SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549
                           FORM 10 - K
                 

      /x/  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
           THE SECURITIES EXCHANGE ACT OF 1934 [FEE REQUIRED]
 For the fiscal year ended May 31,1995       Commission File No. 0-4016
                                                    
                  WORTHINGTON INDUSTRIES, INC.
     (Exact name of Registrant as specified in its Charter)
                                
          DELAWARE                           31-1189815
 (State of Incorporation)                  (IRS Employer
                                        Identification No.)
                                
     1205 Dearborn Drive, Columbus, Ohio             43085
   (Address of principal executive offices)        (Zip Code)
                                
                         (614) 438-3210
      (Registrant's telephone number, including area code)
Securities Registered Pursuant To Section 12(b) of the Act:  None
                                
   Securities Registered Pursuant To Section 12(g) of the Act:
                      Title of each class:
 Common Stock, $.01 par value (90,906,630 shares outstanding at
                         August 8, 1995)
     Indicate  by  check mark if disclosure of delinquent  filers
pursuant  to Item 405 of Regulation S-K is not contained  herein,
and will not be contained, to the best of Registrant's knowledge,
in  definitive  proxy or information statements  incorporated  by
reference in Part III of this Form 10-K or any amendment to  this
Form 10-K.       
           __X__


     Indicate by check mark whether the Registrant (1) has  filed
all  reports required to be filed by Section 13 or 15(d)  of  the
Securities  Exchange Act of 1934 during the preceding  12  months
(or  for such shorter period that the Registrant was required  to
file  such  reports)  and  (2) has been subject  to  such  filing
requirements for the past 90 days.                 YES  X   NO __

     The  aggregate market value of the voting stock held by non-
affiliates of the Registrant at August 8, 1995 was $1,505,425,000
(computed  by reference to the closing price for such  shares  on
such date).
     Portions  of  the Registrant's annual report to shareholders
for  the  fiscal  year  ended May 31, 1995  are  incorporated  by
reference  into  Part I and Part II.  Portions of the  definitive
proxy  statement furnished to shareholders of the  Registrant  in
connection with the annual meeting of shareholders to be held  on
September 21, 1995 are incorporated by reference into Part III.
     Exhibit  index  begins on page 16 of consecutively  numbered
original.

                             PART I
Item 1.  -  Business.
     Worthington  Industries, Inc. was initially incorporated  in
Ohio  in  1955.  It reincorporated in Delaware in 1986 through  a
statutory   merger.   Worthington  Industries,   Inc.   and   its
subsidiaries  are  herein  referred to  as  the  "Company."   The
Company's  operations are grouped into three segments:  processed
steel products, custom products and cast products.
     The  processed  steel products segment  is  engaged  in  the
business of processing flat rolled steel to close tolerances  for
sale  to  industrial  customers  who  require  steel  of  precise
thickness,  length, width, shape, surface finish and  temper  for
their  own product fabrication.  The Company also makes  its  own
line  of  finished processed steel products such as low  pressure
cylinders  for  containing liquefied petroleum,  refrigerant  and
other gases.
     The   custom   products  segment  produces  injection-molded
plastic  and  precision metal parts for sale to manufacturers  of
automobiles, appliances, lawn equipment, sporting goods and other
items in North America.
     The  cast  products segment produces a broad  line  of  cast
steel products for sale to the freight railcar, mass transit  and
industrial markets.
     For  information  regarding  the  net  sales  and  revenues,
earnings  from  continuing operations before  income  taxes,  and
identifiable assets attributable to each segment for each of  the
last  three  fiscal years, reference is made to page  22  of  the
Company's  annual  report  to shareholders  for  the  year  ended
May 31, 1995 which is incorporated herein by reference.
     See  Note  J  of  the  Notes to the  Company's  Consolidated
Financial  Statements, which are included in Item 8  hereof,  for
information    concerning    the   Company's    investments    in
unconsolidated affiliates.

