Worthington Steel (WS) announces start of acceptance period for all-cash tender offer of EUR 11.00/shr to shareholders of Kloeckner & Co SE

• The acceptance period, during which Kloeckner & Co shareholders can tender their shares for an all-cash consideration of EUR 11.00 per share, commences today and ends on March 12, 2026
• The offer provides Kloeckner & Co shareholders with an attractive opportunity to realize the value of Kloeckner at a significant premium of 98% to the undisturbed three-month volume-weighted average share price on December 5, 2025, subject to the terms and conditions set out in the offer document
• Kloeckner & Co’s Management Board and Supervisory Board have stated that they welcome the offer and, subject to their review of the Offer Document, intend to recommend acceptance by Kloeckner's shareholders
• SWOCTEM GmbH, Kloeckner & Co’s largest shareholder, has irrevocably committed to tender its shares into the offer, providing strong shareholder support

Worthington Steel's all-cash tender offer for Kloeckner & Co at EUR 11.00 per share represents a substantial 98% premium, indicating a strong valuation upside for Kloeckner shareholders. The backing from Kloeckner's management and its largest shareholder enhances the likelihood of acceptance, which may signal a shift in consolidation dynamics within the steel sector. This development is likely to attract attention from both equity and commodities investors, as it underscores strategic moves in the industry.