Spin-off - Worthington Steel, Inc.

Form Type: 11-K

Filing Date: 2025-06-09

Corporate Action: Spin-off

Type: New

Accession Number: 000095017025083753

Filing Summary: The document presents the annual report for the Worthington Steel, Inc. 401(k) Retirement Savings Plan for the fiscal year ended December 31, 2024. As a result of the spin-off from Worthington Enterprises, Inc. on December 1, 2023, the Worthington Steel, Inc. 401(k) Plan was established. This plan covers all non-union employees and has transferred assets from the Former Parent’s Plan. The report includes audited financial statements indicating a substantial increase in net assets available for benefits, rising from $3,289,581 at the end of 2023 to $523,263,903 at the end of 2024, attributed to contributions, investments, and transfers from the Former Parent's Plan. The financial statements affirm compliance with GAAP and reflect significant investment activity in common shares and mutual funds. Contributions are made by both participants and the employer, with specific guidelines for investment choices and vesting. The report also outlines the plan's operations including eligibility, contributions limits, and investment management details.