Processed Steel Products.
     The  Company buys coils of wide, open tolerance sheet  steel
from  major steel mills, and processes it to the custom order  of
more   than   1,700  industrial  customers  in  the   automotive,
automotive   supply,   appliance,   electrical,   communications,
construction,  office furniture, office equipment,  agricultural,
machinery,  leisure time and other industries.  The Company  does
not process steel for inventory.
     Techniques  such  as slitting, roller leveling,  cold  reduc
tion, edge rolling, blanking, coating, annealing and pickling are
used  to  process  steel to specified thickness,  length,  width,
shape,  temper  and surface quality.  One or more  processes  are
applied  to  produce steel of specified character  and  dimension
which  the  customer can stamp, blank, draw, roll form, fabricate
or  otherwise  incorporate into component parts or end  products.
Slitting  is cutting steel to specified widths.  Roller  leveling
is  flattening  steel  and cutting it  to  exact  lengths.   Cold
reduction  is rolling steel to close tolerances of thickness  and
temper.   Edge  rolling imparts round, smooth or  knurled  edges.
Blanking cuts the steel into specific shapes.  Coating results in
the  production  of  painted, galvanized or nickel-plated  steel.
Annealing  is  a  thermal process which changes the  hardness  of
steel.  Pickling is a chemical process whereby an acidic solution
removes  the  surface  oxide,  commonly  called  "scale",   which
develops on steel when it is hot rolled.
     Steel   processing  is  highly  competitive.   The   Company
competes  with many other intermediate processors.   The  Company
knows  of  no other intermediate processor which offers the  same
type  and  extent  of technical service support provided  by  the
Company  relating to material testing and application of material
suited  to  the  particular  needs of customers  (see  "Technical
Services").  The Company is unable to gauge, however, the  extent
to  which  its  technical  service capability  has  improved  its
competitive position.
     The  Company manufactures steel cylinders having refrigerant
gas  capacities  of  15 to 1000 pounds, and  steel  and  aluminum
cylinders with liquefied petroleum gas capacities of 4-1/4 to 420
pounds.   These cylinders are designed and produced in accordance
with  safety  requirements prescribed by the U.S.  Department  of
Transportation  which specify materials, design limitations,  and
marking,  inspection  and testing procedures  to  be  used.   The
cylinders  are produced by precision stamping, deep  drawing  and
welding of component parts to customer specifications.  They  are
then tested, painted and packaged as required.
     Steel refrigerant cylinders manufactured by the Company  are
sold  predominantly to major refrigerant gas producers  who  fill
the  cylinders with refrigerant gases and re-sell them to dealers
for use in charging residential, commercial, automotive and other
air  conditioning and refrigeration systems.  Reusable steel  and
aluminum   LP  gas  cylinders  are  built  to  contain  liquefied
petroleum  gas  for  use  as a fuel, and  the  major  buyers  are
manufacturers of barbecue grills.  Reusable LP gas cylinders  are
also   sold   to   propane  and  gas  grill  distributors,   mass
merchandisers  and manufacturers and users of materials-handling,
heating,  cooking  and  camping  equipment.   The  Company   also
manufactures  other  cylinder  products  such  as  recapture  and
recycling   tanks  for  refrigerant  gases,  helium   tanks   and
compressed  air  tanks.   It also sells acetylene  cylinders  for
welding applications.  While a large percentage of sales are made
to major accounts, the Company has over 2,000 cylinder customers.
     The  Company  has  two principal competitors  in  its  major
pressure  cylinder  markets,  of which  management  believes  the
Company  has  the  largest share.  However, the  Company  has  no
reliable  information with respect to the  size  of  any  of  its
various product markets or its relative position therein for  any
segment.
     The largest customer of the processed steel products segment
is  General  Motors Corporation, purchasing through decentralized
divisions  and subsidiaries and in different geographical  areas.
(See "Marketing and Competition").  The loss of General Motors as
a  customer could have an adverse effect on the segment, but  the
Company  has no reason to believe that the loss of this  customer
is likely.
     The  Company purchases steel in large quantities, at regular
intervals  from major primary producers for its steel  processing
and  pressure cylinder operations.  During the fiscal year  ended
May  31,  1995  the  Company's major suppliers were  Rouge  Steel
Company  (in which the Company holds a minority equity position),
AK  Steel  Corporation,  Bethlehem Steel Corporation,  LTV  Steel
Corporation,  USX  Corporation, WCI Steel,  Inc.,  Weirton  Steel
Corporation and Wheeling-Pittsburgh Steel Corporation. During the
fiscal year ended May 31, 1995, the Company's major suppliers  of
aluminum  for  pressure  cylinders  were  Alumax  Aluminum  Sales
Corporation,  Aluminum Corporation of America, Cressona  Aluminum
Company,  Kaiser  Aluminum  and  Specialty  Blanks  Incorporated.
Management believes that its supplier relationships are good.

