Worthington Industries to Acquire Tempel Steel

Worthington Industries Inc. has agreed to buy Tempel Steel Company, a manufacturer of precision motor and transformer laminations for the electrical steel market, for roughly $255 million.

The move by the Columbus-based steel processor will boost its position in the growing electric vehicle (EV) landscape, the company said. Tempel Steel, headquartered in Chicago and founded 1945, operates five plants around the world and specializes in electrical steel – highly engineered steel used for the core of electric motors, transformers and generators.

David Schollaert

David Schollaert is a senior analyst for Steel Market Update. David joined SMU after more than a decade in the metals and mining industry in a myriad of different roles. Much of his early experience and expertise were within the coverage and analysis of steel-making raw materials and served previously as senior editor of the CRU Prices Service. Most recently, however, before his return to market analysis, David held roles as a metals buyer and an operations manager for raw material suppliers. Based in CRU’s Pittsburgh office, David can be reached at david@steelmarketupdate.com or 724-720-1008.

David Schollaert

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