Exhibit 99.1 Worthington Steel Investor Presentation | August 2024
Safe Harbor Statement Selected statements contained in this release constitute“forward-lookingstatements,” as that term is used in the Private Securities Litigation Reform Act of 1995 (the“Act”). The Company wishes to take advantage of the safe harbor provisions included in the Act. Forward-looking statements reflect theCompany’s current expectations, estimates or projections concerning future results or events. These statements are often identified by the use of forward-looking words or phrases such as “believe,”“anticipate,”“may,”“could,”“should,”“would,”“intend,”“plan,”“will,”“likely,”“expect,”“estimate,”“project,”“position,”“strategy,”“target,”“aim,”“seek,”“foresee” and similar words or phrases. These forward-looking statements include, without limitation, statements relating to: future or expected cash positions, liquidity and ability to access financial markets and capital; outlook, strategy or business plans; the anticipated benefits of theCompany’s separation from Worthington Enterprises, Inc. (the“Separation”); the expected financial and operational performance of, and future opportunities for, the Company following the Separation; the tax treatment of the Separation transaction; the leadership of the Companyfollowingthe Separation; future or expectedgrowth, growth potential, forward momentum,performance,competitive position,sales, volumes,cash flows,earnings,margins,balance sheet strengths, debt,financialcondition or otherfinancial measures; pricing trends for raw materials and finished goods and the impact of pricing changes; the ability to improve or maintain margins; expected demand or demand trends for the Company or its markets; additions to product lines and opportunities to participate in new markets; expected benefits from transformation and innovation efforts; the ability to improve performance and competitive position at theCompany’s operations; anticipated working capital needs, capital expendituresand asset sales; anticipated improvements and efficiencies in costs, operations, sales, inventory management, sourcing and the supply chain and the resultsthereof; projected profitability potential; the ability to make acquisitions and the projected timing, results, benefits, costs, charges and expenditures related to acquisitions, joint ventures, headcount reductions and facility dispositions, shutdowns and consolidations; projected capacity and the alignment of operations with demand; the ability to operate profitably and generate cash in down markets; the ability to capture and maintain market share and to develop or take advantage of future opportunities, customer initiatives, new businesses, new products and new markets; expectations for Company and customer inventories, jobs and orders; expectations for the economy and markets or improvements therein; expectations for generating improving and sustainable earnings, earnings potential, margins or shareholder value; effects of judicial rulings; the ever-changing effects of the novel coronavirus(“COVID-19”) pandemic and the various responses of governmental and nongovernmental authorities thereto on economies and markets, and on our customers, counterparties,employeesand third-partyserviceproviders; and othernon-historical matters. Because they are based on beliefs, estimates and assumptions, forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to differ materially from those projected. Any number of factors could affect actual results, including, without limitation, those that follow: our ability to successfully realize the anticipated benefits of the Separation; the effect of conditions in national and worldwide financial markets, including inflation, increases in interest rates and economic recession, and with respect to the ability of financial institutions to provide capital; the impact of tariffs, the adoption of trade restrictions affecting theCompany’s products or suppliers, a United States withdrawal from or significant renegotiation of tradeagreements,the occurrence of tradewars,the closingof border crossings,and otherchanges in traderegulationsor relationships; changing oil prices and/orsupply; product demand and pricing; changes in product mix, product substitution and market acceptance of theCompany’s products; volatility or fluctuations in the pricing, quality or availability of raw materials (particularly steel), supplies, transportation, utilities, labor and other items required by operations (especially in light ofRussia’s invasion of Ukraine); effects of sourcing and supply chain constraints; the outcome of adverse claims experience with respect toworkers’ compensation, product recalls or product liability, casualty events or other matters; effects of facility closures and the consolidation of operations; the effect of financial difficulties, consolidation and other changes within the steel, automotive, construction and other industries in which the Company participates; failure to maintain appropriate levels of inventories; financial difficulties (including bankruptcy filings) of original equipment manufacturers, end-users and customers, suppliers, joint