Custom Products.
     In  the  custom  products segment, the Company  manufactures
injection  molded plastic and precision metal parts  to  customer
specifications. The primary customers of this segment are in  the
automotive original equipment markets, but sales are also made to
manufacturers  of  appliances, lawn and garden  equipment,  audio
equipment, recreational items, hand tools, housewares  and  other
items.  Principal products of the segment are a variety of custom
made  injection  molded plastic components (both  functional  and
decorative) which, depending on the customers' needs, can also be
painted, assembled, silk screened, vacuum metalized, hot stamped,
roll  foiled, vinyl wrapped, foamed in-place and/or appliqued  by
the  Company.  Precision metal components are made primarily  for
power steering, transmission, brake and other mechanical systems.
     The  custom  products  segment relies heavily  on  sales  to
General  Motors Corporation, The Ford Motor Company and  Chrysler
Corporation.   The loss of any of these customers could  have  an
adverse  effect on the segment but the Company has no  reason  to
believe that the loss of any of these customers is likely.
     Plastic  resins  and  bar  steel, the  major  raw  materials
required by this segment, are available from many sources.
     The  Company  has numerous competitors in the  sale  of  its
custom  products.   This  business competes  in  its  markets  by
seeking  to  provide  well-engineered,  quality  products  within
required delivery terms to meet the specific needs of its plastic
parts and precision metal component customers.

Cast Products.
     The   Company's  cast  products  segment  operates  a  steel
castings  business.  The steel castings operation manufactures  a
diverse  line  of cast steel products ranging in  size  from  100
pounds  to  30 tons.  These products are offered to the railroad,
mass  transit,  construction  and off-highway  markets,  and  are
produced  to satisfy customer orders.  The Company can also  pour
ingots  of  special  alloy steel which are  converted  to  coils,
plates, bars and forgings by outside users.
     In  general, there are a number of companies involved in the
sale   of  steel  castings.   However,  there  are  three   major
competitors  in  the  sale  of  certain  railcar  castings.   The
Company's cast products are generally sold under trademark  which
is  a stylized "Circle B", and the Company utilizes various other
owned and licensed trademarks and patents in connection with  its
cast  products.   The  Company  is  the  leading  North  American
designer and producer of undercarriages for mass transit cars and
holds numerous patents for them.
     Scrap  steel, the major raw material required  by  the  cast
products segment, is purchased from several sources, including  a
wholly-owned subsidiary of the Company.  Supplies of scrap  steel
have  been adequate, although pricing in the market tends  to  be
volatile.  Other raw materials used by this segment are  obtained
from a number of major suppliers.

Technical Services.
     The Company employs a staff of engineers and other technical
personnel  and  maintains fully-equipped, modern laboratories  to
support  its  operations.  The facilities enable the  Company  to
verify,    analyze   and   document   the   physical,   chemical,
metallurgical and mechanical properties of its raw materials  and
products.   Technical service personnel also work in  conjunction
with  the sales force to determine the types of flat rolled steel
and  steel  castings  required for the particular  needs  of  the
Company's  customers.   In  order to provide  such  service,  the
Company   maintains   a  continuing  program   of   developmental
engineering  with respect to the characteristics and  performance
of  its products under varying conditions.  Laboratory facilities
are  also  used  to  perform the quality control  and   extensive
testing of all low pressure cylinders required by the regulations
of   the  U.  S.  Department  of  Transportation  and  associated
agencies, as well as varying customer requirements.  The  Company
also maintains a separate testing facility for its steel castings
operation.

Marketing and Competition.
     The  Company's products and services are sold  primarily  by
Company sales personnel.
     As  a  percentage  of the Company's consolidated  sales  and
revenues, sales of steel processing services represented 57%  for
fiscal 1995, 59% for fiscal 1994, and 56% for fiscal 1993;  sales
of  pressure cylinders represented 12% for 1995, 13% for 1994 and
13%  for  1993; and sales of custom plastics represented  17%  in
1995, 17% in 1994 and 19% in 1993.
     During  the  fiscal year ended May 31, 1995, General  Motors
Corporation,  purchasing  through  decentralized  divisions   and
subsidiaries  in  different  geographical  areas,  accounted  for
approximately  13.8%  of  the Company's  consolidated  sales  and
revenues.
     The  principal  methods of competition  encountered  by  the
Company   are  quality  of  product,  ability  to  meet  delivery
requirements  of customers, and price.  Geographic  proximity  to
customers has a significant effect upon relative ability to  meet
customer  delivery  schedules  and  impacts  the  freight  charge
portion  of overall product price.  See also the information  set
forth above as to competition in the various segments.
Environmental Regulation.
     The  Company's manufacturing facilities, generally in common
with  those  similar  industries  making  similar  products,  are
subject to many federal, state and local requirements relating to
the  protection  of  the  environment.  The  Company  continually
examines  ways to reduce emissions and waste and to  effect  cost
savings related to environmental compliance.  Management does not
anticipate  that  capital expenditures for environmental  control
facilities  required in order to meet environmental  requirements
will be material when compared with the Company's overall capital
expenditures.

