrangements. Had these amounts been recognized on a gross basis, the impact would have been a $ 2.6 million increase in receivables with a corresponding increase in accounts payable. Cash Flow Hedges The Company enters into derivative financial instruments to hedge its exposure to changes in cash flows attributable to commodity price and foreign currency exchange rate fluctuations associated with certain forecasted transactions. These derivative financial instruments are designated and qualify as cash flow hedges. Accordingly, the effective portion of the gain or loss on each of these derivative financial instruments is reported as a component of OCI and reclassified into earnings in the same line associated with the forecasted transaction and in the same period during which the hedged transaction affects earnings. The ineffective portion of the gain or loss on the derivative financial instrument is recognized in earnings immediately. The following table summarizes the Company’s cash flow hedges outstanding at November 30, 2024: Notional (In millions) Amount Maturity Date Commodity contracts $ ( 9.4 ) December 2024 – December 2025 Foreign currency exchange contracts $ 6.3 December 2024 – April 2025 The following table summarizes the Company’s cash flow hedges outstanding at May 31, 2024: Notional (In millions) Amount Maturity Date Commodity contracts $ 24.5 June 2024 – September 2025 The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from AOCI into net earnings for derivative financial instruments designated as cash flow hedges for the periods presented: (In millions) Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified For the three months ended November 30, 2024: Commodity contracts $ ( 2.7 ) Cost of goods sold $ ( 2.6 ) Foreign currency exchange contracts ( 0.1 ) Cost of goods sold ( 0.1 ) Total $ ( 2.8 ) $ ( 2.7 ) For the three months ended November 30, 2023: Commodity contracts $ 13.0 Cost of goods sold $ ( 0.8 ) Total $ 13.0 $ ( 0.8 ) For the six months ended November 30, 2024: Commodity contracts $ ( 5.1 ) Cost of goods sold $ ( 5.2 ) Foreign currency exchange contracts ( 0.2 ) Cost of goods sold ( 0.1 ) Total $ ( 5.3 ) $ ( 5.3 ) For the six months ended November 30, 2023: Commodity contracts $ 11.4 Cost of goods sold $ 7.2 Total $ 11.4 $ 7.2 The estimated net amount of the losses recognized in AOCI at November 30, 2024, expected to be reclassified into net earnings within the succeeding 12 month s is $ 2.4 million (net of tax of $ 0.7 million). This amount was computed using the fair value of the cash flow hedges at November 30, 2024, and will change before actual reclassification from OCI to net earnings during the fiscal years ending May 31, 2025 and May 31, 2026. Economic (Non-designated) Hedges The Company enters into certain commodity contracts that do not qualify for hedge accounting treatment. Accordingly, these derivative financial instruments are adjusted to current market value at the end of each period through gain (loss) recognized in earnings. The following table summarizes the Company’s economic (non-designated) derivative financial instruments outstanding at November 30, 2024: Notional (In millions) Amount Maturity Date(s) Commodity contracts $ 11.7 December 2024 – January 2026 The following table summarizes the Company’s economic (non-designated) derivative financial instruments outstanding at May 31, 2024: Notional (In millions) Amount Maturity Date(s) Commodity contracts $ 22.4 June 2024 – March 2025 The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments for the periods presented: Gain (Loss) Recognized In Earnings for the Three Months Ended Location of Gain (Loss) November 30, November 30, (In millions) Recognized in Earnings 2024 2023 Commodity contracts Cost of goods sold $ ( 0.3 ) $ 0.3 Total $ ( 0.3 ) $ 0.3 Gain (Loss) Recognized in Earnings for the Six Months Ended Location of Gain (Loss) November 30, November 30, (In millions) Recognized in Earnings 2024 2023 Commodity contracts Cost of goods sold $ ( 3.1 ) $ 0.8 Total $ ( 3.1 ) $ 0.8

