WORTHINGTON SPECIALTY PROCESSING LLC HAS SOLD ITS JACKSON PROCESSING FACILITY TO MARUBENI-ITOCHU STEEL AMERICA INC.
Birmingham, Michigan – November 4, 2022 – Angle Advisors is pleased to announce that Marubeni-Itochu Steel Inc. (“MISI”) through its North American subsidiary, Marubeni-Itochu Steel America Inc. (“MISA”), completed its acquisition of Worthington Specialty Processing’s (“WSP”) remaining facility, located in Jackson, Michigan. The Jackson facility will be renamed MISA Specialty Processing, Inc. Angle Advisors acted as the exclusive investment banking advisor to WSP in completing the sale of the Jackson facility.
Worthington Specialty Processing is a 51%/49% joint venture between Worthington Industries (NYSE:WOR) and United States Steel Corporation (NYSE:X), respectively. The acquisition is part of MISI’s strategy to expand its steel processing capacity to service customers in the North American automotive industry. MISI is already a partner with Worthington Industries in the U.S. through the company’s ClarkDietrich building products joint venture. The terms of this all-cash transaction have not been disclosed.
MISA is a leading metal solutions provider not only to companies worldwide, but also right next door. Founded in 2001, through the merger of ITOCHU and Marubeni steel divisions, MISA provides value-added steel and aluminum solutions to customers in the automotive, construction, appliance, food, medical, and aerospace industries. For more information, please visit www.misa.com.
Worthington Industries is a leading industrial manufacturing company in steel processing, consumer and building products and sustainable energy solutions. Headquartered in Columbus, Ohio, the Company delivers innovative solutions to customers spanning industries such as automotive, energy, retail and construction. Worthington Industries operates 57 locations in 15 states and nine countries and employs approximately 9,500 people. For more information, please visit www.worthingtonindustries.com.
Founded in 1901, United States Steel Corporation (“U.S. Steel”) is a leading steel producer. With an unwavering focus on safety, the company’s customer-centric Best for All® strategy is advancing a more secure, sustainable future for U.S. Steel and its stakeholders. With a renewed emphasis on innovation, U.S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U.S. Steel’s proprietary XG3™ advanced high-strength steel. The company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U.S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.
Angle Advisors, with offices in the United States, Germany, and China, specializes in mergers and acquisitions, corporate divestitures, and capital raising. The firm’s professionals have completed 264 transactions since 2009 for multinational corporations, privately-held companies, private equity funds, and public sector clients. For additional information, please visit www.angleadvisors.com.