Employees.
     The Company employs approximately 8,200 people.

Investments in Unconsolidated Affiliates.
     The  Company participates in five joint ventures as follows:
(a)  Worthington Armstrong Venture manufactures suspended ceiling
systems for concealed and lay-in panel ceilings from three plants
located  in  Pennsylvania, Maryland and France;  (b)  Worthington
Specialty Processing processes wide sheet steel from its plant in
Jackson,  Michigan; (c) TWB Company, located in Monroe, Michigan,
produces  laser welded steel blanks for the automobile  industry;
(d)  London  Industries, Inc. produces injection  molded  plastic
products in London, Ohio; and (e) Acerex S.A. de C.V. is a  steel
processor in Monterrey, Mexico.  The Company also owns a minority
equity interest (28%) in Rouge Steel Company, an integrated steel
mill located near Detroit, Michigan.  See Note J of the Notes  to
the  Company's  Consolidated Financial Statements for  additional
information on these unconsolidated affiliates of the Company.


Item 2. - Properties.
     The  Company's principal properties presently consist of  28
owned manufacturing and office facilities.  These properties  are
located  in  Ohio  (13), Alabama (1), Georgia (2),  Indiana  (1),
Kentucky  (2), Maryland (1), Michigan (4), Oklahoma (1),  Ontario
(1),  Pennsylvania  (1), South Carolina (2)  and  Tennessee  (1).
These plants and offices are used in the processed steel products
(17), custom products (7) and cast products (3) segments and  for
general  corporate  purposes (1).  The above facilities,  all  of
which  are  well  maintained  and in  good  operating  condition,
contain  in excess of 5,000,000 square feet, and are adequate  to
meet the Company's present needs.
     See  Item 1 under the heading "Investments in Unconsolidated
Affiliates"  for  the  location of the  Company's  unconsolidated
affiliates.


Item 3. - Legal Proceedings.
     The Ohio EPA has threatened to sue the Company's subsidiary,
Buckeye Steel Castings Company, for various alleged air pollution
matters   at   its  foundry  in  Columbus,  Ohio.   The   primary
allegations concern (a) alleged emissions of fugitive  dust  from
the   facility,  mainly  related  to  malfunctions  of  its  dust
collection systems (i.e. baghouses) in 1989; (b) alleged failures
to obtain permits in a timely manner; and (c) alleged failures in
prior  years  to  use  reasonably available control  measures  to
collect  dust  inside  its facility.  The  Company  disputes  the
alleged violations, and is currently involved in negotiations  in
an  attempt to resolve the matter.  Any remedy will be  discussed
as part of the negotiations.


Item 4. - Submission of Matters to a Vote of Security Holders.
     Not applicable.

Executive Officers of the Registrant.
     The  following  table lists the names, positions  held,  and
ages of all the executive officers of the Company:
                                                          Present
                                                           Office
Name                   Age  Positions with the Company      Held
                                                           Since
John H. McConnell      72   Chairman of the Board
                            and Director                    1955
John P. McConnell      41   Vice Chairman, Chief Executive
                            Officer and Director            1993
Donald G. Barger, Jr.  52   Vice President-Finance and
                            Chief Financial Officer         1993
Robert J. Borel        52   Vice President-Engineering      1985
Edward A. Ferkany      58   Vice President-Processed Steel  1985
Thomas L. Hockman      51   Vice President-Personnel        1993
Robert J. Klein        58   Executive Vice President-Marketing
                            and Planning and Director       1985
Pete A. Klisares       59   Executive Vice President
                            and Director                    1993
Donal H. Malenick      56   President, Chief Operating
                            Officer and Director            1976
Charles D. Minor       68   Secretary and Director          1955