venture partners and others with whom the Company does business; the abilityto realizetargetedexpense reductions from headcount reductions,facility closuresand othercost reduction efforts; the abilityto realizecost savings and operational, salesand sourcing improvementsand efficiencies, and otherexpectedbenefits from transformation initiatives, on a timely basis; the overall success of, and the ability to integrate, newly acquired businesses and joint ventures, maintain and develop their customers, and achieve synergies and other expected benefits and cost savings therefrom; capacity levels and efficiencies, within facilities, within major product markets and within the industries in which the Company participates as a whole; the effect of disruption in the business of suppliers, customers, facilities and shipping operations due to adverse weather, casualty events, equipment breakdowns, labor shortages, interruption in utility services, civil unrest, international conflicts (especially in light ofRussia’s invasion of Ukraine), terrorist activities or other causes; changes in customer demand, inventories, spending patterns, product choices, and supplierchoices; risks associated with doing business internationally, including economic,political and socialinstability (especially in lightofRussia’sinvasion of Ukraine), foreign currency exchange rate exposure and the acceptance of theCompany’s products in global markets; the ability to improve and maintain processes and business practices to keep pace with the economic, competitive and technological environment; the effect of inflation, interest rate increases and economic recession, as well as potential adverse impacts as a result of the Inflation Reduction Act of 2022, which may negatively impact theCompany’s operations and financialresults; deviationof actual resultsfrom estimates and/orassumptionsused by the Companyin the application of itssignificant accountingpolicies; the level of imports and importprices in theCompany’smarkets; the impact of environmental laws and regulationsor the actions of the UnitedStates Environmental Protection Agency or similar regulators which increase costs or limit theCompany’sability to useor sell certainproducts; the impact of increasing environmental, greenhouse gas emissionand sustainability regulationsand considerations; the impact of judicialrulingsand governmentalregulations, both in the UnitedStates and abroad,including those adopted by the UnitedStates Securitiesand Exchange Commission(“SEC”) and othergovernmentalagencies as contemplatedby the CoronavirusAid, Relief and Economic Security (CARES)Act, the Consolidated Appropriations Act, 2021, the American Rescue Plan Act of 2021, and the Dodd-Frank Wall StreetReform and Consumer Protection Act of 2010; the effect of healthcare laws in the United States and potential changes for such laws, which may increase theCompany’s healthcare and other costs and negatively impact theCompany’s operations and financial results; the effect of tax laws in the United States and potential changes for such laws, which may increase the Company's costs and negatively impact its operations and financial results; cyber security risks; the effects of privacy and information security laws and standards; and other risks described from time to time in theCompany’s filings with the SEC, including those described in“Part I– Item 1A.– RiskFactors”of theCompany’s Annual Report on Form 10-K for the fiscal year ended May 31, 2024and itssubsequent filings with the SEC. Forward-lookingstatements should be construedin the lightof such risks. The Companynotesthese factors for investorsas contemplatedby the Act. It is impossibleto predict or identify allpotentialrisk factors. Consequently, you should not consider the foregoing list to be a complete set of all potential risks and uncertainties. Readers are cautioned not to place undue reliance on any forward-looking statements,which speak only as of the date made. The Company does not undertake, and hereby disclaims, any obligationto updateany forward-lookingstatements,whetheras a result of new information,future developments or otherwise,except as required by applicable law. 1
Investment Highlights Well-positioned to capitalize on opportunities resulting 1. from the energy transition with our electrical steel products Long-standing customer relationships focused on 2. value creation and best-in-class service delivery Strong balance sheet and ample liquidity to pursue 3. attractive growth opportunities via strategic capital investments and/or value-enhancing acquisitions Successful, experienced management team with a 4. proven playbook and track record of delivering value 2
Building A Differentiated Steel Processing Company Established market leading joint ventures 1971 Worthington Steel to bring additional value to our customers changed its name to Worthington Steel Worthington Industries to Introduction of founded in 1955 with a reflect new areas of business Worthington Steel Worthington focus on providing is poised to Business custom drive value as a System processed steel First public stock standalone offering in 1968 company Steel Pickling Company + 1955 1960s 1970s – 1980s 1990s – 2000s 1992 1996 2007 2010s 2020s 2023 Automotive Components Nagold, Germany Cleveland Facility Strip Steel Assets Introduction of the Rapid growth Codified Worthington powered by innovation safety program Philosophy with unique culture BlankLight® Assets and Profit Sharing focused on the “Golden Rule” Strategic acquisitions to expand Worthington’s core competencies and enter attractive end-markets 3
