Expansion of Serviacero Joint Venture in Monterrey
COLUMBUS, Ohio, May 12, 2011 (BUSINESS WIRE) --
Worthington Industries, Inc. (NYSE: WOR) announced today that its
Worthington Steel joint venture with Serviacero will expand to include a
pickling line in its Monterrey, Mexico facility. The expansion project
will begin immediately.
"We are very pleased to get this expansion underway and begin to offer
additional services to our customers in Mexico," said Chairman and CEO
John P. McConnell. "This pickling line, combined with our five other
pickling facilities, is a significant expansion of our position as one
of the largest independent pickling networks in North America."
The 160,000 square foot expansion will have the capacity to process
500,000 tons per year for both tolling and direct customers. In addition
to the Monterrey facility, the Serviacero Worthington, S.A. de C.V.
joint venture also has locations in Leon and Queretaro.
About Worthington Steel
Worthington Steel, a Worthington
Industries company, is one of America's largest independent processors
of flat-rolled steel. Operating 19 facilities across the United States
and Mexico, the company offers the widest range of services in the
industry, including cold-rolling both carbon and stainless steel,
configured blanking, cutting-to-length, cleaning and inspecting, acrylic
coating, dry lubricating, edging, hot-dipped galvanizing and
galvannealing, hydrogen annealing, pickling, slitting, temper rolling
and tension leveling. Worthington Steel also has a technical team in its
metallurgical laboratory equipped to assist customers on site and in
product testing.
About Worthington Industries
Worthington Industries is a
leading diversified metals manufacturing company with 2010 fiscal year
sales of approximately $1.9 billion. The Columbus, Ohio based company is
North America's premier value-added steel processor and a leader in
manufactured pressure cylinders, such as propane, oxygen and helium
tanks, hand torches, refrigerant and industrial cylinders, camping
cylinders, and scuba tanks; framing systems and stairs for mid-rise
buildings; steel pallets and racks; and through joint ventures,
suspension grid systems for concealed and lay-in panel ceilings, laser
welded blanks, compressed natural gas storage cylinders, light gauge
steel framing for commercial and residential construction and current
and past model automotive service stampings. Worthington employs
approximately 7,000 people and operates 79 facilities in 11 countries.
Safe Harbor Statement
The Company wishes to take advantage
of the Safe Harbor provisions included in the Private Securities
Litigation Reform Act of 1995 (the "Act"). Statements by the Company
relating to the formation of the joint venture and its expected
strength, profitability, operations, benefits and opportunities,
capabilities, services, and other non-historical matters constitute
"forward-looking statements" within the meaning of the Act. Because they
are based on beliefs, estimates and assumptions, forward-looking
statements are inherently subject to risks and uncertainties that could
cause actual results to differ materially from those projected. Any
number of factors could affect actual results, including, without
limitation: failure to reach definitive agreements; difficulties in
integrating the businesses and achieving cost savings, and other
expected benefits in the joint venture; demand, pricing, competition,
and overall economic and business conditions in the construction
industry, and those risks described from time to time in filings with
the United States Securities and Exchange Commission.
SOURCE: Worthington Industries, Inc.
Worthington Industries, Inc.
Cathy M. Lyttle, 614-438-3077
VP, Corporate Communications and Investor Relations
E-mail: cmlyttle@WorthingtonIndustries.com
or
Sonya L. Higginbotham, 614-438-7391
Director, Corporate Communications
E-mail: slhiggin@WorthingtonIndustries.com
or
www.WorthingtonIndustries.com