The principal  employment  of  Donal  H.  Malenick,  Robert  J.  Klein,
Robert  J.  Borel  and  Edward A. Ferkany for more  than  the  last
five years has been in their present capacity with the Company.
     John  H.  McConnell was also Chief Executive  Officer  of  the
Company from its founding in 1955 until June 1, 1993 at which  time
he retired as CEO and remained Chairman of the Board.
     John  P.  McConnell's principal occupation for more than  five
years  prior to July 1990 had been in various capacities  with  the
Company.  In July 1990, he resigned his employment with the Company
to become President of JMAC, Inc., a private holding company.  John
P.  McConnell was elected Vice Chairman of the Company in June 1992
and became Chief Executive Officer as of June 1, 1993.
     Donald  G. Barger, Jr. was Vice President-Corporate Controller
for  B.  F.  Goodrich  Company for more than five  years  prior  to
September  1993,  when he became Vice President-Finance  and  Chief
Financial Officer of the Company.
     Thomas  L.  Hockman  was Assistant Treasurer  and  Manager  of
Compensation and Benefits for the Company for more than five  years
prior to becoming Vice President-Personnel in January 1993.
     Pete  A. Klisares was Manufacturing Vice President and General
Manager  for  AT&T for more than five years prior to May  1991  and
Executive  Director  of JMAC, Inc. from May 1991  through  December
1991.   He  became  Assistant to the Chairman  of  the  Company  in
December  1991  and  was named Executive Vice  President  effective
August 1993.
     Charles  D.  Minor  was a partner in the law  firm  of  Vorys,
Sater,  Seymour and Pease, counsel to the Company,  for  more  than
five  years  prior  to  January 1993.  In January  1993  he  became
counsel to that firm.
     Executive  officers serve at the pleasure  of  the  directors.
John H. McConnell is the father of John P. McConnell.  There are no
other  family  relationships among the executive  officers  of  the
Company.  No arrangements or understandings exist pursuant to which
any person has been, or is to be, selected as an officer.


                              PART II


Item 5. - Market for Registrant's Common Equity and Related
Stockholder Matters.
      The information called for by this Item 5 is incorporated  by
reference herein from the information set forth on pages 30 and  31
of  the Company's annual report to shareholders for the year  ended
May 31, 1995.


Item 6. - Selected Financial Data.
     The  information called for by this Item 6 is incorporated  by
reference  herein from the information presented for  each  of  the
Company's five most recent fiscal years under "Eleven Year Selected
Financial  Data"  set  forth on pages 28 and 29  of  the  Company's
annual report to shareholders for the year ended May 31, 1995.


Item 7. - Management's Discussion and Analysis of Financial
Condition and Results of Operations.
     The  information called for by this Item 7 is incorporated  by
reference  herein from "Management's Discussion and  Analysis"  set
forth  on  pages  16, 17 and 18 of the Company's annual  report  to
shareholders for the year ended May 31, 1995.


Item 8. - Financial Statements and Supplementary Data.
     The following consolidated financial statements of Worthington
Industries,   Inc.  and  Subsidiaries  and  Report  of  Independent
Auditors,  included in the Company's annual report to  shareholders
for the year ended May 31, 1995, on pages 18 through 27 thereof are
incorporated herein by reference.
     Consolidated Balance Sheets--May 31, 1995 and 1994
     Consolidated Statements of Earnings--Years ended May 31, 1995,
     1994 and 1993
     Consolidated  Statements of Shareholders' Equity--Years  ended
     May 31, 1995, 1994 and 1993
     Consolidated  Statements of Cash Flows--Years  ended  May  31,
     1995, 1994 and 1993
     Industry Segment Data
     Notes to Consolidated Financial Statements
     Report of Independent Auditors


Item 9. - Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure.
     Not applicable.


                             PART III


Item 10. - Directors and Executive Officers of the Registrant.
     In  accordance with General Instruction G(3), the  information
required  by this Item 10 is incorporated by reference herein  from
the material under the heading "Election of Directors" contained on
pages 2 through 6 of the Company's definitive proxy statement filed
with  the  Commission relating to the Company's annual  meeting  of
shareholders  to  be held on September 21, 1995.   The  information
regarding Executive Officers required by Item 401 of Regulation S-K
is  included  in  Part I hereof under an appropriate  caption.   No
disclosure is required to be made under Item 405 of Regulation S-K.

Item 11. - Executive Compensation.
     In  accordance with General Instruction G(3), the  information
required  by this Item 11 is incorporated by reference herein  from
the   information  contained  in  the  Company's  definitive  proxy
statement  filed  with  the Commission relating  to  the  Company's
annual  meeting  of shareholders to be held on September  21,  1995
under  the  heading  "Election  of  Directors  -  Compensation   of
Directors" on page 5 and under the heading "Executive Compensation"
-  "Summary of Cash and Certain Other Compensation" on pages 7  and
8,  "Option Grants" on page 8, and "Option Exercises and  Holdings"
on page 9.

Item 12. - Security Ownership of Certain Beneficial Owners and
Management.
     In  accordance with General Instruction G(3), the  information
required  by this Item 12 is incorporated by reference herein  from
the  material  under the headings "Voting Securities and  Principal
Holders  Thereof - Security Ownership of Certain Beneficial Owners"
contained on page 2 and "Election of Directors" contained on  pages
2  through 6 of the Company's definitive proxy statement filed with
the  Commission  relating  to  the  Company's  annual  meeting   of
shareholders to be held on September 21, 1995.