Spin-off Unlocks Shareholder Value 1 2 3 Enhanced Agility Tailored Capital Shareholder and Sharpened Structures and Capital Value Strategic Focus Allocation Strategies Creation • Pursue strategy and growth • Modest leverage and ample • Company value proposition initiatives with a focus on our liquidity combined with strong easier for investors to understand distinct business and operations cash flows and more appropriately compare to peer group • Address unique operating • Flexibility to deploy capital needs and pursue targeted toward specific growth • Allow investors to more opportunities to enhance long- opportunities that align with our effectively evaluate our term growth and profitability strategy investment theses, performance and future growth prospects 4 4
2,3 Net Sales by End-Market Value-added Metals Processing Company 8% 3% 2 TTM Financial Metrics 3% 1955 3% Volume Delivered (tons) 4.0M Founded 5% Direct / Toll (tons) 2.3M / 1.7M Columbus, OH Headquarters Net Sales $3.4B 5% 52% 32 Adjusted EBITDA / Margin $289.7M / 8.4% 1 Locations 8% Free Cash Flow $96.1M ~5,000 1 Capex / % of sales $103.4M / 3.0% Employees 13% 4 Dividend (Annualized Rate) $0.64 ~$1.6B Market Capitalization Automotive Construction Machinery & Equipment Agriculture Heavy Truck Sustainable Energy Containers Service Centers Other As a leader in the markets we serve, we boldly drive the metals industry toward a sustainable future as the most trusted, most innovative and most OUR VISION value-added metals processing partner in North America and beyond. 1 2 3 4 Includes JV people & locations; Fiscal year ended May 31, 2024; Exclude pro-rata share of unconsolidated JVs; As of May 31,2024. 5
We Occupy a Unique Position in the Steel Supply Chain WHERE WE OPERATE Mills Service Centers Hot Roll Specialty Dimensional Melt Warehouse Processing Conversion Processing & Distribute Hot Roll Coil (HRC) Specialty cold rolling, Pickling / scale removal Slitting to Width temper pass, annealing, Hot dip galvanizing Cutting to Length heavy gauge and configured blanking Electrical steel lamination manufacturing Tailor welded solutions What Differentiates Worthington ✓ The Breadth of Value-Added Processing Capabilities WHY Steel from Competitors Across ✓ End-to-End Supply Chain Management WE WIN the Steel Supply Chain ✓ Price Risk Management Solutions 6
Building on Market Leadership Position #1 #1 #1 #1 #2 #3 Independent Producer Producer of Tailor Trader of Steel Futures Network of Independent Independent Flat Global Manufacturer of of Hot Dipped Welded Blanks in by Volume Among Picklers in Rolled Service Electrical Steel Galvanized Steel in North America North American North America Center in Mexico Laminations and Cores North America Service Centers Blue-Chip Customer Recognition and Accolades Zero PPM Award for Manufacturing Supplier of the 2021, 2022 & 2023 2021 Schaeffler Supplier 2020 Raw Material 2022 Global Supplier Excellence 2023 Year 2020, 2021 & Partner Level Supplier Excellence Award Supplier of the Year Award in Lead Electric Supplier of the Year 2022 2023 and inducted into 10-year Propulsion Hall of Fame Note: Rankings based on management estimates. 7
Network and Services to Deliver Added Value to Customers 32 Manufacturing Facilities Primarily Located 1 in North America Key Operations Strategically Located Proximate to Suppliers and Customers Expertise in Optimizing Supply Chains and Minimizing Total Landed Cost 90% of Sales in North America; 10% of Sales in Asia and Europe Wholly Owned Joint Ventures 1 Includes Worthington Steel’s consolidated and unconsolidated joint ventures. 8
Joint Ventures Expand Our Processing Capabilities and Reach 1 Spartan Steel Coating TWB WSCP Serviacero Worthington (52%) (55%) (63%) (50%) • Partner: Cleveland-Cliffs • Partner: BAOSteel • Partner: Samuel, Son & Co. • Partner: Serviacero • A cold-rolled, hot-dipped coating • Tailor welded products for the • Pickling and slitting for the • Pickling, heavy gauge blanking, line producing galvanized, automotive industry automotive, fabrication and and slitting galvannealed and aluminized appliance markets • Operates 11 facilities in US, • Operates 3 steel processing products Canada, Mexico • Operates 2 pickling facilities in facilities in Mexico • Single facility in Michigan Ohio • Growth Initiative - Adding • Growth Initiative - New slitter • Growth Initiative – Added ablation equipment to pursue available fall 2024 to process Type 1 aluminized capability new market recent program wins 300k Direct Tons 450k Direct Tons 450k Toll Tons 625k Toll Tons 125k Toll Tons 125k Toll Tons Note: Volumes shown are total tons shipped from the fiscal year ended May 31, 2024, presented on a 100% basis. 9 1 Worthington Samuel Coil Processing.