Fair Value

Fair Value	6 Months Ended
	Nov. 30, 2024
Fair Value Disclosures [Abstract]
Fair Value	Note 14 – Fair Value Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is an exit price concept that assumes an orderly transaction between willing market participants and is required to be based on assumptions that market participants would use in pricing an asset or a liability. Current accounting guidance establishes a three-tier fair value hierarchy as a basis for considering such assumptions and for classifying the inputs used in the valuation methodologies. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair values are as follows: Level 1 – Quoted prices (unadjusted) in active markets for identical assets and liabilities that the reporting entity can assess at the measurement date. Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 – Unobservable inputs for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability and that are significant to the fair value of the assets and liabilities (i.e., allowing for situations in which there is little or no market activity for the asset or liability at the measurement date). Recurring Fair Value Measurements At November 30, 2024, the Company’s assets and liabilities measured at fair value on a recurring basis were as follows: Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (In millions) (Level 1) (Level 2) (Level 3) Totals Assets Derivative financial instruments (1) $ - $ 1.0 $ - $ 1.0 Total assets $ - $ 1.0 $ - $ 1.0 Liabilities Derivative financial instruments (1) $ - $ 4.0 $ - $ 4.0 Total liabilities $ - $ 4.0 $ - $ 4.0 (1) The fair value of the Company’s derivative financial instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “ Note 13 – Derivative Financial Instruments and Hedging Activities” for additional information regarding the use of derivative financial instruments. At May 31, 2024, the Company’s assets and liabilities measured at fair value on a recurring basis were as follows: Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (In millions) (Level 1) (Level 2) (Level 3) Totals Assets Derivative financial instruments (1) $ - $ 3.6 $ - $ 3.6 Total assets $ - $ 3.6 $ - $ 3.6 Liabilities Derivative financial instruments (1) $ - $ 4.4 $ - $ 4.4 Total liabilities $ - $ 4.4 $ - $ 4.4 (1) The fair value of the Company’s derivative financial instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “ Note 13 – Derivative Financial Instruments and Hedging Activities” for additional information regarding the use of derivative financial instruments. Non-Recurring Fair Value Measurements At November 30, 2024 and May 31, 2024 , there were no material assets measured at fair value on a non-recurring basis on the consolidated balance sheet. The fair value of non-derivative financial instruments, including cash and cash equivalents, receivables, income taxes receivable, other assets, accounts payable, accrued compensation, contributions to employee benefit plans and related taxes, other accrued items, income taxes payable and other liabilities, approximate carrying value due to their short-term nature. The remaining carrying value of debt was $ 115.0 million and $ 148.0 million at November 30, 2024 and May 31, 2024 , respectively, and relates to the Credit Facility, which due to its short-term nature, approximates fair value.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Nov. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Note 15 – Related Party Transactions Prior to the Separation, the Company was managed and operated in the normal course of business by the Former Parent. Transactions through November 30, 2023, between the Former Parent and the Company have been accounted for as related party transactions in the accompanying consolidated and combined financial statements, as described below. Subsequent to the Separation, transactions between the Former Parent and the Company were accounted for under GAAP, including those subject to agreements entered into with the Former Parent. See “Note 1 – Description of Business, The Separation, Agreements with the Former Parent and Separation Costs, and Basis of Presentation” for additional information. The material related party transactions have been disclosed below. Allocation of General Corporate Costs The Company had historically operated as part of the Former Parent and not as a stand-alone company. Prior to the Separation, certain support functions were provided to the Company on a centralized basis from the Former Parent, including information technology, human resources, finance, and corporate operations, amongst others, profit sharing and bonuses, and respective surpluses and shortfalls of various planned insurance expenses. For purposes of these consolidated and combined financial statements, these corporate and other shared costs have been attributed to the Company on the basis of direct usage when identifiable, with the remainder allocated on the basis of headcount or profitability, considering the characteristics of each respective cost. Management believes the assumptions regarding the allocation of the Former Parent’s general corporate expenses are reasonable. Nevertheless, the consolidated and combined financial statements may not include all of the actual expenses that would have been incurred and may not reflect consolidated and combined results of operations, financial position and cash flows had it been a stand-alone public company during the periods presented. Substantially all of the allocated corporate costs are included in SG&A in the consolidated and combined statements of earnings. The Company’s allocated expenses from the Former Parent, which are substantially recorded in SG&A in the consolidated and combined statements of earnings, were $ 19.5 million and $ 38.5 million for the three months and six months ended November 30, 2023, respectively. Following the Separation, the Company independently incurs expenses as a stand-alone company and corporate expenses from the Former Parent are no longer allocated to the Company; therefore, no related amounts were reflected on the Company’s consolidated financial statements for the three months and six months ended November 30, 2024. Attribution of Separation Costs Separation costs that were incurred by the Former Parent that were directly attributed to the Company to the extent incurred to its direct benefit are presented separately in the consolidated and combined statements of earnings. Following the Separation, the Company incurred incremental costs related to the Separation, which are reflected on the Company’s consolidated and combined statements of earnings. See “Note 1 – Description of Business, The Separation, Agreements with the Former Parent and Separation Costs, and Basis of Presentation” for additional information. Net Sales to the Former Parent Prior to the Separation, the Company’s net sales to the Former Parent were considered sales on a carve-out basis, and were included within net sales in the combined statements of earnings. Net sales to the Former Parent totaled $ 19.3 million and $ 43.8 million for the three months and six months ended November 30, 2023, respectively. Following the Separation, the majority of the Company’s net sales to the Former Parent are subject to the long-term Steel Supply Agreement and are included within net sales in the consolidated statement of earnings. Net sales to the Former Parent totaled $ 14.9 million and $ 30.8 million for the three months and six months ended November 30, 2024, respectively. Due to/from the Former Parent Cash was managed centrally prior to the Separation, so long-term intercompany financing arrangements were used to fund expansion or certain working capital needs. Excluding the TWB Term Loan discussed in “Note 7 – Debt”, debt resulting from these long-term intercompany financing arrangements has been reflected in Net Investment by the Former Parent within equity as applicable in fiscal 2024. The Former Parent’s note receivable associated with the TWB Term Loan, which matured in annual installments through May 31, 2024 , was contributed to the Company in connection with the Separation on December 1, 2023. As a result, the TWB Term Loan balance was eliminated in consolidation following the Separation. The corresponding interest expense, which accrued at a rate of 5.0 % per annum, was $ 0.2 million and $ 0.5 million for the three months and six months ended November 30, 2023. Refer to “Note 7 – Debt” for additional information. As of November 30, 2024 and May 31, 2024, the outstanding accounts receivable balance with the Former Parent equaled $ 6.0 million and $ 9.7 million , respectively, as a result of the net sales to the Former Parent described above. Net Investment by the Former Parent Prior to the Separation, related party transactions between the Former Parent and the Company have been included within Net Investment by the Former Parent in the combined balance sheet in the periods presented as these related party transactions were part of the centralized cash management program and were not settled in cash. Net Investment by the Former Parent in the combined balance sheet and combined statements of equity represents the Former Parent’s historical investment in the Company, the net effect of transactions with and allocations from the Former Parent, and the Company’s retained earnings. Net transfers from/(to) the Former Parent, excluding the $ 150.0 million distribution, are in cluded within Net Investment by the Former Parent. Additionally, as part of the Separation in the third quarter of fiscal 2024, the Former Parent made a contribution of certain assets and liabilities, including $ 3.8 million of cash and cash equivalents, to Worthington Steel. There were no subsequent transactions within Net Investment by the Former Parent. The reconciliation of total net transfers to and from the Former Parent to the corresponding amount presented in the Consolidated and Combined Statement of Cash Flows are as follows: Three Months Ended Six Months Ended November 30, November 30, November 30, November 30, (In millions) 2024 2023 2024 2023 Total net transfers from/(to) the Former Parent per consolidated and combined changes in equity $ - $ ( 84.9 ) $ - $ ( 44.1 ) Less: depreciation expense allocated from the Former Parent - 0.6 - 1.2 Less: stock-based compensation - 3.3 - 6.1 Total net transfers from/(to) the Former Parent per consolidated and combined statement of cash flows $ - $ ( 88.8 ) $ - $ ( 51.4 )

Subsequent Events

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.

Description of the Business, _2

Description of the Business, The Separation, Agreements with Former Parent and Separation Costs, and Basis of Presentation (Tables)	6 Months Ended
	Nov. 30, 2024
Accounting Policies [Abstract]
Summary of Concentration Percentage of Consolidated or Combined Net Sales	The following table summarizes the concentration percentage of consolidated or combined net sales for the periods presented: Three Months Ended Six Months Ended November 30, November 30, November 30, November 30, (Percentage of Net Sales) 2024 2023 2024 2023 End Market – Automotive 52 % 52 % 51 % 53 % Largest Automotive Customer 15.2 % 14.9 % 14.2 % 15.8 %

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Nov. 30, 2024
Disaggregation Of Revenue [Line Items]
Revenue by Product Class and Over Time	The following table summarizes net sales by product class for the periods presented: Three Months Ended Six Months Ended November 30, November 30, November 30, November 30, (In millions) 2024 2023 2024 2023 Product class Direct $ 700.9 $ 769.8 $ 1,490.8 $ 1,639.3 Toll 38.1 38.2 82.2 74.5 Total $ 739.0 $ 808.0 $ 1,573.0 $ 1,713.8
Summary of Unbilled Receivable and Contract Assets	The following table summarizes the unbilled receivables at the dates indicated: November 30, May 31, (In millions) Balance Sheet Classification 2024 (1) 2024 (1) Unbilled receivables Receivables $ 5.2 $ 5.6 (1) There were no contract assets at either of the dates indicated above.

