Worthington Industries Announces Commitment to Science-Based Target for GHG Emissions Reduction and Enhanced Strategic Focus on Solutions that Support Sustainability
COLUMBUS, OH – March 23, 2022
-- Worthington Industries, Inc. (NYSE: WOR) today announced plans to set greenhouse gas (GHG) emissions reduction targets that are aligned with a 1.5 degree Celsius science-based target, setting a pathway to net-zero emissions by 2050. The Company will apply to the Science Based Targets initiative (SBTi) to attain formal verification later this year. Worthington also announced that the Company will strategically focus on products and services that support reductions in GHG emissions including its automotive lightweighting technologies, electrical steel laminations for electric vehicles, transformers and wind turbines, gas containment systems for the growing hydrogen ecosystem and connected products that support reduced fuel consumption.
“Worthington’s pledge to set emissions reduction targets aligned with a 1.5 degree Celsius science-based target clearly demonstrates our commitment to sustainability,” said Worthington Industries President & CEO Andy Rose. “With Scope 3 emissions as our greatest environmental impact, we understand that it will take all of us working together to achieve our goals and enable a sustainable future for all.” Rose added, “Worthington today has many products and solutions that enable emissions reductions, and we intend to increase our focus on these products to capitalize on the growth opportunity in those businesses.”
Worthington is in the process of conducting an environmental, social and governance (ESG) materiality assessment and assessments of Scopes 1, 2 and 3 calculations that will be used as a basis for emissions reduction targets and to identify priorities for future action. After assessments are complete, Worthington will begin the target setting process and develop a roadmap for emission reductions.
About Science Based Targets initiative
The Science Based Targets initiative (SBTi) is a global body enabling businesses to set ambitious emissions reduction targets in line with the latest climate science. It is focused on accelerating companies across the world to halve emissions before 2030 and achieve net-zero emissions before 2050. The initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature and is one of the We Mean Business Coalition commitments. The SBTi defines and promotes best practices in science-based target setting, offers resources and guidance to reduce barriers to adoption, and independently assesses and approves companies’ targets. More information is available at www.sciencebasedtargets.org
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
Worthington Industries wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995 (the “Act"). Statements by Worthington Industries 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 Worthington Industries’ 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.