Item 13. - Certain Relationships and Related Transactions.
     In  accordance with General Instruction G(3), the  information
required  by this Item 13 is incorporated by reference herein  from
the material under the heading "Election of Directors" contained on
pages 2 through 5 of the Company's definitive proxy statement filed
with  the  Commission relating to the Company's annual  meeting  of
shareholders to be held on September 21, 1995.
     
                              PART IV

Item 14. - Exhibits, Financial Statement Schedules, and Reports on
Form 8-K.
(a)(1) and (2) The response to this portion of Item 14 is submitted
               as  a  separate section of this report--See List  of
               Financial   Statements   and   Financial   Statement
               Schedules  on page F-1 of this report - Page  14  of
               consecutively numbered original.
   (3)                   Listing of Exhibits--See Index to Exhibits
               beginning  on page E-1 of this report - Page  16  of
               consecutively  numbered  original.   The  index   to
               exhibits  specifically  identifies  each  management
               contract  or compensatory plan required to be  filed
               as an Exhibit to this Form 10-K.
(b)  No  report  on  Form  8-K was filed during the  quarter  ended
     May 31, 1995.
(c)  Exhibits filed with this report are attached hereto.
(d)  Financial Statement Schedules--The response to this portion of
     Item 14 is submitted as a separate section of this report--See
     List of Financial Statements and Financial Statement Schedules
     on Page F-1 - Page 14  of consecutively numbered original.




                            SIGNATURES

     Pursuant  to  the requirements of Section 13 or 15(d)  of  the
Securities  Exchange Act of 1934, the registrant  has  duly  caused
this  report  to  be  signed  on its  behalf  by  the  undersigned,
thereunto duly authorized.

                              WORTHINGTON INDUSTRIES, INC.


Date:  August 28, 1995        By: /s/____________________________
                                     Donal H. Malenick, President

     Pursuant to the requirements of the Securities Exchange Act of
1934, this report has been signed below by the following persons on
behalf  of  the registrant and in the capacities and  on  the  date
indicated.

   SIGNATURE             DATE           TITLE


          *                         *  Director, Chairman of the Board
John H. McConnell

          *                         *  Director, Vice Chairman,
John P. McConnell                      Chief Executive Officer

                                       8/28/95    Director, President,
Donal H. Malenick                      Chief Operating Officer

          *                         *  Director, Executive Vice
Pete A. Klisares                       President

          *                         *  Director, Executive Vice
Robert J. Klein                        President-Marketing and Planning

          *                         *  Vice President-Finance,
Donald G. Barger, Jr.                  Chief Financial Officer

          *                         *   Director, Secretary
Charles D. Minor

          *                         *   Director
Charles R. Carson

          *                         *   Director
John E. Fisher

          *                         *   Director
John F. Havens

          *                         *   Director
Katherine S. LeVeque

          *                         *   Director
Robert B. McCurry

          *                         *   Director
Gerald B. Mitchell

          *                         *   Director
James Petropoulos




*By:  __________________________           Date: 8/28/95
      Donal H. Malenick
      Attorney-In-Fact