Investment in Unconsolidated _2

Investment in Unconsolidated Affiliate (Tables)	6 Months Ended
	Nov. 30, 2024
Equity Method Investments and Joint Ventures [Abstract]
Financial Information and Net Earnings	The following tables summarize certain financial information of Serviacero Worthington as of the dates, and for the periods, presented: November 30, May 31, (In millions) 2024 2024 Cash and cash equivalents $ 20.8 $ 5.7 Other current assets 249.3 274.7 Noncurrent assets 58.4 58.3 Total assets $ 328.5 $ 338.7 Current liabilities 53.7 64.7 Other noncurrent liabilities 5.1 5.2 Equity 269.7 268.8 Total liabilities and equity $ 328.5 $ 338.7 Three Months Ended Six Months Ended November 30, November 30, November 30, November 30, (In millions) 2024 2023 2024 2023 Net sales $ 138.7 $ 163.4 $ 287.2 $ 315.3 Gross margin 9.6 18.6 25.2 39.9 Operating income 5.5 15.2 17.2 33.1 Depreciation and amortization 1.2 1.1 2.3 2.1 Interest expense — — — — Income tax expense 5.8 6.3 12.6 7.0 Net earnings (loss) ( 1.7 ) 7.6 0.9 25.5 The following table presents the net earnings of Serviacero Worthington attributable to the Company for the periods presented: Three Months Ended Six Months Ended November 30, November 30, November 30, November 30, (In millions) 2024 2023 2024 2023 Equity in net income (loss) of unconsolidated affiliate $ ( 0.9 ) $ 3.8 $ 0.4 $ 12.8

Debt (Tables)

Debt (Tables)	6 Months Ended
	Nov. 30, 2024
Debt Disclosure [Abstract]
Summary of Debt Outstanding	The following table summarizes the Company’s debt outstanding at November 30, 2024, and May 31, 2024: November 30, May 31, (In millions) 2024 2024 Short-term borrowings and current maturities Revolving credit facility $ 115.0 $ 148.0 Total short-term borrowings and current maturities $ 115.0 $ 148.0 There were no long-term borrowings at either November 30, 2024 or May 31, 2024 .
Maturities of Long-term Debt and Short-term Borrowings	The following table provides the maturities of long-term debt and short-term borrowings in the next five fiscal years and the remaining years thereafter as of November 30, 2024: (In millions) Fiscal 2025 $ 115.0 Fiscal 2026 - Fiscal 2027 - Fiscal 2028 - Fiscal 2029 - Thereafter - Total $ 115.0

Other Comprehensive Income (L_2

Other Comprehensive Income (Loss) (Tables)	6 Months Ended
	Nov. 30, 2024
Equity [Abstract]
Summary of Tax Effects on Each Component of OCI	The following table summarizes the tax effects on each component of OCI for the periods presented: Three Months Ended November 30, 2024 November 30, 2023 (In millions) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax Foreign currency translation $ ( 4.8 ) $ - $ ( 4.8 ) $ 0.5 $ - $ 0.5 Pension liability adjustment ( 1.3 ) 0.3 ( 1.0 ) - - - Cash flow hedges ( 0.1 ) - ( 0.1 ) 13.8 ( 3.2 ) 10.6 Other comprehensive income (loss) $ ( 6.2 ) $ 0.3 $ ( 5.9 ) $ 14.3 $ ( 3.2 ) $ 11.1 Six Months Ended November 30, 2024 November 30, 2023 (In millions) Before-Tax Tax Net-of-Tax Before-Tax Tax Net-of-Tax Foreign currency translation $ ( 2.7 ) $ - $ ( 2.7 ) $ ( 0.3 ) $ - $ ( 0.3 ) Pension liability adjustment ( 1.3 ) 0.3 ( 1.0 ) - - - Cash flow hedges - - - 4.2 ( 1.0 ) 3.2 Other comprehensive income (loss) $ ( 4.0 ) $ 0.3 $ ( 3.7 ) $ 3.9 $ ( 1.0 ) $ 2.9

Equity (Tables)

Equity (Tables)	6 Months Ended
	Nov. 30, 2024
Equity [Abstract]
Summary of Changes in Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in accumulated other comprehensive income (loss) (“AOCI”) for the periods presented: Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (In millions) Translation Adjustment Hedges Loss Balance at May 31, 2024 $ ( 11.9 ) $ 8.4 $ ( 2.6 ) $ ( 6.1 ) Other comprehensive loss before reclassifications ( 2.7 ) ( 4.0 ) ( 5.3 ) ( 12.0 ) Reclassification adjustments to net earnings (1) - 2.7 5.3 8.0 Income tax effect - 0.3 - 0.3 Balance at November 30, 2024 $ ( 14.6 ) $ 7.4 $ ( 2.6 ) $ ( 9.8 ) Accumulated Foreign Pension Other Currency Liability Cash Flow Comprehensive (In millions) Translation Adjustment Hedges Income (Loss) Balance at May 31, 2023 $ ( 10.6 ) $ 6.0 $ 2.5 $ ( 2.1 ) Other comprehensive income (loss) before reclassifications ( 0.3 ) - 11.4 11.1 Reclassification adjustments to net earnings (1) - - ( 7.2 ) ( 7.2 ) Income tax effect - - ( 1.0 ) ( 1.0 ) Balance at November 30, 2023 $ ( 10.9 ) $ 6.0 $ 5.7 $ 0.8 (1) The consolidated and combined statement of earnings classification of amounts reclassified to net income include: a. Cash flow hedges – See the disclosure in “Note 13 – Derivative Financial Instruments and Hedging Activities”; and b. Pension liability adjustment – During the second quarter of fiscal 2025, the Company, through its wholly-owned subsidiary, Tempel, purchased (using pension plan assets) an annuity contract from a third-party insurance company to transfer approximat ely 25 % of t he total projected benefit obligation of the Tempel Employees Pension Plan as of the purchase date. As a result of this transaction: 1) the Company recognized a non-cash settlement gain of $ 2.7 million within miscellaneous income (expense), net; 2) the Company was relieved of all responsibility for these pension obligations; and 3) the insurance company is now required to pay and administer the retirement benefits owed to 472 b eneficiaries.

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Nov. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share Attributable to Controlling Interest	The following table sets forth the computation of basic and diluted earnings per common share attributable to controlling interest for the periods presented: Three Months Ended Six Months Ended November 30, November 30, November 30, November 30, (In millions, except per common share amounts) 2024 2023 2024 2023 Numerator (basic & diluted): Net earnings (loss) attributable to controlling interest – income (loss) available to common shareholders $ 12.8 $ ( 6.0 ) $ 41.2 $ 52.5 Denominator: Basic earnings (loss) per common share attributable to controlling interest – weighted average common shares 49.5 49.3 49.4 49.3 Effect of dilutive securities 1.1 - 1.1 - Diluted earnings (loss) per common share attributable to controlling interest – adjusted weighted average common shares 50.6 49.3 50.5 49.3 Basic earnings (loss) per common share attributable to controlling interest $ 0.26 $ ( 0.12 ) $ 0.83 $ 1.07 Diluted earnings (loss) per common share attributable to controlling interest $ 0.25 $ ( 0.12 ) $ 0.82 $ 1.07 Anti-dilutive non-qualified stock options and restricted common share awards (1) 0.1 - 0.2 - (1) These non-qualified stock options and restricted common share awards were excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.

