Worthington Steel's public attempt to absorb the German steel company Kloeckner & Co marks the latest development in a year of intense mergers and acquisitions (M&A) in North America.
The news that the American steel company Worthington Steel is in talks with Kloeckner about a "voluntary government takeover" appeared in two consecutive press releases on Saturday, December 6, and a market observer called the event "insane."
On Saturday, both companies released statements confirming that they were in talks, with the German steel company noting that Worthington Steel was conducting a comprehensive review with a view to possibly conducting a voluntary public offer to acquire its shares.
"It is currently unclear whether a potential voluntary public takeover offer will be made and under what conditions," Kloecner said in a statement
Worthington Steel said in a statement that no investment decision has been made and that negotiations may not lead to a deal.
On Monday, December 8, Fastmarkets contacted Worthington Steel for additional information, and a company representative replied that "we are currently still negotiating and will not provide any additional comments other than those we shared on Saturday."
If successful, the takeover would not be Worthington Steel's first attempt to attract international investment, especially against the backdrop of the 50% tariff on steel imports imposed by US President Donald Trump in 2025.
Earlier this year, Worthington Steel completed the acquisition of a 52% stake in the Italian company Sitem Group, which manufactures plates for electric motors and related products for the automotive and industrial industries at six facilities in Europe.
Worthington Steel has publicly stated its goal to invest in value-added steel products and specialty steel products in niche markets due to the higher margins these segments provide.
Another example is Worthington Steel expanding its Tempel Steel production in Apodaca, Mexico to take a larger share of the growing North American market for multilayer electrical steel.
Worthington Steel reported net sales of $872.9 million in the third quarter of 2025, an increase of 5% from $834 million in the corresponding quarter of the previous year, while quarterly profit increased by 11.29% to $48.3 million.
.Kloeckner implements its own multi–year growth strategy, called "Harnessing Strengths - a Step forward by 2030," and focuses on higher-value segments and the service center business.
As part of this
