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April 01, 2022

Worthington Industries Announces Price Increase on Cylinders, Heating and System Tanks

Worthington Industries Announces Price Increase
on Steel and Aluminum Cylinders, Heating and System Tanks

COLUMBUS, Ohio—March 31, 2022—Worthington Industries (NYSE:WOR) today announced a price increase on the following steel and aluminum cylinders effective on all new orders shipping on or after May 1, 2022, or as contracts allow.
 
Prices will advance as follows:
  • Industrial cutting gas, specialty chemical and fire extinguisher cylinders, steel heating and system tanks and 100-pound carbon steel tanks will advance 10 percent.
  • Aluminum portable and forklift cylinders will advance 15 percent.
  • Steel refillable and non-refillable cylinders for refrigerant, foam and adhesive products will advance 10 percent.
  • Steel portable cylinders for LPG will advance 10 percent.
Rising costs of raw materials, challenges in the transportation market, labor market constraints and general market conditions continue to impact manufacturing costs for the business.

About Worthington Industries
Worthington Industries (NYSE:WOR) is a leading industrial manufacturing company pursuing its vision to be the transformative partner to its customers, a positive force for its communities and earn exceptional returns for its shareholders. For over six decades, the Company has been delivering innovative solutions to customers spanning industries such as automotive, energy, retail and construction. Worthington is North America’s premier value-added steel processor and producer of laser welded solutions and electrical steel laminations that provide lightweighting, safety critical and emission reducing components to the mobility market. Through on-board fueling systems and gas containment solutions, Worthington serves the growing global hydrogen ecosystem. The Company’s focus on innovation and manufacturing expertise extends to market-leading consumer products in tools, outdoor living and celebrations categories, sold under brand names, Coleman®, Bernzomatic®, Balloon Time®, Mag Torch®, Well-X-Trol®, General®, Garden-Weasel®, Pactool International® and Hawkeye™; as well as market leading building products, including water systems, heating & cooling solutions, architectural and acoustical grid ceilings and metal framing and accessories.

Headquartered in Columbus, Ohio, Worthington operates 58 facilities in 16 states and nine countries, sells into over 90 countries and employs approximately 9,500 people. Founded in 1955, the Company follows a people-first philosophy with earning money for its shareholders as its first corporate goal. Relentlessly finding new ways to drive progress and transform, Worthington is committed to providing better solutions for customers and bettering the communities where it operates by reducing waste, supporting community-based non-profits and developing the next generations of makers.
 
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 which are not historical information constitute "forward looking statements" within the meaning of the Act. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Factors that could cause actual results to differ materially include risks, uncertainties and impacts described from time to time in the Company's filings with the Securities and Exchange Commission, including those related to COVID-19 and the various actions taken in connection therewith, which could also heighten other risks.