Derivative Financial Instrume_2

Derivative Financial Instruments and Hedging Activities (Tables)	6 Months Ended
	Nov. 30, 2024
Schedule of Fair Value of Derivative Instruments	The following table summarizes the fair value of the derivative financial instruments and the respective lines in which they were recorded in the consolidated balance she et at November 30, 2024: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (In millions) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 0.1 Accounts payable $ 2.6 Commodity contracts Other assets - Other liabilities 0.2 Subtotal 0.1 2.8 Foreign currency exchange contracts Receivables - Accounts payable 0.1 Total $ 0.1 $ 2.9 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 0.8 Accounts payable $ 1.1 Commodity contracts Other assets 0.1 Other liabilities - Subtotal 0.9 1.1 Foreign currency exchange contracts Receivables - Accounts payable - Total $ 0.9 $ 1.1 Total derivative financial instruments $ 1.0 $ 4.0 The following table summarizes the fair value of the derivative financial instruments and the respective lines in which they were recorded in the consolidated balance sheet at May 31, 2024: Asset Derivatives Liability Derivatives Balance Balance Sheet Fair Sheet Fair (In millions) Location Value Location Value Derivatives designated as hedging instruments: Commodity contracts Receivables $ 0.2 Accounts payable $ 1.9 Commodity contracts Other assets - Other liabilities - Total $ 0.2 $ 1.9 Derivatives not designated as hedging instruments: Commodity contracts Receivables $ 3.4 Accounts payable $ 2.5 Commodity contracts Other assets - Other liabilities - Total $ 3.4 $ 2.5 Total derivative financial instruments $ 3.6 $ 4.4
Schedule of Derivatives Designated as Cash Flow Hedging Instruments	The following table summarizes the gain (loss) recognized in OCI and the gain (loss) reclassified from AOCI into net earnings for derivative financial instruments designated as cash flow hedges for the periods presented: (In millions) Gain (Loss) Location of Gain (Loss) Gain (Loss) Reclassified For the three months ended November 30, 2024: Commodity contracts $ ( 2.7 ) Cost of goods sold $ ( 2.6 ) Foreign currency exchange contracts ( 0.1 ) Cost of goods sold ( 0.1 ) Total $ ( 2.8 ) $ ( 2.7 ) For the three months ended November 30, 2023: Commodity contracts $ 13.0 Cost of goods sold $ ( 0.8 ) Total $ 13.0 $ ( 0.8 ) For the six months ended November 30, 2024: Commodity contracts $ ( 5.1 ) Cost of goods sold $ ( 5.2 ) Foreign currency exchange contracts ( 0.2 ) Cost of goods sold ( 0.1 ) Total $ ( 5.3 ) $ ( 5.3 ) For the six months ended November 30, 2023: Commodity contracts $ 11.4 Cost of goods sold $ 7.2 Total $ 11.4 $ 7.2
Schedule of Loss Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments	The following table summarizes the gain (loss) recognized in earnings for economic (non-designated) derivative financial instruments for the periods presented: Gain (Loss) Recognized In Earnings for the Three Months Ended Location of Gain (Loss) November 30, November 30, (In millions) Recognized in Earnings 2024 2023 Commodity contracts Cost of goods sold $ ( 0.3 ) $ 0.3 Total $ ( 0.3 ) $ 0.3 Gain (Loss) Recognized in Earnings for the Six Months Ended Location of Gain (Loss) November 30, November 30, (In millions) Recognized in Earnings 2024 2023 Commodity contracts Cost of goods sold $ ( 3.1 ) $ 0.8 Total $ ( 3.1 ) $ 0.8
Cash Flow Hedges
Schedule of Summary of Derivative Hedges	The following table summarizes the Company’s cash flow hedges outstanding at November 30, 2024: Notional (In millions) Amount Maturity Date Commodity contracts $ ( 9.4 ) December 2024 – December 2025 Foreign currency exchange contracts $ 6.3 December 2024 – April 2025 The following table summarizes the Company’s cash flow hedges outstanding at May 31, 2024: Notional (In millions) Amount Maturity Date Commodity contracts $ 24.5 June 2024 – September 2025 The following table summarizes the Company’s economic (non-designated) derivative financial instruments outstanding at November 30, 2024: Notional (In millions) Amount Maturity Date(s) Commodity contracts $ 11.7 December 2024 – January 2026 The following table summarizes the Company’s economic (non-designated) derivative financial instruments outstanding at May 31, 2024: Notional (In millions) Amount Maturity Date(s) Commodity contracts $ 22.4 June 2024 – March 2025

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Nov. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	At November 30, 2024, the Company’s assets and liabilities measured at fair value on a recurring basis were as follows: Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (In millions) (Level 1) (Level 2) (Level 3) Totals Assets Derivative financial instruments (1) $ - $ 1.0 $ - $ 1.0 Total assets $ - $ 1.0 $ - $ 1.0 Liabilities Derivative financial instruments (1) $ - $ 4.0 $ - $ 4.0 Total liabilities $ - $ 4.0 $ - $ 4.0 (1) The fair value of the Company’s derivative financial instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “ Note 13 – Derivative Financial Instruments and Hedging Activities” for additional information regarding the use of derivative financial instruments. At May 31, 2024, the Company’s assets and liabilities measured at fair value on a recurring basis were as follows: Significant Quoted Prices Other Significant in Active Observable Unobservable Markets Inputs Inputs (In millions) (Level 1) (Level 2) (Level 3) Totals Assets Derivative financial instruments (1) $ - $ 3.6 $ - $ 3.6 Total assets $ - $ 3.6 $ - $ 3.6 Liabilities Derivative financial instruments (1) $ - $ 4.4 $ - $ 4.4 Total liabilities $ - $ 4.4 $ - $ 4.4 (1) The fair value of the Company’s derivative financial instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “ Note 13 – Derivative Financial Instruments and Hedging Activities” for additional information regarding the use of derivative financial instruments.

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Nov. 30, 2024
Related Party Transactions [Abstract]
Schedule of reconciliation of total net transfers to and from the parent to the corresponding amount presented in the consolidated and combined statement of cash flows	Net transfers from/(to) the Former Parent, excluding the $ 150.0 million distribution, are in cluded within Net Investment by the Former Parent. Additionally, as part of the Separation in the third quarter of fiscal 2024, the Former Parent made a contribution of certain assets and liabilities, including $ 3.8 million of cash and cash equivalents, to Worthington Steel. There were no subsequent transactions within Net Investment by the Former Parent. The reconciliation of total net transfers to and from the Former Parent to the corresponding amount presented in the Consolidated and Combined Statement of Cash Flows are as follows: Three Months Ended Six Months Ended November 30, November 30, November 30, November 30, (In millions) 2024 2023 2024 2023 Total net transfers from/(to) the Former Parent per consolidated and combined changes in equity $ - $ ( 84.9 ) $ - $ ( 44.1 ) Less: depreciation expense allocated from the Former Parent - 0.6 - 1.2 Less: stock-based compensation - 3.3 - 6.1 Total net transfers from/(to) the Former Parent per consolidated and combined statement of cash flows $ - $ ( 88.8 ) $ - $ ( 51.4 )