Our Steel is Used in a Variety of End Markets and Applications Automotive Construction Agriculture Truck / Trailer Energy • Traction motors for BEVs • Metal buildings • Combines • Wheel rims • Transformer cores for /hybrids including trucks power distribution • Garage doors & rail • Grain bins • Frames • Automatic transmissions systems • Racking and mounts for • Center pivot irrigation • Suspensions for hybrids / ICE solar applications • Corrugated steel pipe • Hay bailers • Trailer components • Frames and chassis • Generators, including • Metal framing • Auger, chain, blades • Drivetrain large scale & home • Seat rails • Strut and conduit and plow components power generation • Body structure • Fencing Note: BEVs = battery electric vehicles; Hybrids = full and mild hybrids and contain both traction motors and internal combustion engines; 10 ICE = internal combustion engine vehicles.
Critical Supplier to Blue-Chip Companies Across End Markets Diversified Customer Base, Many With Decades-Long Relationships 8% 3% 3% 3% 5% 5% 52% 8% 13% Automotive Construction Machinery & Equipment Agriculture Heavy Truck Sustainable Energy Containers Service Centers Other Note: Sales based on fiscal year ended May 31, 2024. 11
Strategy Focused on Growth Focused Investments in the rapidly growing electrical steel market Strategically expanding our capacity for highly technical electrical steel products to meet demand for improved electrical infrastructure and electric vehicles (including battery electric and hybrid) Margin-Accretive Growth using a strong commercial focus combined with disciplined strategic capex and acquisitions Capitalizing on attractive growth opportunities Base Business Improvements through our Transformation to improve margins, reduce working capital and add capacity Transformation remains unique among our peer group 12
Worthington Business System is the Foundation for Driving Improved Profitability TRANSFORMATION Leveraging Lean Practices and Technology • Systematic approach to business improvement • Optimizing working capital • Predictive analytics and automation enhance efficiency, reduce downtime and improve safety INNOVATION Tailored Customer Solutions • Cross-functional teams • Sophisticated supply chain management • Price risk management • Metallurgical expertise for customized solutions ACQUISITION Adding Capabilities for Above-Market Growth Our people-first Philosophy is rooted in • Green energy transition: Tempel provides direct exposure to the Golden Rule: We treat our employees, the global decarbonization movement and power grid modernization / expansion customers, suppliers and shareholders as • Automotive lightweighting: Acquisition of Shiloh we would like to be treated BlankLight® expanded offerings for fuel-efficiency, cost reduction and part consolidation 13
Our Differentiated Business Model Drives Worthington Steel Forward Beginning with Material Worthington Steel Offers a Wide Range of Value-Added Serving Customers Across from our Mill Partners Processing Capabilities and Services Attractive End Markets Customized Strategic End-to-End Operating Supply Chain Footprint Solutions Entrenched Unique Mix of Customer Price Risk Processing Relationships Management Capabilities Experienced Technical Team 14
Case Study: Using the Transformation Resulted in ~$2.3M in Annualized Savings GOAL: Margin Expansion Through Operational Excellence FOCUS: Columbus Tandem Mill OBJECTIVES • Improve gauge-reduction performance to reduce scrap and processing time • Leverage insights from various holistic data set and business intelligence tools to identify opportunities for improvement APPROXIMATE ANNUAL SAVINGS ACHIEVED $315k $2M Scrap Savings from Improved Performance Reduced / Optimized Footage and Reduced Processing Time 15
Case Study: Product Improvements That Meet Changing Customer Needs for Lightweighting Results “Voice of Customer” Approach to New Product Development Driving Market Share Gains and Improved Customer Intimacy Continued Enhancements to Core Offerings At the Forefront of EV Battery Box Design Hot Stamped Door Ring Advanced, High-strength Upper / Lower Deep Drawn Battery Tray Tailor Welded Frame Rails Battery Covers Capitalizes Adopted by most North A leading supplier to Innovative product solution on lightweighting and American light duty truck North American in development part consolidation trends manufacturers automotive producers Since 2000, we have successfully launched more than 500 lightweighting production parts 16