MANAGEMENT'S DISCUSSION AND ANALYSIS

RESULTS OF OPERATIONS

     Fiscal 1995 was the third consecutive record year for the
Company.  Net sales of $1.484 billion, net earnings of $116.7
million and earnings per share of $1.29 were all records,
increasing 15%, 38% and 37%, respectively.  This followed a
strong fiscal 1994 when net sales of $1.285 billion, net
earnings of $84.9 million and earnings per share of $.94 had
increased 15%, 25% and 24%, respectively.
     Profitability after taxes continued to improve in 1995.
Return on sales rose to 7.9% in fiscal 1995 from 6.6% in 1994
and 6.1% in 1993.  Return on average assets increased to 13.6%
in 1995 from 11.4% in 1994 and 10.3% in 1993.  Return on average
shareholder's equity rose to 21.3% from 18.0% in 1994 and 16.4%
in 1993.
     Every quarter during the fiscal year was a record as the
Company continued to benefit from high demand in its markets.
The economy continued to expand and most product lines stayed
strong throughout the year.
     The higher sales for 1995 and 1994 were largely as a result
of higher volume and order levels.  Both years included some
selling price increases, as higher raw material prices were
generally passed through to customers.
     Cost of goods sold increased 14% in 1995, slightly less
than the sales increase, and 17% in 1994.  In both years, higher
raw material costs offset the benefits gained from leveraging
fixed costs, cost reductions and the increased productivity that
resulted from higher volumes.
     Gross margin increased 25% in 1995, following a 10%
increase in 1994.  As a percentage of sales, gross margin was
16.1% in 1995, 14.9% in 1994 and 15.7% in 1993.  Margins
improved in 1995 as the expanding economy provided a more
favorable environment for passing raw material price increases
to customers.  In 1994, margins were squeezed as some selling
price increases did not match raw material cost increases and
new job start-up inefficiencies existed in Custom Products.
     Selling, general and administrative expense increased 18%
in fiscal 1995 and 5% in 1994 because of the higher sales
volumes and increased profit sharing from the higher profits.
Profit sharing is not a fixed cost and represented 24% of total
selling, general, and administrative expense in 1995 and 1994.
Selling, general and administrative expense as a percentage of
sales was 6.2% in 1993, 5.6% in 1994 and 5.7% in 1995.
     Operating income for core businesses increased 29% after a
13% increase in 1994.  As a percentage of sales, operating
income was up to 10.4% from 9.3% in 1994 and 9.5% in 1993.
     Interest expense increased 100% in 1995 following a 12%
decrease in fiscal 1994.  In 1995, both the average debt
outstanding and the average interest rate increased.  In 1994,
higher average debt outstanding was offset somewhat by a lower
average interest rate.  The increases in average debt
outstanding were due to the Company's aggressive capital
spending program and increasing working capital to support the
sales growth.  The average interest rate was 6.2% in 1995, up
from 4.0% in 1994 and 4.7% and 1993.
     Equity in net income of unconsolidated affiliates increased
103% in 1995, after a 311% increase in 1994.  This followed a
16% decline in 1993.  The majority of the increases came from
the equity in Rouge Steel which continued to benefit from the
favorable market environment for integrated steel producers and
higher steel prices.  TWB Company is still in a start-up mode,
but its loss was down significantly from 1994.  Worthington
Armstrong Venture (WAVE) contributed to the increased equity in
1995 as demand for its products was favorable and the plant in
France became profitable in its first full year of operation.
     Income taxes increased in line with earnings for fiscal
1995.  The effective tax rate increased slightly to 37.5% from
37.4% in 1994 and 37.0% in 1993.  Increases in state tax rates
and a shift in sales to higher state rates was offset by
permanent differences which became a larger percentage of pre-
tax earnings.  The increase from 1993 to 1994 resulted from the
higher rates and decreased deductions from the "Omnibus Budget
Reconciliation Act of 1993.

Processed Steel Products
     In 1995, sales of processed steel products rose 12% to
$1,028 million and operating income and increased 15% to $112.4
million, both setting records. Return on sales increased to
10.9% from 10.7%.  The steel processing operations continued to
gain market share as demand remained strong due to the expanding
economy, increased auto production and strength in the non-
automotive sector.  The sales increase was attributable mostly
to higher volume and, to a lesser extent, higher prices as
increases from the steel mills were generally passed through to
customers.  In pressure cylinders, high worldwide demand led to
higher volumes in most product lines, particularly the largest
lines, steel portables and non-refillables.  The cylinder sales
increase also contained a price factor, as selling prices rose
to reflect the increase in steel prices and the higher cost of
the newly required "quick connect" valve.
     In fiscal 1994, sales increased 20% and operating income
rose 24%.  Steel processing experienced favorable automotive and
non-automotive markets and pressure cylinders had excellent
growth in its major product lines.
     In May the Company announced plans to build a steel
processing facility in Delta, Ohio.  This plant will have
pickling, slitting and galvanizing capabilities and will be
supported by a supply agreement with the North Star/BHP mini-
mill located adjacent.  This arrangement is expected to
complement the supply/equity relationship with Rouge Steel and
purchases from other mills.

Custom Products
     Custom Products posted record results, as sales increased
21% to $302.1 million and operating income increased 29% to
$19.8 million.  Return on sales rose to 6.5% from 6.1% in 1994.
The plastics operation benefited from high demand for
automobiles and non-automotive products.  The new plastics
facility in St. Matthews, South Carolina became profitable
during the year and the new plant in Lebanon, Kentucky became
profitable in its fourth month of operation.  Metals sales and
profits were up due to higher production levels and increased
experience on new contracts started last year.
     In fiscal 1994, this segment suffered through the loss of
major jobs due to the phase-out of certain car models and the
normal start-up inefficiencies associated with new jobs.
Efficiencies and profits improved later in the year as the jobs
became more mature.