Description of the Business, _3

Description of the Business, The Separation, Agreements with Former Parent and Separation Costs, and Basis of Presentation - Additional Information (Detail) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024 USD ($) Jointventure	Nov. 30, 2023 USD ($)	Nov. 30, 2024 USD ($) Jointventure	Nov. 30, 2023 USD ($)	Feb. 29, 2024 USD ($)	Dec. 01, 2023 USD ($)
Significant Accounting Policies [Line Items]
Percentage of pro rata distribution common shares						100%
Cash distribution made as part of spinoff						$ 150
Cash and cash equivalents received as contribution of assets and liabilities					$ 3.8	$ 3.8
Separation costs	$ 0	$ 14.9	$ 0	$ 18.5
Joint Venture Transactions
Significant Accounting Policies [Line Items]
Number of operating joint ventures | Jointventure	3		3
Serviacero Worthington
Significant Accounting Policies [Line Items]
Number of unconsolidated joint ventures | Jointventure	1		1
Percent of ownership own a noncontrolling interest held in unconsolidated joint venture	50%		50%
Spartan | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	52%		52%
TWB | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	55%		55%
WSCP | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	63%		63%
WSP | Joint Venture Transactions
Significant Accounting Policies [Line Items]
Percent of controlling interest by the Company	51%		51%

Description of the Business, _4

Description of the Business, The Separation, Agreements with Former Parent and Separation Costs, and Basis of Presentation - Summary of Concentration Percentage of Consolidated or Combined Net Sales (Detail) - Net Sales - Product Concentration Risk	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
End Market - Automotive
Product Information [Line Items]
Percentage of Net Sales	52%	52%	51%	53%
Largest Automotive Customer
Product Information [Line Items]
Percentage of Net Sales	15.20%	14.90%	14.20%	15.80%

Revenue Recognition - Revenue b

Revenue Recognition - Revenue by Product Class and Timing (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Disaggregation Of Revenue [Line Items]
Net sales	$ 739	$ 808	$ 1,573	$ 1,713.8
Direct | Steel Processing
Disaggregation Of Revenue [Line Items]
Net sales	700.9	769.8	1,490.8	1,639.3
Toll | Steel Processing
Disaggregation Of Revenue [Line Items]
Net sales	$ 38.1	$ 38.2	$ 82.2	$ 74.5

Revenue Recognition - Summary o

Revenue Recognition - Summary of Unbilled Receivables (Detail) - USD ($) $ in Millions		Nov. 30, 2024	May 31, 2024
Receivables
Unbilled Receivables And Contract Assets [Line Items]
Unbilled receivables	[1]	$ 5.2	$ 5.6
[1] There were no contract assets at either of the dates indicated above.

Revenue Recognition - Summary_2

Revenue Recognition - Summary of Unbilled Receivables (Parenthetical) (Detail) - USD ($) $ in Millions	Nov. 30, 2024	May 31, 2024
Revenue from Contract with Customer [Abstract]
Contract assets	$ 0	$ 0

Investment in Unconsolidated _3

Investment in Unconsolidated Affiliate - Additional Information (Detail) - Serviacero Worthington $ in Millions	6 Months Ended
	Nov. 30, 2024 USD ($) Jointventure	Nov. 30, 2023 USD ($)
Investments in and Advances to Affiliates [Line Items]
Percent of ownership own a noncontrolling interest held in unconsolidated joint venture	50%
Number of unconsolidated joint ventures | Jointventure	1
Distributions from unconsolidated affiliates | $	$ 5	$ 0

Investment in Unconsolidated _4

Investment in Unconsolidated Affiliate - Schedule of Financial Information of Unconsolidated Affiliates (Detail) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Nov. 30, 2024	Aug. 31, 2024	Nov. 30, 2023	Aug. 31, 2023	Nov. 30, 2024	Nov. 30, 2023	May 31, 2024
Investments in and Advances to Affiliates [Line Items]
Cash and cash equivalents	$ 52				$ 52		$ 40.2
Total assets	1,739.3				1,739.3		1,866.4
Current liabilities	467.7				467.7		618.4
Other noncurrent liabilities	35.3				35.3		34.3
Equity	1,010.8				1,010.8		985.3
Total liabilities and equity	1,739.3				1,739.3		1,866.4
Net sales	739		$ 808		1,573	$ 1,713.8
Gross margin	80		60.2		180.4	188.7
Operating income	18.9		(8.8)		62.3	60.9
Depreciation and amortization					32.5	33.3
Income tax expense	3.6		(2.5)		7.6	14.5
Net earnings (loss)	16.1	$ 32.2	(2.1)	$ 62.1	48.3	60
Serviacero Worthington
Investments in and Advances to Affiliates [Line Items]
Cash and cash equivalents	20.8				20.8		5.7
Other current assets	249.3				249.3		274.7
Noncurrent assets	58.4				58.4		58.3
Total assets	328.5				328.5		338.7
Current liabilities	53.7				53.7		64.7
Other noncurrent liabilities	5.1				5.1		5.2
Equity	269.7				269.7		268.8
Total liabilities and equity	328.5				328.5		$ 338.7
Net sales	138.7		163.4		287.2	315.3
Gross margin	9.6		18.6		25.2	39.9
Operating income	5.5		15.2		17.2	33.1
Depreciation and amortization	1.2		1.1		2.3	2.1
Interest expense	0		0		0	0
Income tax expense	5.8		6.3		12.6	7
Net earnings (loss)	$ (1.7)		$ 7.6		$ 0.9	$ 25.5

Investment in Unconsolidated _5

Investment in Unconsolidated Affiliate - Schedule of Net Earnings of Unconsolidated Affiliate (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Investments in and Advances to Affiliates [Line Items]
Equity in net income (loss) of unconsolidated affiliate	$ (0.9)	$ 3.8	$ 0.4	$ 12.8
Serviacero Worthington
Investments in and Advances to Affiliates [Line Items]
Equity in net income (loss) of unconsolidated affiliate	$ (0.9)	$ 3.8	$ 0.4	$ 12.8

Impairment of Long-Lived Asse_2

Impairment of Long-Lived Assets - Additional Information (Detail) $ in Millions	3 Months Ended
	Aug. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Impairment charge of long-lived assets	$ 1.4
Estimate of fair value less costs to sell	$ 0.2

Guarantees - Additional Informa

Guarantees - Additional Information (Detail) - Stand-by Letter of Credit	6 Months Ended
	Nov. 30, 2024 USD ($)
Guarantor Obligations [Line Items]
Letter of credit amount outstanding	$ 2,100,000
Drawn amount of letter of credit outstanding	$ 0

Debt - Summary of Debt Outstand

Debt - Summary of Debt Outstanding (Detail) - USD ($) $ in Millions	Nov. 30, 2024	May 31, 2024
Debt Instrument [Line Items]
Total short-term borrowings	$ 115	$ 148
Total short-term borrowings and current maturities	115	148
Revolving Credit Facility
Debt Instrument [Line Items]
Total short-term borrowings	115	148
Total short-term borrowings and current maturities	$ 115	$ 148

