Marubeni-Itochu Acquires Worthington Specialty Processing

Marubeni-Itochu Steel America Inc. (MISA) has acquired Worthington Specialty Processing (WSP), a joint venture between Worthington Industries and United States Steel Corp.

The New York-based value-added steel and aluminum processor and North American subsidiary of Japan’s Marubeni-Itochu Steel Inc. acquired WSP’s only remaining facility in Jackson, Mich. in an all-cash deal for an undisclosed sum.

Recall that back in May, Worthington purchased the non-controlling 49% interest in WSP’s facility in Taylor, Mich., from US Steel for approximately $6.8 million, so that facility is now a wholly-owned subsidiary of Worthington.

The Jackson facility will be renamed MISA Specialty Processing Inc., the metals processor said in a Nov. 1 statement.

“The acquisition is part of MISI’s strategy to expand its steel processing capacity to service customers in the North American automotive industry,” the company said.

Founded in 2001, Marubeni-Itochu Steel America Inc. provides value-added steel and aluminum solutions for the automotive, construction, appliance, food, medical, and aerospace industries.

By David Schollaert, David@SteelMarketUpdate.com

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.