Well Positioned to Capitalize on Key End Market Trends Decarbonization of Energy Infrastructure Transportation Transition Electrical Steel Tailored Galvanized Electrical Steel Electrical Steel Galvanized Laminations Blanks Steel Laminations Laminations Steel Worthington Steel Product Offering EV Traction Automotive Solar Panel Transformer Transformer Drainage Motors Frames Racks Cores Cores Culvert / Renewables Worldwide transition to electric Transition to renewable Upgrading aging infrastructure and Key vehicles and OEM push for energy driving demand electrical grid in the U.S. will require a lightweighting innovation supporting Trends for our products significant amount of steel automotive steel demand Market 2 3 >70% of passenger vehicles $1 Trillion % 6.1 Growth sold globally in 2030 expected to infrastructure bill signed in 2021 1 Projected CAGR through 2040 Drivers be battery or hybrid 1 2 Sources: S&P Global Mobility, E-Motor Production Forecast, July 2024, includes mid- and full-hybrids; Advention, 2022 Transformer Market Study estimates based on market interviews; 17 3 White House (Inflation Reduction Act Guidelines, January 2023).
Focused Strategic Investments in Electrical Steel Mexico: Increase Motor Lamination Capacity to Meet Growing xEV Demand • Expanding production capacity • Total expected capex = $85M (~$23M spent through 5/31/24) ‒ Building expansion nearing completion ‒ 5 new presses expected to be installed during fiscal 2025 • Targeting start of production for fall 2025 Canada: Increase Transformer Core Making Capacity to Meet Demand • Adding capacity to existing core-making operation to help customers close 2-year backlog on transformer orders • Total expected capex = $85M (~$28M spent through 5/31/24) • Awarded enough new business to fill 50% of the additional capacity • Targeting start of production for late calendar 2025 Expect Steady State EBITDA Margins to Be Accretive 18
Resilient Financial Performance Despite Commodity Volatility Net Sales ($M) & Volumes (M Tons) Adjusted EBITDA ($M) & Margin (%) $4,069 $290 $290 $3,608 $266 $3,431 $206 Strategic Acquisitions: 12.5% $2,127 8.4% 7.1% 4.3 4.2 5.7% 4.0 4.0 FY2021 FY2022 FY2023 FY2024 FY2021 FY2022 FY2023 FY2024 Estimated $75 $22 ($49) ($3) Holding G/(L) Net Sales ($M) Shipped Tons Adj. EBITDA ($M) Adj. EBITDA Margin Note: FY is fiscal year ended May 31. 19
How Worthington Steel Mitigates Volatility in Steel Pricing We Minimize Steel Holding Gains and Losses Worthington Business System Helps Drive Down Inventory Transformation Advanced Baseline Lean Flow Launch Analytics • Worthington Business System to manage inventory 73 70 66 ‒ Deployed to drive inventory lower within carbon 62 61 flat-rolled locations; opportunities remain ‒ Inventory down 16% on a tons basis FY08-10 FY11-13 FY14-16 FY17-22 FY23-24 • Use firm-priced contracts where possible to lock in Inventory Days Based on Tons (Flat Roll) margin ‒ Customers choose contract mechanisms that best fit their business Historical Hot-Rolled Steel Price ($/ton) • Mirror customer and supplier contract mechanisms $2 , 00 0 (e.g., buy/sell on quarterly CRU) $1,600 ‒ ~100% of contracts are mirrored $1 , 50 0 • Utilize steel futures when fixed pricing is not offered $,100 0 by a mill $890 $850 $870 $0 50 $800 $700 $600 $650 $600 $550 $450 $0 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Note: Fiscal year ended May 31. 20
Pathway to Margin Expansion Strategy to Achieve 10%+ Adj. EBITDA Margin Target 10%+ 10%+ 8% FY21-24 Average Worthington Product New Acquisitions Long-Term Target Business System Mix Products Drive LEVERS TO Introduce higher Focus on Acquire out waste margin new high IMPROVE margin and reduce products and margin accretive PROFITABILITY costs processes products businesses Licensed ablation Nagold acquisition Expanding electrical Applying RECENT technology to open adds European Transformation to steel capabilities in EXAMPLES new opportunities for manufacturing for Canada and Mexico corporate functions TWB electrical steel Note: Fiscal year ended May 31. 21
Strong Cash Flow Supports Growth Initiatives 1 Operating Cash Flow ($M) Operating Working Capital ($M) 30 . 0% $646 $315 25 . 0% $498 $481 $396 $200 20 . 0% $153 18.6% 1.50% $39 15.9% 14.5% 13.3% 10 . 0% FY2021 FY2022 FY2023 FY2024 FY2021 FY2022 FY2023 FY2024 Capex Steel Price $29 $36 $45 $103 $850 $1,600 $890 $870 ($M) ($/ton) Operating Working Capital OWC as % of Revenue Note: FY is fiscal year ended May 31. 22 1 Operating Working Capital defined as accounts receivable plus inventory minus accounts payable.