Debt - Maturities on Long-term

Debt - Maturities on Long-term Debt and Short-term Borrowings (Detail) $ in Millions	Nov. 30, 2024 USD ($)
Debt Disclosure [Abstract]
Fiscal 2025	$ 115
Fiscal 2026	0
Fiscal 2027	0
Fiscal 2028	0
Fiscal 2029	0
Thereafter	0
Total	$ 115

Debt - Additional Information (

Debt - Additional Information (Detail) ¥ in Millions			6 Months Ended	12 Months Ended
	Nov. 30, 2023 USD ($)	Jun. 08, 2021 USD ($)	Nov. 30, 2024 USD ($) CreditArrangements	May 31, 2024 USD ($) Loan	Nov. 30, 2024 CNY (¥) CreditArrangements	Nov. 30, 2024 INR (₨) CreditArrangements	May 31, 2024 CNY (¥) Loan	May 31, 2024 INR (₨) Loan	Jun. 29, 2023 USD ($)
Debt And Receivables Securitization [Line Items]
Term loan facility, balance			$ 115,000,000	$ 148,000,000
Long-term debt			115,000,000
Long-term borrowings			0	0
Short-term loan facilities			$ 115,000,000	148,000,000
TWB Term Loan
Debt And Receivables Securitization [Line Items]
Principal amount		$ 50,000,000
Debt, interest rate		5%
Debt, maturity date		May 31, 2024	May 31, 2024
Term loan facility, balance				0
Tempel India
Debt And Receivables Securitization [Line Items]
Maximum borrowing capacity			$ 14,200,000	$ 14,400,000		₨ 1,200,000,000		₨ 1,200,000,000
Number of individual credit arrangements | CreditArrangements			2		2	2
Tempel India | Facility One
Debt And Receivables Securitization [Line Items]
Maturity date			Dec. 18, 2025
Tempel India | Facility Two
Debt And Receivables Securitization [Line Items]
Maturity date			Nov. 14, 2025
Tempel China
Debt And Receivables Securitization [Line Items]
Number of short-term loan facilities | Loan				3			3	3
Short-term loan facilities			$ 0	$ 0
Tempel China | Facility One
Debt And Receivables Securitization [Line Items]
Maturity date			Mar. 13, 2024
Aggregate capacity			$ 1,400,000		¥ 10
Tempel China | Facility Two
Debt And Receivables Securitization [Line Items]
Maturity date			Sep. 10, 2025
Tempel China | Facility Two and Three
Debt And Receivables Securitization [Line Items]
Maximum borrowing capacity			$ 12,400,000		¥ 90		¥ 90
Maturity date			Dec. 31, 2024	Dec. 31, 2024
Tempel China | Facility Three
Debt And Receivables Securitization [Line Items]
Maturity date			Dec. 31, 2025
AR Facility
Debt And Receivables Securitization [Line Items]
Early termination, other similar fees and penalties paid									$ 0
Line of Credit | Tempel India
Debt And Receivables Securitization [Line Items]
Maximum borrowing capacity			$ 7,100,000	$ 7,200,000		₨ 600,000,000		₨ 600,000,000
Aggregate capacity			0	0
Stand-by Letters of Credit
Debt And Receivables Securitization [Line Items]
Outstanding borrowings drawn against credit facility			0
Senior Secured Revolving Credit Facility
Debt And Receivables Securitization [Line Items]
Maximum borrowing capacity	$ 550,000,000
Outstanding borrowings drawn against credit facility			$ 115,000,000	$ 148,000,000
Maturity date	Nov. 30, 2028
Total Debt issuance costs	$ 2,700,000
Capitalized debt issuance costs	$ 2,500,000
Weighted average interest rate on Credit Facility			6.21%	6.92%	6.21%	6.21%	6.92%	6.92%
Remaining borrowing capacity			$ 435,000,000	$ 402,000,000
Senior Secured Revolving Credit Facility | SOFR Rate Loans
Debt And Receivables Securitization [Line Items]
Debt maturity period			6 months
Senior Secured Revolving Credit Facility | Swing Loan
Debt And Receivables Securitization [Line Items]
Maximum borrowing capacity			$ 55,000,000
Swing loan rate			8.25%	9%	8.25%	8.25%	9%	9%
Percentage of maximum amount of credit facility			10%		10%	10%
Effective interest rate			8.25%	9%	8.25%	8.25%	9%	9%

Other Comprehensive Income (L_3

Other Comprehensive Income (Loss) - Summary of Tax Effects on Each Component of OCI (Detail) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Nov. 30, 2024	Aug. 31, 2024	Nov. 30, 2023	Aug. 31, 2023	Nov. 30, 2024	Nov. 30, 2023
Components Of Other Comprehensive Income Loss [Abstract]
Foreign currency translation, before tax	$ (4.8)		$ 0.5		$ (2.7)	$ (0.3)
Foreign currency translation, tax	0		0		0	0
Foreign currency translation, net of tax	(4.8)		0.5		(2.7)	(0.3)
Pension liability adjustment, before tax	(1.3)		0		(1.3)	0
Pension liability adjustment, tax	0.3		0		0.3	0
Pension liability adjustment, net of tax	(1)		0		(1)	0
Cash flow hedges, before tax	(0.1)		13.8		0	4.2
Cash flow hedges, tax	0		(3.2)		0	(1)
Cash flow hedges, net of tax	(0.1)		10.6		0	3.2
Other comprehensive income (loss), before tax	(6.2)		14.3		(4)	3.9
Other comprehensive income (loss), tax	0.3		(3.2)		0.3	(1)
Other comprehensive income (loss)	$ (5.9)	$ 2.2	$ 11.1	$ (8.2)	$ (3.7)	$ 2.9

Equity - Additional Information

Equity - Additional Information (Detail) shares in Millions	3 Months Ended
	Nov. 30, 2023 shares
Equity [Abstract]
Common shares outstanding due to stock split	49.3

Equity - Summary of Changes in

Equity - Summary of Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Accumulated Other Comprehensive Income Loss [Line Items]
Balance		$ 1,143.2	$ 1,247.4	$ 1,117.5	$ 1,154.6
Income tax effect		0.3	(3.2)	0.3	(1)
Balance		1,145.1	1,171.5	1,145.1	1,171.5
Foreign Currency Translation
Accumulated Other Comprehensive Income Loss [Line Items]
Balance				(11.9)	(10.6)
Other comprehensive income (loss) before reclassifications				(2.7)	(0.3)
Reclassification adjustments to net earnings	[1]			0	0
Income tax effect				0	0
Balance		(14.6)	(10.9)	(14.6)	(10.9)
Pension Liability Adjustment
Accumulated Other Comprehensive Income Loss [Line Items]
Balance				8.4	6
Other comprehensive income (loss) before reclassifications				(4)	0
Reclassification adjustments to net earnings	[1]			2.7	0
Income tax effect				0.3	0
Balance		7.4	6	7.4	6
Cash Flow Hedges
Accumulated Other Comprehensive Income Loss [Line Items]
Balance				(2.6)	2.5
Other comprehensive income (loss) before reclassifications				(5.3)	11.4
Reclassification adjustments to net earnings	[1]			5.3	(7.2)
Income tax effect				0	(1)
Balance		(2.6)	5.7	(2.6)	5.7
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income Loss [Line Items]
Balance		(3.9)	(10.3)	(6.1)	(2.1)
Other comprehensive income (loss) before reclassifications				(12)	11.1
Reclassification adjustments to net earnings	[1]			8	(7.2)
Income tax effect				0.3	(1)
Balance		$ (9.8)	$ 0.8	$ (9.8)	$ 0.8
[1] The consolidated and combined statement of earnings classification of amounts reclassified to net income include: a. Cash flow hedges – See the disclosure in “Note 13 – Derivative Financial Instruments and Hedging Activities”; and b. Pension liability adjustment – During the second quarter of fiscal 2025, the Company, through its wholly-owned subsidiary, Tempel, purchased (using pension plan assets) an annuity contract from a third-party insurance company to transfer approximat ely 25 % of t he total projected benefit obligation of the Tempel Employees Pension Plan as of the purchase date. As a result of this transaction: 1) the Company recognized a non-cash settlement gain of $ 2.7 million within miscellaneous income (expense), net; 2) the Company was relieved of all responsibility for these pension obligations; and 3) the insurance company is now required to pay and administer the retirement benefits owed to 472 b eneficiaries.