Cast Products
     In the cast products segment, sales increased 33% to a
record $153.8 million, while operating income rose 261% to a
record $21.7 million.  Return on sales increased to 14.2% from
5.2% in 1994.  This segment was led by strong demand for freight
railcars, which drove volume and productivity gains.  Industry
environment is favorable for this segment to take advantage of
its market position for the foreseeable future.
     In fiscal 1994 sales of cast products rose 11% and
operating income decreased 8%.  Demand for freight railcar
castings suffered temporarily, due primarily to the flooding in
the midwest and shipping problems caused by severe winter
weather.


LIQUIDITY AND CAPITAL RESOURCES
     At May 31, 1995, the Company's balance sheet remained
strong and flexible.  Working capital increased to $272.7
million, representing 30% of total assets and 18% of sales, in
line with historic trends.  The current ratio increased to 2.5
to 1 from 2.3 to 1 at May 31, 1994.  Total balance debt stood at
$92 million.  Long-term debt was $53.5 million, only 8% of total
capital.
     During 1995, the Company used $11.3 million of its
beginning cash position, $66.4 million in cash provided by
operating activities, $4.2 million of proceeds from common
shares and $28.2 million of net short-term borrowings to fund
$61.5 million of capital expenditures, $10.9 million of
investments in unconsolidated affiliates and $36.3 million of
cash dividends.
     Dividends paid during 1995 were a record and represented
31% of net earnings.  Capital investment in businesses (capital
expenditures and investments in affiliates) increased 55% in
1995.  The most significant projects were the Lebanon, Kentucky
plastics plant and a business information system for steel
processing.
     Accounts receivable, inventory, and accounts payable and
accrued expenses continued to increase to support the higher
sales level.  Inventory turnover decreased to 6.0 times while
days sales in accounts receivable increased to 46 days.
     The Company entered into a $150 million long-term revolving
credit agreement with several banks during the fourth quarter,
replacing the $40 million unsecured line of credit.  At May 31,
1995, $110 million of the revolver was unused.  The Company's
immediate borrowing capacity, plus its cash generated from
operations, should be more than sufficient to fund expected
normal operating costs, dividends, debt payments and capital
expenditures for existing businesses.  While there are no
specific needs, the Company regularly considers long-term debt
issuance as an alternative depending on financial market
conditions.
     The Company believes that environmental issues will not
have a material effect on capital expenditures, consolidated
financial position or future results of operations.



         WORTHINGTON INDUSTRIES, INC. AND SUBSIDIARIES
                       INDEX TO EXHIBITS
ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED MAY 31, 1995
                                
Exhibit                                         
Number        Description                  Page Number
3(a)    Certificate of           Incorporated herein by
        Incorporation of         reference to Exhibit 3 of the
        Worthington Industries,  Company's Annual Report on Form
        Inc.                     10-Q for the Quarter ended
                                 August 31, 1994
3(b)    Bylaws of Worthington    Incorporated herein by
        Industries,Inc.          reference to Exhibit 3(b) of
                                 the Company's Annual Report on
                                 Form 10-K for the fiscal year
                                 ended May 31, 1992
4       Agreement to furnish     Page 19*
        instruments defining
        rights of holders of
        long-term debt
10(a)   Amended 1980 Stock       Incorporated herein by
        Option Plan, as          reference to Annex B to the
        amended**                Prospectus filed as part of
                                 Post-Effective Amendment No. 1
                                 to the Company's Registration
                                 Statement on Form S-8
                                 (Registration No. 2-80094)
10(b)   1990 Stock Option        Incorporated herein by
        Plan**                   reference to Exhibit 10(d) of
                                 the Company's Annual Report on
                                 Form 10-K for the fiscal year
                                 ended May 31, 1991.
10(c)   Executive Deferred       Incorporated herein by
        Compensation Plan**      reference to Exhibit 10(e) of
                                 the Company's Annual Report on
                                 Form 10-K for the fiscal year
                                 ended May 31, 1984
10(d)   Deferred Compensation    Incorporated herein by
        Plan for Directors**     reference to Exhibit 10(f) of
                                 the Company's Annual Report on
                                 Form 10-K for the fiscal year
                                 ended May 31, 1984
13      Portions of 1995 Annual  Page 21*
        Report to security
        holders incorporated
        by reference into
        Form 10-K
21      Subsidiaries of the      Page 54*
        Company
23      Consent of Independent   Page 57*
        Auditors
24      Powers of Attorney       Page 59*
27      Financial Data Schedule  Page 74*

-------------
 *Page number in consecutively numbered original.
**Management compensation plan.