Capital Investments to Strengthen and Grow Market Position Strategic Capital Investments Increasing Lightweighting Capabilities/Capacity • Hot Galvanizing Line: produce Type 1 aluminized Capital Expenditures ($M) steels for the automotive industry • Laser Welding: support lightweighting targets for new Battery EV models • Ablation: produce Hot Formed Tailored Blanks for $56 automotive lightweighting applications Investing in Electrical Steel Capacity/Capability • Transformer Core Lamination Expansion: $12 adding capacity and capability in Canada $8 $47 $13 • xEV Focus Factory: expanding electrical steel $33 $28 lamination offering in Mexico $16 FY2021 FY2022 FY2023 FY2024 Maintenance Capital • Category includes equipment, information Capex 1.4% 0.9% 1.3% 3.0% technology and environmental, health & safety (% of Sales) • Philosophy toward maintenance spending is to Maintenance Strategic maintain key assets in market ready condition 23
Capital Structure Supports Growth Initiatives • Accomplished initial goal for a strong balance Balance Sheet Summary ($M) sheet at Spin Date Total Debt $148 • Expect to maintain a flexible capital structure with modest leverage and ample (-) Cash $40 liquidity Net Debt $108 • Current credit facility consists of: • $550M ABL facility, maturing in 2028 Trailing Twelve Month Adjusted EBITDA $290 • Goal is to maintain sufficient liquidity and flexibility to execute on our business strategy 1 Trailing Twelve Month Net Leverage 0.37x • Pursue high-return organic growth opportunities 2 Total Liquidity $442 • Target strategic accretive acquisitions • Return capital to shareholders 1 2 Note: Fiscal year ended May 31, 2024; Trailing Twelve Month Net Leverage defined as Net Debt at period end divided by Trailing Twelve Month Adjusted EBITDA; Total Liquidity 24 defined as total capacity of ABL facility less net debt.
M&A Is a Key Part of Our Strategy Select Acquisitions Investment Criteria ▪ Immediately accretive to earnings per share and increases overall EBITDA margin Strip Steel Assets ▪ Well-run, successful companies with strong management teams ▪ Culture aligns with Our Philosophy Cleveland Facility BlankLight® Assets ▪ Opportunities to increase value through Transformation and synergy capture ▪ Strengthen our business in current markets or Automotive Components provide access to new, attractive and more niche Nagold, GER markets 25
Disciplined Framework Designed to Drive Shareholder Value Organic Growth Strategic M&A Shareholder Return • Maintain operations in • Target acquisition • Focus on maximizing market ready condition opportunities that are shareholder return expected to be • Grow capacity to meet • Expect to pay a modest immediately accretive electrical steel and dividend to earnings lightweighting demand • Long-term intention to • Leverage track record • Pursue high IRR pursue opportunistic and skill set to integrate capacity additions share buybacks bolt-on opportunities and realize synergies …and Maintain Ample Liquidity and Financial Flexibility to Support Strategic Initiatives and Resiliency Through the Cycle 26
Experienced Management Team to Drive Strategy More than 200 Combined Years of Experience Managing Through Steel Price Cycles and Shifting Macroeconomic Climates with Proven Ability to Execute M&A JOE HEUER MELISSA DYKSTRA GEOFF GILMORE JEFF KLINGLER TIM ADAMS VP & General Counsel VP of Corporate Communications President & Chief Executive VP & VP & Chief Executive Officer Chief Operating Officer Financial Officer & Investor Relations CLIFF LARIVEY BILL WERTZ STEVE WITT BRAD KERN NIKKI BALLINGER VP of Commercial, Purchasing VP of Transformation Corporate Controller VP of Operations VP of Human Resources & Price Risk Mgmt & Chief Information Officer 27
Investment Highlights Well-positioned to capitalize on opportunities resulting 1. from the energy transition with our electrical steel products Long-standing customer relationships focused on 2. value creation and best-in-class service delivery Strong balance sheet and ample liquidity to pursue 3. attractive growth opportunities via strategic capital investments and/or value-enhancing acquisitions Successful, experienced management team with a 4. proven playbook and track record of delivering value 28