Equity - Summary of Changes i_2

Equity - Summary of Changes in Accumulated OCI (Parenthetical) (Detail) - Tempel Steel Company $ in Millions	3 Months Ended
	Nov. 30, 2024 USD ($) Beneficiary
Accumulated Other Comprehensive Income (Loss) [Line Items]
Defined benefit plan, funded percentage	25%
Defined benefit plan, benefit obligation, non-cash settlement charge | $	$ 2.7
Number of beneficiaries owed | Beneficiary	472

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Pre-tax stock-based compensation expense	$ 5.3	$ 6.1

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail)	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	22.20%	29.90%	15.60%	21.60%

Earnings Per Common Share - Add

Earnings Per Common Share - Additional Information (Detail) shares in Millions	6 Months Ended
	Nov. 30, 2023 shares
Earnings Per Share [Abstract]
Number of shares used to calculate earnings (loss) per common share	49.3

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Common Share Attributable to Controlling Interest (Detail) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
		Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Numerator (basic & diluted):
Net earnings (loss) attributable to controlling interest - income (loss) available to common shareholders		$ 12.8	$ (6)	$ 41.2	$ 52.5
Denominator:
Basic earnings (loss) per common share attributable to controlling interest - weighted average common shares	[1]	49.5	49.3	49.4	49.3
Effect of dilutive securities		1.1	0	1.1	0
Diluted earnings (loss) per common share attributable to controlling interest - adjusted weighted average common shares	[2]	50.6	49.3	50.5	49.3
Basic earnings (loss) per common share attributable to controlling interest		$ 0.26	$ (0.12)	$ 0.83	$ 1.07
Diluted earnings (loss) per common share attributable to controlling interest		$ 0.25	$ (0.12)	$ 0.82	$ 1.07
Anti-dilutive non-qualified stock options and restricted common share awards	[3]	0.1	0	0.2	0
[1] Prior to the third quarter of fiscal 2024, reported Weighted average common shares outstanding (Basic) and Common shares outstanding at end of period reflect the basic common shares at the Separation. This share amount is being utilized for the calculation of basic earnings per common share for periods presented prior to the Separation. Prior to the third quarter of fiscal 2024, reported Weighted average common shares outstanding (Diluted) reflects the basic common shares at the Separation. This share amount is being utilized for the calculation of diluted earnings per common share for periods presented prior to the Separation. These non-qualified stock options and restricted common share awards were excluded from the calculation of diluted earnings per common share because their inclusion would have been anti-dilutive.

Acquisitions - Additional Infor

Acquisitions - Additional Information (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Nov. 16, 2023	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023	May 31, 2024
Business Acquisition [Line Items]
Goodwill		$ 79.5		$ 79.5		$ 79.6
Pension liability adjustment		$ 1	$ 0	$ 1	$ 0
Voestalpine Automotive Components Nagold GmbH & Co. KG
Business Acquisition [Line Items]
Date of acquisition	Nov. 16, 2023
Business acquisition, name of acquired entity	Voestalpine Automotive Components Nagold GmbH & Co. KG (“Voestalpine Nagold”)
Net cash consideration	$ 21
Pension liability	0.9
Property, plant and equipment	12.3
Net working capital	9
Goodwill	0.6
Purchase accounting adjustments, property, plant and equipment	0.3
Purchase accounting adjustments, net working capital	(0.8)
Purchase accounting adjustments, goodwill	0.5
Pension liability adjustment	0
Voestalpine Automotive Components Nagold GmbH & Co. KG | Property, Plant and Equipment
Business Acquisition [Line Items]
Purchase consideration, net	12.6
Voestalpine Automotive Components Nagold GmbH & Co. KG | Net Working Capital
Business Acquisition [Line Items]
Purchase consideration, net	8.2
Voestalpine Automotive Components Nagold GmbH & Co. KG | Goodwill
Business Acquisition [Line Items]
Purchase consideration, net	$ 1.1

Derivative Financial Instrume_3

Derivative Financial Instruments and Hedging Activities - Schedule of Fair Value of Derivative Instruments (Detail) - USD ($) $ in Millions	Nov. 30, 2024	May 31, 2024
Derivative [Line Items]
Asset Derivatives at Fair Value	$ 1	$ 3.6
Liability Derivatives at Fair Value	4	4.4
Derivatives Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	0.1
Liability Derivatives at Fair Value	2.9
Derivatives Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	0.1	0.2
Liability Derivatives at Fair Value	2.8	1.9
Derivatives Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	0.1	0.2
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	0	0
Derivatives Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	0.2	0
Derivatives Designated As Hedging Instruments | Foreign Currency Exchange Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	0
Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Asset Derivatives at Fair Value	0.9
Liability Derivatives at Fair Value	1.1
Derivatives Not Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Asset Derivatives at Fair Value	0.9	3.4
Liability Derivatives at Fair Value	1.1	2.5
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	0.8	3.4
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Assets
Derivative [Line Items]
Asset Derivatives at Fair Value	0.1	0
Derivatives Not Designated As Hedging Instruments | Commodity Contracts | Other Liabilities
Derivative [Line Items]
Liability Derivatives at Fair Value	0	0
Derivatives Not Designated As Hedging Instruments | Foreign Currency Exchange Contracts | Receivables
Derivative [Line Items]
Asset Derivatives at Fair Value	0
Accounts Payable | Derivatives Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Liability Derivatives at Fair Value	2.6	1.9
Accounts Payable | Derivatives Designated As Hedging Instruments | Foreign Currency Exchange Contracts
Derivative [Line Items]
Liability Derivatives at Fair Value	0.1
Accounts Payable | Derivatives Not Designated As Hedging Instruments | Commodity Contracts
Derivative [Line Items]
Liability Derivatives at Fair Value	1.1	$ 2.5
Accounts Payable | Derivatives Not Designated As Hedging Instruments | Foreign Currency Exchange Contracts
Derivative [Line Items]
Liability Derivatives at Fair Value	$ 0

Derivative Financial Instrume_4

Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Nov. 30, 2024	May 31, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Impact to fair value of derivative assets and liabilities as a result of recognition on a gross basis	$ 0.6	$ 2.6
Losses in accumulated other comprehensive income expected to be reclassified into net earnings	2.4
Losses in accumulated other comprehensive income expected to be reclassified into net earnings, tax	$ 0.7

Derivative Financial Instrume_5

Derivative Financial Instruments and Hedging Activities - Schedule of Summary of Derivative Hedges (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023	May 31, 2024
Derivative [Line Items]
Notional Amount	$ (0.3)	$ 0.3	$ (3.1)	$ 0.8
Commodity Contracts | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Notional Amount			$ 11.7		$ 22.4
Commodity Contracts | Minimum | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Maturity Date(s)			Dec. 31, 2024		Jun. 30, 2024
Commodity Contracts | Maximum | Derivatives Not Designated As Hedging Instruments
Derivative [Line Items]
Maturity Date(s)			Jan. 31, 2026		Mar. 31, 2025
Cash Flow Hedges | Commodity Contracts
Derivative [Line Items]
Notional Amount	(9.4)		$ (9.4)		$ 24.5
Cash Flow Hedges | Commodity Contracts | Minimum
Derivative [Line Items]
Maturity Date(s)			Dec. 31, 2024		Jun. 30, 2024
Cash Flow Hedges | Commodity Contracts | Maximum
Derivative [Line Items]
Maturity Date(s)			Dec. 31, 2025		Sep. 30, 2025
Cash Flow Hedges | Foreign Currency Exchange Contracts
Derivative [Line Items]
Notional Amount	$ 6.3		$ 6.3
Cash Flow Hedges | Foreign Currency Exchange Contracts | Minimum
Derivative [Line Items]
Maturity Date(s)			Dec. 31, 2024
Cash Flow Hedges | Foreign Currency Exchange Contracts | Maximum
Derivative [Line Items]
Maturity Date(s)			Apr. 30, 2025

Derivative Financial Instrume_6

Derivative Financial Instruments and Hedging Activities - Schedule of Derivatives Designated as Cash Flow Hedging Instruments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ (2.8)	$ 13	$ (5.3)	$ 11.4
Gain (Loss) Reclassified from AOCI into Net Earnings	$ (2.7)	$ (0.8)	$ (5.3)	$ 7.2
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent	Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax, Parent
Commodity Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI	$ (2.7)	$ 13	$ (5.1)	$ 11.4
Gain (Loss) Reclassified from AOCI into Net Earnings	(2.6)	$ (0.8)	(5.2)	$ 7.2
Foreign Currency Exchange Contracts
Derivative [Line Items]
Gain (Loss) Recognized in OCI	(0.1)		(0.2)
Gain (Loss) Reclassified from AOCI into Net Earnings	$ (0.1)		$ (0.1)

Derivative Financial Instrume_7

Derivative Financial Instruments and Hedging Activities - Schedule of Gain (Loss) Recognized in Earnings for Economic (Non-Designated) Derivative Financial Instruments (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ (0.3)	$ 0.3	$ (3.1)	$ 0.8
Commodity Contracts | Cost of Sales
Derivative [Line Items]
Gain (Loss) Recognized in Earnings	$ (0.3)	$ 0.3	$ (3.1)	$ 0.8

Fair Value - Schedule of Assets

Fair Value - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Millions	Nov. 30, 2024		May 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 1		$ 3.6
Liabilities	4		4.4
Derivative Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1	[1]	3.6	[2]
Liabilities	4	[1]	4.4	[2]
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1		3.6
Liabilities	4		4.4
Fair Value, Inputs, Level 2 | Derivative Instruments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	1	[1]	3.6	[2]
Liabilities	$ 4	[1]	$ 4.4	[2]
[1] The fair value of the Company’s derivative financial instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “ Note 13 – Derivative Financial Instruments and Hedging Activities” for additional information regarding the use of derivative financial instruments. The fair value of the Company’s derivative financial instruments is based on the present value of the expected future cash flows considering the risks involved, including non-performance risk, and using discount rates appropriate for the respective maturities. Market observable, Level 2 inputs are used to determine the present value of the expected future cash flows. Refer to “ Note 13 – Derivative Financial Instruments and Hedging Activities” for additional information regarding the use of derivative financial instruments.

Fair Value - Additional Informa

Fair Value - Additional Information (Detail) - USD ($)	Nov. 30, 2024	May 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term loan facilities	$ 115,000,000	$ 148,000,000
Fair Value, Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair market value of assets	0	0
Revolving Credit Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term loan facilities	$ 115,000,000	$ 148,000,000

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
	Jun. 08, 2021	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023	May 31, 2024	Feb. 29, 2024	Dec. 01, 2023
Related Party Transaction [Line Items]
Selling, general and administrative expense		$ 61.1	$ 54.1	$ 118.1	$ 107.9
Net sales		739	808	1,573	1,713.8
Net transfers from (to) the former parent excluding distribution				150
Interest expense		2.1	0.2	4.7	0.7
Cash and cash equivalents received as contribution of assets and liabilities							$ 3.8	$ 3.8
Former Parent
Related Party Transaction [Line Items]
Selling, general and administrative expense			19.5		38.5
Net sales		14.9	$ 19.3	30.8	$ 43.8
Accounts receivable		$ 6		$ 6		$ 9.7
TWB Term Loan
Related Party Transaction [Line Items]
Debt, interest rate	5%
Debt, maturity date	May 31, 2024			May 31, 2024
TWB Term Loan | Former Parent
Related Party Transaction [Line Items]
Debt, interest rate			5%		5%
Interest expense			$ 0.2		$ 0.5

Related Party Transactions - Sc

Related Party Transactions - Schedule of reconciliation of total net transfers to and from the parent to the corresponding amount presented in the consolidated and combined statement of cash flows (Detail) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Nov. 30, 2024	Nov. 30, 2023	Nov. 30, 2024	Nov. 30, 2023
Related Party Transaction [Line Items]
Less: depreciation expense allocated from the Former Parent			$ 32.5	$ 33.3
Stock-based compensation			5.3	6.1
Former Parent
Related Party Transaction [Line Items]
Total net transfers from/(to) the Former Parent per consolidated and combined changes in equity	$ 0	$ (84.9)	0	(44.1)
Less: depreciation expense allocated from the Former Parent	0	0.6	0	1.2
Stock-based compensation	0	3.3	0	6.1
Total net transfers from/(to) the Former Parent per consolidated and combined statement of cash flows	$ 0	$ (88.8)	$ 0	$ (51.4)

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - Subsequent Event $ / shares in Units, € in Millions, $ in Millions	Dec. 03, 2024 USD ($)	Dec. 03, 2024 EUR (€)	Dec. 18, 2024 $ / shares
Subsequent Event [Line Items]
Dividend payable per common share			$ 0.16
Sitem Group | Tempel Steel Company
Subsequent Event [Line Items]
Percentage of capital stock issued and outstanding	52%	52%
Purchase price paid	$ 53.9	€ 51