Appendix
Reconciliation of Non-GAAP Financial Measures These materials present certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles, or GAAP. Management believes these Fiscal Year Ended May 31, non-GAAP measures provide useful supplemental information on the performance of the (In millions) 2021 2022 2023 2024 Company’s ongoing operations and should not be considered as an alternative to the comparable GAAP measure. Additionally, management believes these non-GAAP measures allow for meaningful comparisons and analysis of trends in the Company’s $ 2,127 $ 4,069 $ 3,608 $ 3,431 Net Sales businesses and enables investors to evaluate operations and future prospects in the same manner as management. A reconciliation of each non-GAAP measure to its most directly comparable GAAP measure is outlined below. The following provides an explanation of $ 171 $ 180 $ 87 $ 155 Net earnings attributable to controlling interest each non-GAAP measure presented in these materials: Interest expense, net - 3 3 6 Adjusted EBITDA is defined as Adjusted Earnings Before Interest, Taxes, Depreciation and Income tax expense 48 54 29 46 Amortization, and consists of EBITDA (calculated by adding or subtracting, as appropriate, interest expense, income tax expense and depreciation and amortization to/from net Depreciation and amortization 45 60 70 65 earnings attributable to controlling interest), which is further adjusted to exclude impairment EBITDA $ 264 $ 297 $ 189 $ 272 and restructuring charges (gains) as well as other items that management believes are not reflective of, and thus should not be included when evaluating the performance of its (1) Impairment of long-lived assets - 2 2 1 ongoing operations. (1) Restructuring and other (income) expense, net 2 (9) (2) - Impairment charges are excluded from adjusted EBITDA because they do not occur in the Separation costs - - 17 20 ordinary course of our ongoing business operations, are inherently unpredictable in timing and amount, and are non-cash, which we believe facilitates the comparison of historical, (3) Tax indemnification adjustment - - - current and forecasted financial results. Restructuring activities, which can result in both discrete gains and/or losses, consist of Adjusted EBITDA $ 266 $ 290 $ 206 $ 290 established programs that are not part of our ongoing operations, such as divestitures, closing or consolidating facilities, employee severance (including rationalizing headcount or other significant changes in personnel), and realignment of existing operations (including Adjusted EBITDA margin 12.5% 7.1% 5.7% 8.4% changes to management structure in response to underlying performance and/or changing market conditions). (1) Separation costs reflect the direct and incremental costs incurred in connection with the Excludes the impact of the noncontrolling interests. Separation. These costs have been directly attributed to us to the extent incurred to our direct benefit, and include third-party advisory fees, certain employee-related costs and non- recurring costs associated with the separation of shared corporate functions. Fiscal Year Income tax expense and indemnification receivable adjustment reported in Miscellaneous Ended May income, net related to an indemnification agreement with the former owners of Tempel Steel 31, 2024 Company (“Tempel”) as a result of an unfavorable tax ruling in one of the jurisdictions in Operating cash flow $ 199 which Tempel operates. The indemnification agreement, which was entered into with the former Tempel owners at the time we acquired Tempel, provides protection to us from Capital expenditures 103 unfavorable rulings by tax authorities through the acquisition date. Free cash flow $ 96 Adjusted EBITDA Margin is calculated by dividing Adjusted EBITDA by net sales. Free Cash Flow is defined as operating cash flows less capital expenditures. For additional information with respect to Worthington Steel, please refer to the Form 10-K. 30
